UNITED BANK OF INDIA
Tel
Board
Sec/AFR/
Head Ofiice : 1'l , Hemanta Basu Sarani, Kolkata - 700 OOi
033-22481054. Fax : 033-22185852. Email . co.sec@unitedbank.co.in
May
12016
Listing Department
Gorporate Relations Cell
National Stock Exchange of lndia Ltd.
Exchange Plaza, Plot - C/1, Block - G
Bandra Kurla Complex, Bandra (E)
Mumbai- 400051
Scrip Code: UNITEDBNK
BSE Ltd.
P J Tower, Dalal Streer, Fort
Mumbai- 400001
17
,2016
Scrip Code: UNITEDBNK (533171)
Dear Sir,
Sub: Audited Financial Results for the Quarter and the Financial Year ended March 31,
2016
The Board of Directors of the Bank at its meeting held earlier on date has approved and
adopted the audited financial results for the quarter and the financial year ended March 31,
2016.
The same is filed in terms of Regulation 33 of the SEBI Listing Regulations 2015
Thanking you,
lp1,^,*
!.
I7
lb
Secretary & Compliance Officer
*{
i
;":;t','
f
INDEPENDENT AUDITOR'S REPORT
To
The Members of United Bank of
R{pottqthc $nmd.I
Irdia
Stdem€nts
1' 'we
have audibd the mompanying finandal atafgmx-rts of LIMTED BANK
oF INDrA ae at 31a Marclr,
which compriee the
Stot at Mrrth
*r;,and proftt and tross Account and the cash
", daE,.md a
ffonn itaEment for tte year mded on that
sumrmqr of *ignificmt accotnrting policies and
other explanatory infomratioru Incorporated in tlse financial ,Lt"*"it,
are lhe ret,rn6 of Z) branches
and treriury operatlorrs audited by us and 6?t) branchea
lrctail hubs audited by braructr ruditons, The
ffi',
i" I
'
Bd;"
i
bEn*€t audted by tu and those audiH by other auditotp have been eelec6 by the Bank in
mdalue with thq guidetines issued to the Bmk by the Reserve Bank of India. Abo ireorporated in the
' Belanoe She€t and the stltement of Profit and
l-oog Actount are tlre retume ftom 35 Regional ofifice,
1319 uranrttes, 1 staff Tiaining cr["g*,; *rr,Tr"rd;
sysrerr and 1 cenkal pmsion processing
CmuQ, which havl not trs€n gubiecH b audil thee unaudited branches
account for 9.gI% of gross
dvmrces, 35.55% of depoeits, 8.95S of interest income and 36.26% of interest
exp€r,ses.
MraegEmnt'r Raponstbitity fo( the Finan€tal gtatem€nts
2 Management is recponsttle fur the peperation of ft€ae financial statenrerrts in accordarrce rvith Banking
Reguladon Act 19*9, Reserve Bank of India guidelines from time to time
and *rounffng ehndards
gen€rally accepted in tndia. fitis reeponsibility inctudes the desigru
implerrentafion'and maintenance of
internal conkol relevant to the p'reparation of tlre fLrancial shtemmts
that are free from material
misstaEment
whetls
due to fraud or error.
A#rRetponribitrity
3'
Our rtsPqtrtti}flity is to orpress an opinion m these financial statements based
on our audit We
conduced our audit tl accordance wior fte standards on Auditing issued
by tre Institute of chartered
Accountanb of Indis. Those standards require that we .or,pry with ethical
requirements and plan and
Perform the audit to obhin reasonable arsurarme about whether the finardal statemmts are free from
material mbstatenent
At'"taCit involves perforrring proceduB to obhin audit evidmce about
the anounts and disctosur$ in
th' fkiact'til Etabm€ntB. Tlre procedures sel.cH depend on the auditor/a
iuagqme*i including the
tHle&rEdnt of tre rioks of matetial mlstaternent itr ttre ri"r"a"l
;ffi;il
to fraud or
"t"t ".;;,
error. h mqking Orose risk assesmenb, fte audltor coruidera inErnat
control relevant to the Bank,s
pleparrtion and fair PEsentation of the ffnancial stetsmenb in order
to deaign audit prJures
that are
appropriate in the clrcumstancel, but not for the
ttte burk's inErnsl
used
ad
sntut.
