Credit rating agency, CARE has reaffirmed AA+ rating to Allahabad Bank’s Tier-II Bonds (Series V to IX) worth Rs 2411.9 crore. The rating agency has also reaffirmed AA rating to the bank’s Upper Tier-II Bonds (Series I & II) worth Rs 1000 crore and Perpetual Debt (Series I) worth Rs 300 crore.
The bank has received the said rating reaffirmation on the back of its strong parentage & long standing track record of over 147 years, strong growth in advances, stable investment profile, satisfactory proportion of low cost deposits, comfortable ALM profile, adequate Capital Adequacy Ratio (CAR), acceptable asset quality despite rise in slippages and satisfactory financial parameters.
Allahabad Bank is one of the leading commercial bank with GoI holding about 55.24% equity stake in the bank. As on March 31, 2012, it had a network of 2,517 branches (including one international branch) with major concentration in the states of UP, West Bengal, Bihar and MP.
