Credit rating agency, Brickwork Ratings has assigned ‘AA+’ rating with negative outlook to Allahabad Bank’s proposed Basel -III compliant Tier 2 Bonds aggregating to Rs 500.00 crore.
The bank has registered 48.71% fall in its net profit at Rs 141.44 crore for second quarter ended September 30, 2014 under review as compared to Rs 275.81 crore for the same quarter in the previous year. However, total income of the bank has increased 2.14% at Rs 5416.63 crore for Q2FY15 as compared Rs 5303.06 crore for the corresponding quarter previous year.
Gross non-performing assets (NPAs) increased to 5.36% in the July-September quarter as against 4.94% in the same quarter previous year, while net NPAs stood to 3.54%.