An audit also
pulpo* of expressing m rpird.r mr the effuiveness of
h€ludes alduating ttre approp"rigteness of accounuag poticies
the reasonablenest of the actounting estimates
ovcrall presentation of the finarrcial statements
5''
wc
b&e
^"a"
uy
;;t*rr""t,
as well
*;;"il;;
trat fte iudit evidence we have obtalned is sufficient and appropnate to provide
our audit opiniotu
a basis
fur
'ffiatoa
t' * opinion, as shortrn by the books of the bmk a1rd to the begt of our information
Y
orplanation givm b us:
(i)
and acrording to the
The Ba lance sheeL r ead with the noEs thErcon is a full and
fair Balance sheet
containing all the necessary particulrre ir propedy drawn up so
EE to exhiHt a *";fot
Chrrlered
of the Bank
L",
or
. .)".:!
"'
il
state
of affairs of the Bank as at 31*Msdr,2016 in conformity with accounting principles
generally accepted in India;
(ii)
The Profit ud Loos Accrunt, reed with tlrc notes thereon clrows a Eue balance of Loss, in
confurnrity witr accounting prindplec gEsarly acccpted in Ldia, fior the year covered by the
'reun9and
(iii)
The Carh Flow Statsrncnt giv€6 a truc ard fair vtcw of the cach florur for Sre yeat erded on that
date.
f,cport m Other Legd md Bqutrtory Requtrancrue
7. Tlu Balanse Sheet ard the Proftt and Lcs
Acrount have been drawn up in accordarxe with the
prorrisioru of section 29 of Erc Banldng RegulaHon Act, 1919.
&
Suloftctb the llmitafiorp- of the audft lndtorted in pangrqph 1 to 5 above ard ar rcquired by the Brnking
ConqmU:(Acqdrtffon and Ttansfer of Undertaldng;r) Act, 7970, and. cubicct tlso to the ltrmitatioru of
dircloeure requircd
(e)
thcrch
we r€port
tut
obqfrcd dl E€ infotmation and explanaHons wlrtclu to the beot of our knowledge and
belhf, rcrc seccamry for the purpoccc of our audlt and have found them b be aetbfacbry;
We have
b
O)
The trenracffons of the Banl$ wlrich have cmre
Blnk and
(c)
The returnc recdlved from the officea ard brar$es of
purpoces of our audit
our nodcr, have been
te
wi6in fte
powers of the
Bank have beerr found adequaE for the
lil., Wc'fuiihet rcport etat
e) lhe Ealance
b)
c)
Shcet and.Profit and loss account deatt with by ttris report are in agreement with the
bookc of accountarrd rctums;
Tlte reports on the r(rounto of Ore b,rudr offtes audiEd by brarrch audibrs of tle Bank under
sertqr 29'of the Ber*hg Re$IeHon Actl%g have becn sent to us and have been properly dealt
wi&by ru inpleparlng this reporB
In out oplrdoru ttrc Balance Sheet hofit and kas Accorurt and Caeh Flow Satinsrt comply with
tlre applicabk Actounting gtandarde.
ttty(tt)
For
& Nundt & Acsod.tea
PC Blndrl &Co.
gPMR&Asoodatcg.
Co.
,; *CharEed Acteuntrntg
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/
CharErd Accormtcnts
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Charlered
Accountanls
It
rJr,005J.l
OF INDIA
A
UNITED
Statemen t of Assets
inrc
& Liabillties as on 3 lst Ma
(Ri.ln laca
Ar on
Ag on 31.03.20t0
.03.2016
t;EFtrI
83952
48000
499967
&
49885
10881760
11e/,01
DeDosits
406173
Dorrofilngs
and Provieions
Total
:
Ar on
AESETS
Reserve Bank
and balances
Short
and
at
lnvestrnents
ndia
Ae
31
607045
4
6806020
121092
711159
Assets
____ffi6
other
Total
432021
1230276E
379878
12943176
:
Cha4ered
chartered
3{
581560
21494
6676304
87741
61
1
j'
Quarter
Quarter
ended
ended
Quarter
ended
Year Ended
31.03.2016
Year Ended
31.03.2015
3
3
1
1
10
I
I
,7
,178
0
1
36
0
1
3
5
1
7
7'
1
7
7
07
0
0
193
+7
1
11
9
t
1
T
1
1
2L
700
902
970
1
?7
Note:-
CharlereC
ChartereC
,970
'
!{OrEs oN ACCOUNTE BORI,IING rrt*t.Of AUDIT8D rngenrCfel REst LTs FoR rHE
QtrArTEn A$ID YEAR EhIDED SlrfMtnctrI, !g16
1. the
hrfy,
Bffik.
