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Financial Result






REVIEWED FINANCIAL RESULTS
for the Quarter & Half Year ended 30th September, 2014







(` in lakhs)
Sl. No. Particulars Quarter Ended Half Year Ended Year Ended
30.09.2014 30.06.2014 30.09.2013 30.09.2014 30.09.2013 31.03.2014
Reviewed Reviewed Reviewed Reviewed Reviewed Audited
1. Interest Earned (a) + (b) + (c) +(d) 490108 504906 460707 995014 917073 1874668
(a) Interest/Discount on Advances/bills 367079 380775 342242 747854 682910 1391182
(b) Income on Investments 118147 118056 113132 236203 218958 456255
(c) Interest on Balances with Reserve Bank of India and other inter bank funds 4176 5766 2843 9942 6625 11567
(d) Others 706 309 2490 1015 8580 15664
2. Other Income 51555 46894 69599 98449 119728 216575
3 TOTAL INCOME (1)+(2) 541663 551800 530306 1093463 1036801 2091243
4 Interest Expended 339685 343940 329800 683625 654982 1343536
5 Operating Expenses (i) + (ii) 86310 85907 85152 172217 164273 345664
(i) Employees Cost 52871 54340 55046 107211 107616 224504
(ii) Other operating expenses ( All items exeeeding 10% of the total expenditure excluding interest expenditure may be shown separately) 33439 31567 30106 65006 56657 121160
6 Total Expenditure (4+5) excluding Provisions and Contigencies 425995 429847 414952 855842 819255 1689200
7 Operating Profit before Provisions and contingencies (3-6) 115668 121953 115354 237621 217546 402043
8 Provisions ( other than tax) and Contingencies 72995 85194 74219 158189 118769 238390
9 Exceptional Items 0 0 0 0 0 0.00
10 Profit (+)/ Loss (-) from Ordinary Activities before tax (7-8-9) 42673 36759 41135 79432 98777 163653
11 Tax Expenses 28529 25487 13554 54016 29887 46451
12 Net Profit (+)/Loss(-)from Ordinary Activities after tax (10-11) 14144 11272 27581 25416 68890 117202
13 Extraordinary Items (net of tax expenses) 0 0 0 0 0 0
14 Net Profit(+)/Loss(-) for the period (12-13) 14144 11272 27581 25416 68890 117202
15 Paid-up equity share capital (Face Value @ Rs. 10 per Share) 54461 54461 50003 54461 50003 54461
16 Reserves excluding Revaluation Reserves (as per balance sheet of previous accounting year) 1040400 1040400 999650 1040400 999650 1040400
17 Analytical Ratios
(i) Percentage of shares held by Government of India 58.90 58.90 55.24 58.90 55.24 58.90
(ii) (a) Capital Adequacy Ratio (%) Basel-II 10.23 10.25 11.07 10.23 11.07 10.26
(ii) (b) Capital Adequacy Ratio (%) Basel-III 9.99 9.99 10.72 9.99 10.72 9.96
(iii) Earning per share (EPS) (Rs.) Face value Rs 10 each.
a. Basic and diluted EPS before Extraordinary items( Net of Tax expense) for the period, for the year to date and for the previous year(Not Annualised) 2.60 2.07 5.52 4.67 13.78 22.89
b. Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year (Not Annualised) 2.60 2.07 5.52 4.67 13.78 22.89
(iv) NPA Ratios a) (i) Gross NPA 767427 761906 661328 767427 661328 806804
(ii) Net NPA 494845 527174 504776 494845 504776 572181
(b) (i) % of Gross NPA 5.36 5.48 4.94 5.36 4.94 5.73
(ii) % Net NPA 3.54 3.88 3.83 3.54 3.83 4.15
(c) Return on Assets (Annualised) % 0.27 0.21 0.54 0.24 0.69 0.57
18 Public Shareholding

-- Number of shares 223810771 223810771 223810771 223810771 223810771 223810771

--Percentage of share holding 41.10 41.10 44.76 41.10 44.76 41.10
19 Promoters and Promoter Group Shareholding 320798565 320798565 276215418 320798565 276215418 320798565
a) Pledged/Encumbered






- Number of Shares NIL NIL NIL NIL NIL NIL

-Percentage of Share (as a % of the total shareholding of promoter and promoter group) NIL NIL NIL NIL NIL NIL

-Percentage of Share (as a % of the total share capital of the Bank) NIL NIL NIL NIL NIL NIL
b) Non-encumbered






- No of Shares 320798565 320798565 276215418 320798565 276215418 320798565

-Percentage of Share (as a % of the total shareholding of promoter and promoter group) 100 100 100 100 100 100

