Credit rating agency, CARE has reaffirmed ‘AAA’ rating to State Bank of Bikaner and Jaipur’s Upper Tier-II Bonds worth Rs 450 crore and Perpetual Bonds worth Rs 200 crore. The rating agency has also reaffirmed ‘A1+’ rating to the company’s Certificate of Deposit programme worth Rs 12,000 crore.
The ratings continue to factor in SBBJ’s strong parentage SBI, which holds 75.07% stake, operational and management synergies coupled with alignment of risk management policies with its parent SBI.
The bank’s net profit for the Q4FY13 declined by 28.09% at Rs 178.24 crore as compared to Rs 247.88 crore for the Q4FY12. Its total income has decreased by 6.55% to Rs 2127.67 crore for the quarter from Rs 1996.79 crore for the corresponding quarter of the previous year.