13 May 2013
4QFY13 Results Update | Sector: Financials
Punjab National Bank
BSE Sensex
20,083
Bloomberg
Equity Shares (m)
M.Cap. (INR b)/(USD b)
52-Week Range (INR)
1,6,12 Rel.Perf.(%)
S&P CNX
6,095
PNB IN
339.2
265.7/4.9
922/659
0/-7/-20
CMP: INR771
TP: INR1,130
Buy
Financials & Valuation (INR b)
Y/E March
2013 2014E 2015E
NII
149
166
196
OP
109
117
140
NP
47
52
62
NIM (%)
3.4
3.5
3.6
EPS (INR)
134
148
176
EPS Gr. (%)
-6.7
10.0
19.2
BV/Sh. (INR)
884
997 1,133
ABV/Sh. (INR) 751
850
984
ROE (%)
16.5
15.7
16.5
ROA (%)
1.0
1.0
1.1
Div. Payout (%) 23.3
23.2
23.2
Valuations
P/E(X)
5.7
5.2
4.4
P/BV (X)
0.9
0.8
0.7
P/ABV (X)
1.0
0.9
0.8
Div. Yield (%)
3.5
3.8
4.6
PNB's 4QFY13 PAT declined 21% YoY to INR11.3b, 19% below est (INR13.4b), led
by higher-than-expected provisions of INR11b on stressed assets. Lower tax rate
of 17.6% v/s est of 30.7% helped PAT. NIM was stable QoQ at 3.5%.
Key highlights:
While net slippages in 1HFY13 were significantly higher at INR53.5b (4%
annualized), balance sheet consolidation, aggressive recovery drive and
higher follow-up with borrowers are leading to sharp reversal in reported
NPL movement. In 3QFY13, net slippages were almost nil, while in 4QFY13
they were just INR3.7b (annualized 50bp).
Additions to standard restructured loans stood at INR64b (2.1% of loans), of
which ~INR20b belonged to SEBs. Outstanding standard restructured loan
(OSRL) portfolio stood at INR305.3b (9.9% of loans).
Bank continues to de-bulk and consolidate its balance sheet, resulting in
with (a) fall in bulk deposits to 12.5% v/s 24% a year ago and (b) increase in
CASA deposits (reported) to 40.9% v/s 38.4% QoQ and 36.2% a year ago.
Valuation and view:
PNB remains highly levered to macro-economic scenario
and any improvement in the same can provide significant upside in earnings (led
by asset quality). Lower balance sheet and fee income growth and higher credit
cost led to 7/15% downgrade in PPP/PAT estimates. Top management continuity
till October 2014, improvement in liability profile, strategically placed treasury
book for decline in interest rates, relatively better pension related assumption
than peers, healthy RoA of 1%+ are some of the comforting factors.
Buy.
Alpesh Mehta
(Alpesh.Mehta@MotilalOswal.com) + 91 22 3982 5415
Sohail Halai
(Sohail.Halai@MotilalOswal.com)+ 9122 3982 5430
Investors are advised to refer through disclosures made at the end of the Research Report.
1

Punjab National Bank
Quarterly performance: Below est (INR m)
Y/E MARCH
Net Interest Income
% Change (Y-o-Y)
Other Income
Net Income
Operating Expenses
Operating Profit
% Change (Y-o-Y)
Other Provisions
Profit before Tax
Tax Provisions
Net Profit
% Change (Y-o-Y)
4QFY13A
37,787
14
11,740
49,527
21,010
28,517
-3
14,777
13,740
2,423
11,317
-21
4QFY13E
38,778
17
10,817
49,595
21,400
28,195
-4
8,062
20,133
6,174
13,959
-2
Var. (%)
-3
9
0
-2
1
83
-32
-61
-19
Comments
NIMs inline with expectation; loan growth lower than expected
Strong trading gains
Opex under control
Operating Profits in-line
Sharp increase in provisions towards stressed assets
Tax rate lower at 18% v/s exp of 31%
Source: Company/MOSL
Net slippages contained in 2HFY13 - a positive
While the net slippages in 1HFY13 were significantly higher at INR53.5b (4%
annualized), balance sheet consolidation and aggressive recovery drive and higher
follow up with borrowers is leading sharp reversal in reported NPL movement. In
3QFY13, net slippages were almost NIL whereas, in 4QFY13 they were just INR3.7b
(annualized 50bp). Lower net slippages and higher write-offs of INR9.1b led to 4%
QoQ decline in GNPA. PCR improved 286bp QoQ to 58.8%.
