SP downgrades IOB to BB+/B on weak asset quality

The bank has reported a net loss of Rs 245.51 crore for the second quarter ended September against a net profit of Rs 132.55 crore on year-on-year basis due to higher tax expenses and provisions for bad assets.

S&P has downgraded Indian Overseas Bank  (IOB) to BB+/B from BBB-/A-3 on weak asset quality.

The bank has reported a net loss of Rs 245.51 crore for the second quarter ended September against a net profit of Rs 132.55 crore on year-on-year basis due to higher tax expenses and provisions for bad assets.

The bank's asset quality has deteriorated significantly with gross non-performing assets (NPAs) or bad loans rising to 7.35 percent of total advances, while it was at 4.65 percent a year ago. Even the net NPAs in Q2FY15 also increased to 5.17 percent from 2.83 percent a year ago.

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