2.
i
qtrllSg tn fte Accorgtrry p.olHes fdlorrca dulhg tlu quamer/ year
Ttrete hlc'6d6t
cridcd Srrrtr{gri:lri&tr rs e€lrrpcr4-lo ttoee 6uo,c,cd in ttre,preceary HnaUilyearoUea:
31* March 8t5.
t
"B- Ilre,fffiryp of ,qrry1er endod,Si* l{afth .8016 are tre Elarrarrg fuCIlcg bstwE€lr qdH
I,
$!illf ifl $rycct of $e futr llrurdal ,Br.,Erd ycar.ude nguqEr npo ru perloa cnaed'
SlrtDmcmberAII5.
,
$,,
r.l
','
i.
I
',..,,]',
ltelinandd.tuulb for fte Ausfter and ycar ended 31* ltudL Z116 have been arrived at
er ou*dcary
for f.Ion-Ferfomring Ascetu, Stilrdard Asscb, ReaEtrctured
4t$tc aol 9sprcoF,Uonlnonrtc*on for Inveatmcntr on tlre hrie df,,pqdstHql,npmg rnd
+ffi gilHfirr iffiied by &e kve Bn* of lrdii (R8[), p,rrmrbion fior erpwle to
edfti:s w*th tldcdged Foteign Cuilesrcy trponue bddes othcr unnl anA rrccc*ary
proef*oru. PrcrYfiion for Eurployee Burcffti pcrtaerfrU m gratuity and per1siur hee bee;
made m 6e Uuil of mhrarlal vfuffon ering
v Ere crirrcr* qurter rnd year enrffi 31n
.'i.:
rryF!.fr6' :
'l'5;'l
2m0
tl '.., j -'
dtffi,.
r*&&,
ttrDi$ty h.t
Itri&rftebenk.
,tra&d,on avallatih
.t a pirtd Af,F
rt,
',.'i .'
&e.bank to
r,tffi
9.
ThG-P
eouErryE Ratio ar
ffnurdcl
thc
atfli.Ir&*t*flE6:b$)J6*.
..
,,
.'
|.
l
,
10. The bank received Rs.480.00 cnorc$ from C'overnment of India towards capital contribution
on 30.00.2015 and the eame has been reflected urder Share ApplicatiorrMoney Pending
Allotment. Ba* has treated thc eame ae a part of CET-I capital fund as per perrrission
obtained from Rcserue Bank of Indte on 06.04.2m6. On 04.052016 bar* allotted ?5.24A5,520
equity sharcs to Covernment of India on 1rreficrenfial bagic at an irsue priae of Re.20.55 per
share ( idue€ Rs.10.65 as pnemium per alrare) deterrrined in accordance with SEBI ICDR
Regulatiers, AX)9.
Xl. Tl€ bar* has recognized retred Tot Apeets of Rs333.82 Cr., RB 1fil.@ Cr and R8.14.24 Cr
on acrount of ffm.ing difftrenct arising ort of €rrcess proviaion over & abve the deduction
for bad and doubtfrrl debts, Funded InEr€st Terrr Loan and provision on Food Credit
respeCtvety rurder the prorrisiom of Income Tax aCs 1%1. Hftremo the same wae not
recognizd.
lt'Ilqdrg tle year bank has tevahrcd fixed.ssetD foig
part of ito Fixed Asseto Schedule.sn
reportof
externaltndeperdentVetu€raand-surphuof
Rc. Y6.67 Goreehasbeetr
&eUasisof
tranrffi to Rwaluation Reserve durforg the orrrentyear.
Xii. In complimce to RBI
hna
dad 12"(}4.m16., Bank
fte aicting outetaqding of
letbr no. DBR}{O.BP.1;WLE(ZL.U.048/201FI16
,prwided a aum of Re.41.14/- croles behg 7.5% of
Rs.54S.60/- crorcs as qn 31.(E.m16 under the food cr€dit availed
by Stae Government of
PunFb.
