India Ratings assigns rating to bank facilities of Allahabad Bank

Credit rating agency, India Ratings and Research has assigned ‘AA’ rating with stable outlook rating to Allahabad Bank’s proposed Basel-III compliant Tier 2 Bonds aggregating to Rs 1,000.00 crore.

The bank has posted a net loss of Rs 564.96 crore for the quarter ended June 30, 2016 as compared to a net profit of Rs 146.86 crore for the same quarter in the previous year. Total income of the bank decreased by 5.07% to Rs 5122.91 crore for the quarter under review from Rs 5396.44 crore for the corresponding quarter of the previous year.

The bank’s gross NPA for the April-June quarter of the current fiscal increased to 12.33%, as compared to 5.29% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 8.69% in Q1FY17.