-Percentage of Share (as a % of the total share capital of the Bank) 58.90 58.90 55.24 58.90 55.24 58.90

Items of other operating Expenses Exceeded 10% of total expenditure excluding interest Expenditure

Rent, Taxes & Lighting 9411 8492* 8547 17903 16301* 32818*

* Not exceeding 10% of total expenditure excluding Interest Expenditure
Notes on Accounts as per Annexure

( Rakesh Sethi )
(J.K.Singh Kharb)
(Ashok Vij)
Chairman & Managing Director
Executive Director
Director








(A.K.Goel)
(P. L. Pradhan)
(Bhavesh Mishra)
General Manager
Dy.General Manager
Asst. General Manager
(Finance & Accounts and CFO)
(Finance & Accounts)
(Finance & Accounts)
















For M/s N.K.Bhargava & Co.
For M/s Raghu Natha Rai & Co.
For M/s Khandelwal Kakani & Co.
Chartered Accountants
Chartered Accountants
Chartered Accountants














( N.K.Bhargava)
( Meenal Singh)
(Ankit Nagar )
Partner
Partner
Partner
Membership No. - 080624
Membership No. -501975
Membership No. -418886
FRN 000429N
FRN 000451N
FRN 001311C














For M/s Batliboi & Purohit



For M/s Sarath & Associates
Chartered Accountants



Chartered Accountants
















(R.D. Hangekar)



(P. Gopi Krishna )
Partner



Partner
Membership No. -030615



Membership No. - 225868
FRN 101048W



FRN 005120S
Place : Kolkata





Date : 30/10/2014





Notes on Accounts forming part of Un-audited Financial Results

For the Quarter and Half Year Ended 30th September, 2014

  1. The Bank is following the same Accounting Policies in preparation of these financial results as were followed in the annual financial statements for the year ended 31st March 2014.
  2. The financial results for the Quarter and half year ended on 30th September 2014 have been arrived at after considering provisions for Non-performing assets, Standard Assets, Restructured Advances, Investment Depreciation and provision for exposure to entities with Unhedged Foreign Currency Exposure on the basis of prudential norms and specific guidelines issued by Reserve Bank of India. Provision for Taxes and other usual and necessary provisions including employee benefits have been made on estimated / proportionate basis and subject to adjustment at the year-end.
  3. The above financial results have been reviewed by the Audit Committee of the Board and approved by the Board of Directors in its meeting held on 30th Oct 2014. The results have also been subjected to Limited Review by the Statutory Central Auditors, in terms of RBI guidelines and the Listing Agreement.
  4. Reconciliation and clearance of outstanding entries in inter branch adjustments are in progress and especially initial matching of debit and credit entries in various heads has been done upto 30.09.2014. Further, balancing/reconciliation of accounts relating to balances with Banks and Nostro Accounts are in progress. Pending final clearance, the overall impact, if any, on the accounts, in the opinion of the management will not be significant.
  5. In terms of RBI circular DBOD No. BP.BC. 80/21.4.018/2010-11 dated 9th February, 2011 issued on reopening of Pension Option to employees of Public Sector Banks and enhancement in Gratuity Limits, Prudential Regulatory Treatment, Bank is permitted to amortize in 5 years with effect from 2010-11, a total sum of ` 747.70 crore being the total liability on account of one more option for pension to the employees and for enhancement of upper ceiling of gratuity under Gratuity Act from ` 3.50 lakh to ` 10.00 lakh. Accordingly, a sum of ` 37.40 crore has been charged to Profit & Loss Account during the current quarter (corresponding quarter of the previous year `37.40 crore). Remaining unamortized pension and gratuity liability of ` 74.56 Crore will be amortized during the subsequent quarters of the current financial year 2014-15.
  6. Based on the available data, available financial statements and the declaration from borrowers wherever received, the Bank has estimated the liability of ` 4.22 crore upto 30th September 2014 on Unhedged Foreign Currency Exposure to their constituents in terms of RBI circular DBOD. No.BP.BC.85/21.06.200/2013-14 dated 15th January 2014 and subsequent clarification vide circular no. DBOD. No.BP.BC.116/21.06.200/2013-14 dated 3rd June 2014. The entire estimated amount is fully provided for.
  7. In accordance with RBI circular DBOD.No.BP.BC.2/21.06.201/2013-14 dated 1st July 2013, Banks are required to make half yearly Pillar 3 disclosures under Basel III capital requirements with effect from 30th September 2013. The disclosures have been made available on Bank’s website at the following link (https://www.allahabadbank.in/english/home.aspx). The disclosures have not been subjected to limited review by the statutory auditors of the Bank.
  8. During the current quarter Bank has made provision of ` 89.00 crore (corresponding quarter of the previous year ` 60 crore) towards arrears for wage revision, which will be effective from 1st November, 2012, pending negotiation by IBA. The Bank has made total provision of ` 567.00 crore up to 30th September 2014 (Cummulative upto 30th June 2014 ` 478.00 crore).
  9. In accordance with Reserve Bank of India Notification No. DBOD No. BP.BC.77/21.04.018/2013-14 dated 20.12.2013, the Bank has provided Deferred Tax Liability (DTL) of ` 20.39 Crore during the quarter ended on 30th September 2014 (corresponding quarter of previous year - Nil) on account of Special Reserve created under section 36(1)(viii) of the Income Tax Act, 1961.
  10. Provision coverage ratio as on 30th September 2014 is 55.20%.
  11. Status of Investor’s Complaints: As on 1st July, 2014, the Bank had no pending investor’s complaints. During the quarter, the Bank received 366 nos. of complaints, which were suitably resolved and no complaint was pending as on 30th September, 2014.
  12. The figures of previous period have been regrouped and reclassified wherever considered necessary in order to make them comparable.

