Allahabad Bank gets rating reaffirmation from CRISIL for bonds programme

CRISIL, credit rating agency has reaffirmed AA+/stable rating to Allahabad Bank’s Tier II bonds and Tier I perpetual bonds.

The rating received by the bank reflects the expectation of strong support for the bank from its majority owner, the Government of India (GoI), both on an ongoing basis and in the event of distress. The bank’s stable resource profile and adequate capitalization also helped the bank to receive the said rating.

The bank has posted a rise of 55.36% in its net profit at Rs 400.22 crore for the quarter ended March 31, 2012 as compared to Rs 257.61 crore for the same quarter in the previous year. Total income has increased by 26.05% at Rs 4523.38 crore for quarter under review as compared Rs 3588.68 crore for the quarter ended March 31, 2011.