Money & Banking

United Bank of India net loss widens to ₹3,933 cr for FY2019

Our Bureau Mumbai | Updated on November 02, 2019 Published on November 02, 2019

Net 'loss' widens by ₹1,617 crore after RBI’s risk assessment report

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.

Published on November 02, 2019
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