The losses in Q4 of FY19 was wider than the ₹2,583-crore loss in the same period last year. The bank said that the Reserve Bank of India (RBI) has found gross non-performing asset (NPA) divergence for FY18 at ₹867 crore and the ensuing provision divergence of ₹2,281 crore. There were provision on account of ageing of NPAs," said Rajkiran Rai G, MD and CEO, Union Bank of India. Moreover, Union Bank's losses would have been steeper had it not been for a ₹667-crore tax writeback in the quarter. On the capital adequacy front, Union Bank’s capital adequacy ratio under Basel III rose 32 bps y-o-y to 11.78% in Q4 of FY19.

Source: Mint May 14, 2019 13:07 UTC