PNB reports asset quality movement on a cumulative basis wherein, accounts slipped
during the financial year in a particular quarter (for eg 1Q) and upgraded in the
subsequent quarter in the financial year (for e.g. 4Q) then movement will be reported
on a net basis. Thus management clarified that gross slippages for the quarter was
INR30b (annualized slippage ratio of 4.1%), however led by strong upgrades and
recoveries of INR26b, overall GNPA was contained.
Restructured Loan continue to rise
Addition to standard restructured loans stood at INR64b (2.1% of loans) of which
~INR20b belonged to SEB, however as per mgmt this numbers are likely to undergo
change downwards due to mistakes in counting of restructured loans. On account of
RBI notification ~INR64b also went off the restructured pool. Outstanding standard
restructured loan (OSRL) portfolio stood at INR305.3b (9.9% of loans) of which Infra
accounts for 46% (largely SEBs), iron and steel 11%, Aviation 5% and pharma 5%. Rest
is well distributed across segments
Consolidation continues; Lower cost of funds helps NIM
Management continues to de-bulk and consolidate its balance sheet resulting into
(a) Moderate loan growth of 5% YoY (+4% QoQ) (b) muted deposits growth of 3% YoY.
This is driving improvement in balance sheet quality with (a) fall in bulk deposits to
12.5% vs 24% a year ago (b) Increase in CASA deposits (reported) to 40.9% vs 38.4%
QoQ and 36.2% a year ago and (c) keeping NIMs at 3.5%+. Incremental deposits flow
during the quarter came in from CASA itself and term deposits declined INR51.3b
QoQ (down 3% QoQ) which helped bank lower its cost of funds and maintain NIMs.
Incremental loan growth was driven by MSME (+7.6% QoQ), retail segment (+3.3%
QoQ) and large corporate segment (+4.5% QoQ).
13 May 2013
2

Punjab National Bank
Other highlights
Management guidance:
(1) Loan growth to be couple of percentage points higher
than industry average, (2) NIMs in the range of 3.35-3.5% as pressure on lending
yields will increase (3) net slippages would be contained, however a lot would
depend on macro-economic conditions and (4) non-core income (trading gains
and recoveries) contribution to be utilized for improving PCR
Fee income growth remained flat QoQ and declined 16% YoY. Further recoveries
from written off account were weak at INR1.3b as compared to INR1.45b a quarter
ago and INR2.4b a year ago. However, strong gains from treasury portfolio of
INR2.7b helped overall non-interest income.
Bank provided INR2.45b for pending wage negotiation (assuming a wage hike of
15%).
Valuation and view
PNB remains highly levered to macro-economic scenario and any improvement in the
same can provide significant upside in earnings (led by asset quality). Sustaining
margins at 3.5% levels despite sharp rise in delinquencies in FY13 is impressive. While
pressure on lending yields would continue, asset quality improvement and fall in %
of bulk deposits will help to maintain margins
Downgrading estimates by 10%+: Lower balance sheet and fee income growth and
higher credit cost is leading to 7/15% downgrade in PPP/PAT estimates. PNB has 30%
AFS portfolio with a high duration of 4.2years and it could further provide cushion to
earnings. It has excess liquidity with SLR of 28% and it has transferred more securities
to AFS category in 1QFY14. In our view trading gains can surprise positively however,
we remain conservative on the same.
We expect ROA to remain healthy at 1%+ and ROE of 16/17%. PNB trades at 0.8x/0.7x of
FY14/15E BV of INR997/1,133. Top management continuity till October 2014,
improvement in liability profile, strategically placed treasury book for decline in
interest rates, relatively better pension related assumption than peers, healthy ROA
of 1%+ are some of the comforting factors. Buy with a target price of INR1,130 (1x
FY15E BV).
