CARE reaffirms ‘AA+’ rating of Indian Overseas Bank's lower tier II bonds

29 Sep 2011 Evaluate

CARE has reaffirmed the ‘AA+’ rating assigned to Lower Tier II Bonds aggregating to Rs 1,050 crore of Indian Overseas Bank.

The rating factors in the majority ownership by Government of India (GoI) along with improvement in profitability and operational efficiency. The rating also factors adequate capitalization level of the bank, long standing track record of operations and strong presence in South India.

Indian Overseas Bank was established in 1937 in Chennai and is one of the larger public sector banks with sizeable footprint in South India. As on March 31, 2011, IOB had a network of 2,184 domestic branches with 6 overseas branches and 4 representative offices.

Indian Overseas Bank Share Price

52.44 -0.78 (-1.47%)
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SBI 812.50
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Canara Bank 99.65
PNB 100.70
Union Bank Of India 116.60
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