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Allahabad Bank.

BSE: 532480 Sector: Financials
NSE: ALBK ISIN Code: INE428A01015
BSE 00:00 | 22 Jun 44.90 1.35
(3.10%)
OPEN

43.10

HIGH

45.25

LOW

42.70

NSE 00:00 | 22 Jun 44.90 1.35
(3.10%)
OPEN

43.55

HIGH

45.50

LOW

42.65

OPEN 43.10
PREVIOUS CLOSE 43.55
VOLUME 250474
52-Week high 89.15
52-Week low 37.40
P/E
Mkt Cap.(Rs cr) 4,736
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 43.10
CLOSE 43.55
VOLUME 250474
52-Week high 89.15
52-Week low 37.40
P/E
Mkt Cap.(Rs cr) 4,736
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Allahabad Bank. (ALBK) - Auditors Report

Company auditors report

The Members of Allahabad Bank

Report on the Financial Statements

1. We have audited the accompanying standalone financial statements ofthe ALLAHABAD BANK as at 31st March 2018 which comprise the Balance Sheet as at March31 2018 and the Profit and Loss account and Cash Flow statement for the year thenended a summary of significant accounting policies and other explanatory informationthereon. Incorporated in these financial statements are the returns of various departmentsof Head Office all the 49 zonal offices and 20 branches including 1 Integrated TreasuryBranch audited by us and 1652 branches audited by the statutory branch auditors and oneoverseas branch audited by the local auditor. The branches audited by us and those auditedby other auditors have been selected by the Bank in accordance with the guidelines issuedto the Bank by the Reserve Bank of India. Also incorporated in these financial statementsare the returns from 1623 branches offices which have not been subjected to audit. Theseunaudited branches account for 9.98 percent of advances 36.57 percent of deposits 8.57percent of interest income and 34.98 percent of interest expenses of the Bank.

Management's Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financialstatements in accordance with the Banking Regulation Act 1949 guidelines issued by theReserve Bank of India from time to time and accounting standards generally accepted inIndia. This responsibility includes the design implementation and maintenance of internalcontrol relevant to the preparation of the financial statements that give true and fairview and are free from material misstatement whether due to fraud or error.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financialstatements based on our audit. We conducted our audit in accordance with the Standards onAuditing issued by the Institute of Chartered Accountants of India. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatements.

4. An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements. The procedures selecteddepend on the auditors' judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal control relevant to the Bank'spreparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on effectiveness of the Bank's internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the management as well as evaluating the overallpresentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion as shown by the books of the Bank and to the bestof our information and according to the explanations given to us :

(i) the Balance Sheet read with the notes thereon is a full and fairBalance Sheet containing all the necessary particulars is properly drawn up so as toexhibit a true and fair view of the state of affairs of the Bank as at 31st March 2018 inconformity with the accounting principles generally accepted in India; (ii) the Profit andLoss Account read with the notes thereon shows a true balance of loss in conformity withthe accounting principles generally accepted in India for the year covered by theaccounts ; and (iii) the Cash Flow Statement gives a true and fair view of the cash flowsfor the year ended on that date.

Emphasis of Matter

7. We draw attention to para No. 4.8 of schedule 18 (Notes to Accounts)to the Financial Statement regarding recognition of Deferred Tax Assets (DTA) on accountof business loss and unabsorbed depreciation for `1118.19 crore. Our opinion is notmodified in respect of this matter.

Report on Other Legal and Regulatory Requirements

8. The Balance Sheet and the Profit and Loss Account have been drawn upin accordance with section 29 of the Banking Regulation Act 1949.

9. Subject to the limitations of the audit indicated in paragraphs 1 to5 above and as required by the Banking Companies (Acquisition and Transfer ofUndertakings) Act 1970 and subject also to the limitations of disclosure requiredtherein we report that: a) We have obtained all the information and explanations whichto the best of our knowledge and belief were necessary for the purposes of our audit andhave found them to be satisfactory; b) The transactions of the Bank which have come toour notice have been within the powers of the Bank; and c) The returns received from theoffices and branches of the Bank have been found adequate for the purposes of our audit.

10. We further report that: a) the Balance Sheet and Profit and Lossaccount dealt with by this report are in agreement with the books of accounts and returns;b) the reports on the accounts of the branch offices audited by the branch auditors of theBank under section 29 of the Banking Regulation Act 1949 have been sent to us and havebeen properly dealt with by us in preparing this report; and c) In our opinion theBalance Sheet Profit and Loss Account and Cash Flow Statement comply with the applicableaccounting standards.

Statutory Central Auditors

For Ms Raju & Prasad

For Ms Kansal Singla & Associates

Chartered Accountants

Chartered Accountants

Firm Regn. No.003475S

Firm Regn. No. 003897N

(CA Avinash T. Jain)

(CA Surinder Kumar)

Partner

Partner

Membership No.041689

Membership No.070405

For Ms Nandy Halder & Ganguli

For Ms De & Bose

For Ms GNS & Associates

Chartered Accountants

Chartered Accountants

Chartered Accountants

Firm Regn. No. 302017E

Firm Regn. No.302175E

Firm Regn. No.318171E

(CA Rana Pratap Nandy)

(CA Tarit Dasgupta)

(CA Narad P. Sahu)

Partner

Partner

Partner

Membership No.051027

Membership No.053380

Membership No.055224