CRISIL assigns rating to bank facilities of Allahabad Bank

Credit rating agency, CRISIL has assigned ‘A/Negative’ rating to Allahabad Bank’s proposed Basel-III compliant Additional Tier 1 (Perpetual) Bonds aggregating to Rs 1000.00 crore. Further, the credit rating agency has also reviewed the existing rating of bank’s outstanding Tier 1 /Tier 2 Bonds rated by them.

The bank has reported a net loss of Rs 486.14 crore for the quarter ended December 31, 2015 as compared to net profit of Rs 164.11 crore for the same quarter in the previous year. The bank’s total income has decreased by 6.62% to Rs 5030.19 crore for the quarter under review from Rs 5386.79 crore for the corresponding quarter of the previous year.

Gross non-performing assets (NPAs) increased to 6.40% in the October- December quarter as against 5.46% in the same quarter previous year, while net NPAs stood at 4.23%