Fitch affirms Bank of Baroda’s FC LT IDR and NZ LT IDR rating at ‘BBB-’

30 Nov 2011 Evaluate

Credit rating agency, Fitch Ratings has affirmed Bank of Baroda’s (BOB) Foreign Currency Long-Term Issuer Default Rating (FC LT IDR) and its New Zealand’s Long-Term Issuer Default Rating (NZ LT IDR) at ‘BBB-’. The bank’s National Long-Term rating has also been affirmed at ‘AAA (ind)’ with stable outlook.

The bank’s FC LT IDR, Support Rating Floor and National ratings factor in Fitch’s expectation of continued strong support from its principal shareholder - the Government of India (GOI, 57.03%, ‘BBB-’/ Stable). The expectation is driven by BOB’s systemic importance as India’s fourth-largest bank by assets and third-largest by deposits, and its strong franchise.

The NZ LT IDR also derives strength from its viability rating (VR: ‘BBB-’), reflecting its consistently strong financials and robust funding. NZ’s ratings reflect Fitch’s expectation of continued strong support from BOB, given 100% ownership and management control.

The bank’s net profit for the second quarter of the current fiscal grown 14.40% at Rs 1166.08 crore as compared to Rs 1019.30 crore for the corresponding quarter of the last year. The bank’s total income surged 36.74% at Rs 7985.78 crore for the quarter under review as compared to Rs 5839.96 crore for the second quarter of the previous year.

Bank Of Baroda Share Price

247.10 6.80 (2.83%)
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Company Name CMP
SBI 820.10
Bank Of Baroda 247.10
Canara Bank 101.80
PNB 101.80
Union Bank Of India 118.30
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