Business Update11 Apr 2024, 12:00 am
India Ratings Affirms Bank of India's Long-Term Issuer Rating at 'IND AA+', Stable Outlook
AI Summary
India Ratings & Research has affirmed Bank of India's Long-Term Issuer Rating at 'IND AA+', with a stable outlook. This decision is attributed to the bank's systemic importance, net advances and deposit market shares, and the government's 73.38% stake. The agency acknowledges the government's support, as evidenced by regular equity infusions and strengthening of the bank's balance sheet.
Key Highlights
- Bank of India's Long-Term Issuer Rating affirmed at 'IND AA+'
- Stable outlook acknowledged by India Ratings & Research
- Systemic importance driven by market shares and government stake
- Government support demonstrated through equity infusions
- Improvement in capital position, asset quality, and profitability