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Allahabad Bank - Auditor's Report

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To The Members of Allahabad Bank

Report on the Financial Statements

1. We have audited the accompanying standalone financial statements of the ALLAHABADBANK as at 31st March 2017 which comprise the Balance Sheet as at March 31 2017statement of Profit and Loss Cash Flow statement for the year then ended a summary ofsignificant accounting policies and other explanatory information thereon. Incorporated inthese financial statements are the returns of various departments of Head Office all the49 zonal offices and 20 branches including 1 Forex cum Treasury Branch audited by us and1621 branches audited by the branch auditors and one overseas branch audited by the localauditor. The branches audited by us and those audited by other auditors have been selectedby the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank ofIndia. Also incorporated in these financial statements are the returns from 1688 branches/offices which have not been subjected to audit. These unaudited branches account for 9.36percent of advances 29.44 percent of deposits 6.17 percent of interest income and 26.42percent of interest expenses of the Bank.

Management's Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements inaccordance with the Banking Regulation Act 1949 guidelines issued by the Reserve Bank ofIndia from time to time and accounting standards generally accepted in India. Thisresponsibility includes the design implementation and maintenance of internal controlsrelevant to the preparation of the financial statements that are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with the Standards on Auditing issued bythe Institute of Chartered Accountants of India. Those Standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal controls relevant to the Bank's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion oneffectiveness of the Bank's internal controls. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the management as well as evaluating the overall presentation of thefinancial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.


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

(i) the Balance Sheet read with the notes thereon is a full and fair Balance Sheetcontaining all the necessary particulars is properly drawn up so as to exhibit a true andfair view of the state of affairs of the Bank as at 31st March 2017 in conformity with theaccounting principles generally accepted in India;

(ii) the Profit and Loss Account read with the notes thereon shows a true balance ofloss in conformity with the accounting principles generally accepted in India for theyear covered by the accounts ; and;

(iii) the Cash Flow Statement gives a true and fair view of the cash flows for the yearended on that date.

Report on Other Legal and Regulatory Requirements

7. The Balance Sheet and the Profit and Loss Account have been drawn up in accordancewith Section 29 of the Banking Regulation Act 1949.

8. Subject to the limitations of the audit indicated in paragraphs 1 to 5 above and asrequired by the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970and subject also to the limitations of disclosure required therein we report that:

a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit and have found them tobe satisfactory.

b) The transactions of the Bank which have come to our notice have been within thepowers of the Bank.

c) The returns received from the offices and branches of the Bank have been foundadequate for the purposes of our audit.

9. We further report that:

a) the Balance Sheet and Profit and Loss account dealt with by this report are inagreement with the books of accounts and returns;

b) the reports on the accounts of the branch offices audited by the branch auditors ofthe Bank under section 29 of the Banking Regulation Act 1949 have been sent to us andhave been properly dealt with by us in preparing this report;

c) In our opinion the Balance Sheet Profit and Loss Account and Cash Flow Statementcomply with the applicable accounting standards.

/ Statutory Central Auditors
For M/s N.C. Banerjee & Co. For M/s Raju & Prasad
Chartered Accountants Chartered Accountants
Firm Regn. No. 302081E Firm Regn. No.003475S
(CA P.K. Sarker) Partner (CA S. Srinivasa Rao) Partner
/ Membership No.060543 / Membership No.009329


For M/s Kansal Singla & Associates For M/s De & Bose For M/s GNS & Associates
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 003897N Firm Regn. No.302175E Firm Regn. No.318171E
(CA Subrata De)
(CA S. K. Kansal) Partner Partner (CA S.K. Dehuri) Partner
/ Membership No.080632 / Membership No.054962 /Membership No.053937

/ Place: / Kolkata

/ Date: 17.05.2017

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