Rating agency Fitch on Friday upgraded outlook of 10 financial institutionals, including SBI, ICICI Bank and EXIM Bank of India to 'stable' from 'negative' earlier following revision in the country's outlook.
"Fitch Ratings has revised 10 India-based financial institutions' outlook to Stable from Negative, while affirming their respective ratings, including their 'BBB-' long-Term (Issuer Default Ratings (IDRs)," the agency said in a statement.
The change in the outlook on the IDRs follows the revision of the outlook on India's long-term foreign- and local-currency IDRs to 'stable' from 'negative', it said.
Among other lenders are: Punjab National Bank, Bank of Baroda, Bank of Baroda (New Zealand) ltd (BOBNZ), Canara Bank, IDBI Bank, Axis Bank, Export-Import Bank of India and Housing and Urban Development Corporation (HUDCO).
Fitch said the revision in outlook for lenders is in line with the sovereign rating change, primarily driven by a strong propensity and ability to support the banks if needed."SBI, ICICI, PNB, BOB, Canara and IDBI are large domestic banks with a pan-India franchise and have a significant share of the system's assets and deposits," it said. ICICI's and Axis's VRs (Viability Ratings) which are at 'bbb-' - the same level as the sovereign's IDRs - also support the outlook revision.
NPAs not alarming, says SBI chief
Mumbai: Country's largest lender State Bank of India (SBI) is witnessing asset quality stress on account of economic slowdown but the level of bad loans is not alarming, its chairman Pratip Chaudhuri said.
"Right now our NPAs are not alarming. We have got a good handle on the NPAs the accretion of which has somewhat halted," Chaudhuri told the news agency in an interview.The bank, which has been witnessing asset quality stress reflective of the gloom in the economy, has a restructuring pipeline of Rs 2,000 crore at present, he said.
Among other lenders are: Punjab National Bank, Bank of Baroda, Bank of Baroda (New Zealand) ltd (BOBNZ), Canara Bank, IDBI Bank, Axis Bank, Export-Import Bank of India and Housing and Urban Development Corporation (HUDCO).
Fitch said the revision in outlook for lenders is in line with the sovereign rating change, primarily driven by a strong propensity and ability to support the banks if needed."SBI, ICICI, PNB, BOB, Canara and IDBI are large domestic banks with a pan-India franchise and have a significant share of the system's assets and deposits," it said. ICICI's and Axis's VRs (Viability Ratings) which are at 'bbb-' - the same level as the sovereign's IDRs - also support the outlook revision.