Fitch affirms Allahabad Bank

Fitch Ratings said it affirmed the AA(ind) national long-term rating of Allahabad Bank and the support rating 4.

At the same time, the agency said it affirmed the AA(ind) rating of the bank's Rs. 5.2 billion subordinated debt program.

The outlook is stable.

Fitch said the ratings affirmation reflects the improved asset quality measures and capital ratios of the bank and that the Indian government has majority ownership of the bank.

Fitch noted that the reported asset quality ratios had improved significantly in the last six years on the back of aggressive write-offs and loan loss provisions, accompanied by closer monitoring of weaker credits and focus on recoveries.

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