  13. Statement of Assets and Liabilities:

(` in lakh)

Particulars

As on 30.09.2014

Reviewed

As on 30.09.2013

Reviewed

As on 31.03.2014

Audited

Capital and Liabilities:




Capital

54461

50003

54461

Reserve and Surplus

1151974

1158450

1125612

Deposits

18529739

18039574

19084281

Borrowings

1217550

1185805

1213077

Other Liabilities

570069

425897

565997

Total

21523793

20859729

22043428



Cash and Balances with Reserve Bank of India

800286

883973

883445

Balances with Bank and Money at Call and Short Notice

515960

763820

546066

Investments

5866179

5615531

6396053

Advances

13977236

13189572

13800657

Fixed Assets

136339

128090

130969

Other Assets

227793

278743

286238

Total

21523793

20859729

22043428

(Rakesh Sethi) (J. K. Singh Kharb) (Ashok Vij)
Chairman & Managing Director Executive Director Director

(A.K.Goel)     (P. L. Pradhan)     (Bhavesh Mishra)

General Manager      Dy.General Manager Asst.      General Manager

(Finance & Accounts and CFO)      (Finance & Accounts)     (Finance & Accounts)


For M/s N. K. Bhargava & Co.

Chartered Accountants

(N. K. Bhargava)

Partner

Membership No.-080624

FRN:000429N

For M/s Raghu Nath Rai & Co.

Chartered Accountants

(Meenal Singh)

Partner

Membership No.-501975

FRN:000451N

For M/s Khandelwal Kakani & Co.

Chartered Accountants

(Ankit Nagar)

Partner

Membership No.- 418886

FRN:001311C

For M/s Batliboi & Purohit

Chartered Accountants

(R. D. Hangekar)

Partner

Membership No.-030615

FRN:101048W

For M/s Sarath & Associates

Chartered Accountants

(P. Gopi Krishna)

Partner

Membership No. -225868

FRN:005120S

Place: Kolkata
Date : 30.10.2014

SEGMENT- WISE REVENUE, RESULTS, AND CAPITAL EMPLOYED FOR THE QUARTER & HALF YEAR ENDED 30.09.2014

Statutory Central Auditors


Particulars Quarter ended Half Year ended Year ended
30.09.2014 (Reviewed) 30.06.2014 (Reviewed) 30.09.2013 (Reviewed) 30.09.2014 (Reviewed) 30.09.2013
(Reviewed)
31.03.2014
(Audited)
PART -A Business Segment






1 Segment Revenue






i) Treasury Operations 137474 143710 126968 281184 264171 532534

ii) Corporate/Wholesale Banking 257784 263579 242055 521363 484886 967011

iii) Retail Banking 131984 141457 122550 273441 243728 513282

iv) Other Banking Business (Unallocated) 14421 3054 38733 17475 44016 78416

Total 541663 551800 530306 1093463 1036801 2091243

Less : Inter Segment Revenue 0 0 0 0 0 0

Net Sales/Income from Operation 541663 551800 530306 1093463 1036801 2091243
2 Segment Results (Profit)






i) Treasury Operations 17008 20331 4347 37339 25001 39365

ii) Corporate/Wholesale Banking 45328 49869 35462 95197 71877 127456

iii) Retail Banking 40190 48983 40231 89173 80552 164072

iv) Other Banking Business (Unallocated) 13141 2771 35314 15912 40116 71150
3 Total Operating Profit 115667 121954 115354 237621 217546 402043

