Credit rating agency, CARE has reaffirmed ‘AAA’ rating to Bank of Baroda’s Lower Tier-II Bonds worth Rs 500 crore, Upper Tier-II Bonds worth Rs 5,000 crore and Perpetual Bonds worth Rs 1,911.70 crore. The bank has received the said rating on back of the majority ownership by Government of India (GoI) and adequate capitalization level of the bank. The ratings also factor in the bank’s long track record, pan-India network and overseas presence, comfortable profitability levels, moderate asset quality and declining CASA deposit proportion.
The bank has reported a rise of 2.55% in its net profit at Rs 1167.87 crore for the quarter, as compared to Rs 1138.86 crore for the same quarter in the previous year. Total income from operation of the bank has increased by 14.89% to Rs 10717.49 crore for the quarter under review as compared to Rs 9328.41 crore for the quarter ended June 30, 2012.