PPoP in line; lower provisions drive earnings beat

29 Jan 2024
5 Min read 
  • Punjab National Bank (PNB) reported a strong quarter with a 19% beat on PAT.
  •  NII grew 12% YoY and NIMs improved 4bp QoQ to 3.15%.
  •  Loan book grew at a healthy pace of 15% YoY, led by corporate loans.
  •  Deposit growth was relatively low at 9% YoY/1% QoQ.
  •  Asset quality improved with a decline in GNPA/NNPA ratios and higher PCR.
  •  EPS estimates for FY24/FY25 have been upgraded by 15%/5%.
  •  Retain Neutral rating with a TP of INR100.
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