Less :






i) Interest 0 0 0 0 0 0

ii)Other Un-allocable Expenditure 72995 85194 74219 158189 118769 238391

iii)Other Un-allocable income 0 0 0 0 0 0
4 Total Profit Before Tax 42672 36760 41135 79432 98777 163652








5 Capital Employed






(Segment Assets-Segmant liabilities)






i) Treasury 297049 295776 297250 297049 297250 310590

ii) Corporate/Wholesale Banking 543990 536744 566404 543990 566404 548473

iii) Retail Banking 229057 225047 216709 229057 216709 190041

iv) Other Banking Business 0 0 0 0 0 0

v) Unallocated Assets 136339 133872 128090 136339 128090 130969

Total Capital Employed 1206435 1191439 1208453 1206435 1208453 1180073








PART - B Geographic Segment
1 Revenue

i) Domestic 535914 545058 525553 1080972 1027292 2070375

ii) International 5749 6742 4753 12491 9509 20868

Total 541663 551800 530306 1093463 1036801 2091243
2 Assets






i) Domestic 20519870 20385428 19924683 20519870 19924683 21104605

ii) International 1003923 942791 935046 1003923 935046 938823

Total 21523793 21328219 20859729 21523793 20859729 22043428









Notes on Accounts as per Annexure

































( Rakesh Sethi )
(J.K.Singh Kharb)
(Ashok Vij)

Chairman & Managing Director
Executive Director
Director

































(A.K.Goel)
(P. L. Pradhan)
(Bhavesh Mishra)

General Manager
Dy.General Manager
Asst. General Manager

(Finance & Accounts and CFO)
(Finance & Accounts)
(Finance & Accounts)

























For M/s N.K.Bhargava & Co.
For M/s Raghu Natha Rai & Co.
For M/s Khandelwal Kakani & Co.

Chartered Accountants
Chartered Accountants
Chartered Accountants

























( N.K.Bhargava)
( Meenal Singh)
(Ankit Nagar )

Partner
Partner
Partner

Membership No. - 080624
Membership No. -501975
Membership No. -418886

FRN 000429N
FRN 000451N
FRN 001311C

























For M/s Batliboi & Purohit



For M/s Sarath & Associates

Chartered Accountants



Chartered Accountants
























(R.D. Hangekar)



(P. Gopi Krishna )

Partner



Partner

Membership No. -030615



Membership No. - 225868

FRN 101048W



FRN 005120S








Place: Kolkata






Date:30.10.2014





LIMITED REVIEW REPORT ON THE FINANCIAL RESULTS
FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2014

To
The Board of Directors,
Allahabad Bank,
Kolkata.


  1. We have reviewed the accompanying statement of unaudited financial results of Allahabad Bank for the Quarter and Half Year ended 30th September, 2014 except for the disclosures regarding ‘Public Shareholding’ and ‘Promoters and Promoter Group Shareholding’ which have been traced from disclosures made by the management and have not been audited by us. This statement is the responsibility of the Bank’s Management and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements based on our review.
  2. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditors of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of Bank personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
  3. In the conduct of our Review we have reviewed 20 branches including 1 Forex-cum-Treasury Branch and relied on the review reports in respect of non-performing assets received from concurrent auditors of 30 branches and 1 foreign branch. These review reports cover 54.45% of the advances portfolio of the Bank. Apart from these review reports, in the conduct of our review, we have also relied upon various returns received from the branches and consolidated return from Head Office of the Bank.
  4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies have not disclosed the information required to be disclosed in terms of Clause 41 of the Listing Agreement including the manner in which it is to be disclosed, or that it contains any material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by the Reserve Bank of India in respect of income recognition , asset classification, provisioning and other related matters.

For M/s N. K. Bhargava & Co.

Chartered Accountants

(N. K. Bhargava)

Partner

Membership No.-080624

FRN:000429N

For M/s Raghu Nath Rai & Co.

Chartered Accountants

(Meenal Singh)

Partner

Membership No.-501975

FRN:000451N

For M/s Khandelwal Kakani & Co.

Chartered Accountants

(Ankit Nagar)

Partner

Membership No.- 418886

FRN:001311C

For M/s Batliboi & Purohit

Chartered Accountants

(R. D. Hangekar)

Partner

Membership No.-030615

FRN:101048W

For M/s Sarath & Associates

Chartered Accountants

(P. Gopi Krishna)

Partner

Membership No. -225868

FRN:005120S

Place: Kolkata
Date : 30.10.2014

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