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India Ratings and Research (Ind-Ra) has upgraded Bank of India’s (BoI) long-term issuer rating from “AA” from “AA+”, reflecting the state-owned lender’s capital position and operating buffer.
The outlook is stable, said Ind-Ra in a statement. BoI, since FY21, has reported consistent profitability which, along with timely capital raise, has largely led to an improvement in its Common Equity Tier 1 to 12.97 per cent at end-2QFY23. This has resulted in a total capital adequacy ratio (CAR) of 15.51 per cent and both CET1 and CAR compare favorably with peer banks.
The rating action considered the BoI’s ability
The outlook is stable, said Ind-Ra in a statement. BoI, since FY21, has reported consistent profitability which, along with timely capital raise, has largely led to an improvement in its Common Equity Tier 1 to 12.97 per cent at end-2QFY23. This has resulted in a total capital adequacy ratio (CAR) of 15.51 per cent and both CET1 and CAR compare favorably with peer banks.
The rating action considered the BoI’s ability