14In rcordance with UDAY(triwal
Diocom Acsrrranae Yoin
) echeme of COI, Ministry
of
operatio,nal and finrurcial hrrnarorurd of Porver Dicnribnrtion companiep during the
201S16
the baik has rubacribd to Non SI.R SDL bond of Goet of Raiasthan of Rs231.78
,,eer
Btrtffi.frr
crorrs and DISCOM Bond of Iaipur md |odrpur Vidyut Vitran Mgam of Rs.150 Crore. As
per RBI circaftr dabd DRB.8P.rc.No.1169721.U.192/Z0I1:S16 daEd 17t March ZI15 and
mbcequent datificrtion by drcular No DRB.BP.BC.No.14186/A.U.[}2/NLS16 dated 11o,
M"y ZOfO Urqe DXSCOIVi bond will be converted furb Nqr SLR SDL bond by gt. lvfialch
2OEIn case of non conversion, these'bond t{riE be cla$fficd ae IIIFA with efftct from the date
of rcstsucturhg md to be provided accordingly
15.
Ruqnrd b RBI circrrlar DBRNO.BP.BC,fr(?J,.U.01.8(Z0L*16 dabd 2pd Iuly 201$ the
reEod of cakahUag discount rah for comprting net preeent value of future cash flows for
esm 6on of 6sior, in fair value Lf ad'vances, on re#ucturing was ctranged.
'aceprdingly, th€r€ iE a reduction in provisioning for diminufim in fair vilue.Vy
Crorea for the year ended 31* lvlardt Un6.
16.
nsl*.et
Pesurrt to RBI Circular No RtsI/2O1{.15/535 DBRNoJP.ECJ0I?I.U.W/M*15 dabd
01It*J{n5, Ure.Bank hac madp a proyison of Rr.6238Crcrea pf ica(D Crores) during the
year ended 31r illardl20[6 in respect of fraude/auapected frauds and balance turprovided
&ilount of R8.50.74 C-roree trai been dcbiEd to Rwenueo & Odrer Recerves in Ems of RBI
cirrcrrlar No. RBI/201*16/376DBR No.BP.BC9221 tCn..CnF,lT/1r$16 dated l8t April 20l6.The
same ryill be revssed by debit to thc Profit and Loss account in ru@umt quarErs in the
natfiruncial year.
17.
clause 65(A)(a)(ii) of Reaene Ba* of Ldia's GBfs) MacEr Circtilar
No.DBR.No.BP.2l2l.M.W/2Vt*16 dabd lr l$lyf,]Vls, the Bsnk has utilized its
comtercyclicallfloating provioions hdd as d 1r Apfilztns of Rs52.76 crcres for adiuctrnent
In Ems of
':'1
ffinF
d
g
t-"'1
"
of hm arioing out of eale of dratl{;,i bebrr dte net book value, to Aoseb Reconstnrction
Company.
r.i
.r$F'
'tnvesbsu'
18. Tlt€ nulnber of
6nd
comfldrda rec€fired and d$otea otr dudng tta quarErerded 31s
2m5-16is
rY&$16
DuRII\lGalIR tYtAtcH 16
Sedfotg Beceived Bryosed
Ocitg
Opmtng
Rec€nrred
MI
Nit
73
Dispooed
m
off
1.,ta
Nil
19.
t4
t4
Clcing
Nil
7?
The"figuer of preniera period hmre beem rqrouped/ rechssili,ed wherwer cuncidetd
o*es"ry in orOer to mal<e
th€m conParable.
Uanaging Dire@r & Ch{ef E (ecudve Officer
t
t
KV. Ramamoorhy
Executive Direcbr
cFo
Ar p.i],m1!!Inrrtc lWstGO[ cuen detG mnexcd.
Mlr. Imposrthlffi$ & C.o M/r. Nund&Ar@. M/c.P.CBHal&Co.
Acoun@
M/*SPhlR&ldOdater
€tarmdA@t
CharlcredAccannturts
BNtr7llTlDrl
IRNXEtEA{AI
\
Dtr$l
N.nd
Prrher
ItLI{odFEE
ffier
Guptr
lvLltlofriT80
Mehclhrrt
CA.
F.artspr
MJtIolBliS6,l
D$pttill$fr atlr'
ftoe*NoU6
Chartered
t.t
i
: il+,,"li;1
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