CRISIL upgrades IOB's Basel III compliant tier II bonds from 'A+' to 'AA-'

CRISIL, in a statement, said the capital position has been supported by regular fund infusion and expectation of strong support from the majority stakeholder, the government

Indian Overseas Bank, IOB
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.Rating agency CRISIL has upgraded Indian Overseas Bank’s (IOB) Basel III compliant tier-II bonds from “A+” to “AA-” on strengthened capital position

Abhijit Lele Mumbai
Rating agency CRISIL has upgraded Indian Overseas Bank’s (IOB) Basel III compliant tier-II bonds from “A+” to “AA-” on strengthened capital position and steady improvement in the earnings profile.

In September 2021, the Reserve Bank of India had taken out the Chennai-based public sector lender from the Prompt Corrective Action (PCA) framework (PCA). IOB was placed under PCA in October 2015 on account of high Net-Performing Assets (NPAs) and negative Return on Assets (RoA).

CRISIL, in a statement, said the capital position has been supported by regular fund infusion and expectation of strong support from the majority stakeholder, the government.

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First Published: Jun 30 2022 | 11:03 AM IST

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