Allahabad Bank’s proposed Tier 2 Bonds get credit rating

Credit rating agency, CRISIL and Brickwork Ratings have assigned ‘AA+ /Negative’ rating to Allahabad Bank’s proposed Basel -III compliant Tier 2 Bonds aggregating to Rs 1000.00 crore. Further, CRISIL and Brickwork Ratings have also re-affirmed the existing rating of outstanding Tier1/Tier2 bonds of bank rated by them.

The bank has reported 25.21% rise in its net profit at Rs 177.1 crore for the quarter ended September 30, 2015 as compared to Rs 141.44 crore for the same quarter in the previous year. However, the bank’s total income has decreased by 1.84% to Rs 5317.06 crore for the quarter under review from Rs 5416.63 crore for the corresponding quarter of the previous year.

Gross non-performing assets (NPAs) of the bank have improved to 5.26% for the quarter as against 5.36% in the same quarter previous year. Besides, bank’s Net NPA stood at 3.61% in Q2FY16.