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India Ratings assigns 'Ind AA- / Negative' For Indian Overseas Bank Bonds

Posted On: 2019-08-16 13:30:34

India Ratings has assigned its rating of 'IND AA- / Negative' for the Bank's proposed issue of Rs. 800 crore Tier II Bonds (under Basel III) for which the Bank will be approaching the markets shortly.

The rating is driven by the support the Bank receives from the Government of India.

The Rating Report takes cognizance of several positives in the Bank's performance and future plans including the measures taken by the Bank to improve asset quality and the schemes implemented by the Bank including the sale of borrower securities through auctions, sale of certain accounts to Asset Reconstruction Companies, introducing attractive one time settlement schemes for small value accounts to prompt borrowers to settle their outstanding and recoveries from exposures to accounts referred to NCLT for resolution. To increase recoveries and upgrades sharply, the Bank has strengthened its management bandwidth. The rating has factored the detailed plan the Bank has embarked upon, to improve its Operating / Financial metrics. The Bank is also targeting to exit from the Reserve Bank of India's PCA plan before FY20. The Bank has a strong presence in the southern part of India with a CASA ratio of 38.05% as on 30.06.2019. The strong CASA franchise is also benefitted by the Bank's lead banker status in Tamil Nadu, as SLBC Convener, which gives it ample opportunities to avail business from government entities. The Report said that the Bank is well placed to meet its short term funding requirements and that the Bank also has a comfortable liquidity coverage ratio of 387.13% in 4QFY19 significantly above the regulatory requirement of 100%.

Shares of INDIAN OVERSEAS BANK was last trading in BSE at Rs.10.2 as compared to the previous close of Rs. 10.34. The total number of shares traded during the day was 50540 in over 131 trades.

The stock hit an intraday high of Rs. 10.32 and intraday low of 10.18. The net turnover during the day was Rs. 517341.

Source: Equity Bulls

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