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United Bank of India on Saturday said its adjusted (notional) net loss for FY2019 has widened by ₹1,617 crore to ₹3,933 crore, after taking into account divergence in provisioning as assessed by the Reserve Bank of India. When it declared its financial results on May 13, the Kolkata-headquartered public sector bank had reported a net loss of ₹2,316 crore for FY2019.
In its disclosure made with respect to Reserve Bank of India's risk assessment report for FY2019, the bank said its Gross Non-Performing Assets (GNPAs) as assessed by RBI were higher by ₹1,712 crore to stand at ₹13765.38 crore as at March-end 2019.
Further, the Net NPAs as assessed by RBI were higher by ₹95 crore to stand at ₹5880.61 crore as at March-end 2019.
As per the report, the provisions as assessed by RBI should have been ₹1,617 crore more than what has been made by the Bank. As per RBI's assessment, the provisions should be ₹7785.31 crore against ₹6168.31 crore made by the Bank.
United Bank of India along with Oriental Bank of Commerce is set to be amalgamated with Punjab National Bank.
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