We downgrade earning estimates to factor lower NIMs and higher credit cost (INR b)
Old
Net Interest Income
Other Income
Total Income
Operating Expenses
Operating Profits
Provisions
PBT
Tax
PAT
Margins (%)
Credit Cost (%)
RoA (%)
RoE (%)
FY14
172.2
47.2
219.4
94.0
125.4
36.3
89.1
29.0
60.1
3.41
0.95
1.11
17.6
FY15
202.8
53.6
256.4
105.4
151.0
42.1
108.9
35.4
73.5
3.47
0.95
1.18
18.5
Revised
FY14
166.0
46.3
212.3
95.4
116.9
42.3
74.6
22.4
52.2
3.47
1.10
1.02
15.7
FY15
195.6
50.2
245.8
106.3
139.5
50.6
89.0
26.7
62.3
3.59
1.10
1.07
16.5
Change (%)
FY14
FY15
-3.6
-3.6
-1.9
-6.3
-3.2
-4.1
1.5
0.8
-6.7
-7.6
16.6
20.3
-16.2
-18.3
-22.7
-24.6
-13.1
-15.3
Source: MOSL
13 May 2013
3

Punjab National Bank
Punjab National Bank: One year forward P/E
Punjab National Bank: One year forward P/BV
DUPONT Analysis: Core PPP remains healthy; Higher provisions impact PAT (%)
Y/E March
Net Interest Income
Fee income
Fee income to core income (%)
Core Operating Income
Operating Expenses
Cost to Core Income Ratio
Employee cost
Emp cost to operating exp (%)
Other operating expenses
Core operating Profits
Trading and others
Operating Profits
NPA provisions
Other Provisions
Provisions
PBT
Tax
Tax Rate (%)
RoA
Leverage (x)
RoE
FY08
3.06
0.64
17.36
3.71
1.95
52.64
1.36
69.82
0.59
1.75
0.46
2.22
0.21
0.18
0.39
1.82
0.69
37.84
1.13
17.27
19.58
FY09
3.06
0.64
17.25
3.70
1.89
50.95
1.31
69.53
0.57
1.82
0.74
2.55
0.37
0.05
0.41
2.14
0.75
35.16
1.39
18.64
25.84
FY10
3.12
0.68
17.93
3.80
1.75
46.09
1.15
65.54
0.60
2.05
0.65
2.70
0.37
0.16
0.52
2.17
0.74
33.86
1.44
18.54
26.64
FY11
3.50
0.65
15.72
4.15
1.89
45.43
1.32
70.10
0.56
2.27
0.42
2.68
0.59
0.14
0.74
1.94
0.63
32.45
1.31
18.64
24.49
FY12
3.21
0.61
16.09
3.82
1.67
43.80
1.13
67.45
0.54
2.15
0.39
2.54
0.57
0.28
0.86
1.68
0.51
30.59
1.17
18.03
21.05
FY13
3.17
0.53
14.37
3.70
1.74
47.06
1.21
69.50
0.53
1.96
0.37
2.33
0.71
0.22
0.94
1.39
0.38
27.20
1.01
16.26
16.48
FY14E
3.24
0.54
14.18
3.78
1.86
49.33
1.31
70.20
0.56
1.91
0.37
2.28
0.71
0.11
0.83
1.46
0.44
30.00
1.02
15.40
15.71
FY15E
3.35
0.52
13.36
3.87
1.82
47.07
1.26
69.43
0.56
2.05
0.34
2.39
0.72
0.14
0.87
1.53
0.46
30.00
1.07
15.50
16.54
13 May 2013
4

Punjab National Bank
Quarterly trends
Loan growth remains moderate …
…and so does Deposit growth
Domestic loan growth remained largely flat YoY, however
led by international loan growth of 47% YoY overall loan
growth came in at 5%
Bank is focusing on core deposits as a result, share of
bulk deposits declined to 12.5% v/s 15.3% a quarter
CASA ratio (calc.) improves further (%)
CD ratio improves QoQ - helped NIMs (%)
Incremental deposits flow in 4QFY13 came in from CASA
itself and term deposits declined INR51.3b QoQ (down
3% QoQ) which helped bank lower its cost of funds.
Increase in borrowing by 14% QoQ and marginal decline
in investments helped bank improve CD ratio further
YOL and CoD both Decline QoQ…
...NIMs remain stable QoQ (%)
While yield on funds declined 30bp QoQ, however led
by higher inflow of CASA Deposits during the quarter
also helped bank reduce cost of funds to a similar extent
Despite higher slippages and pressure on lending yields
bank has been able to maintain NIMs which is impressive
13 May 2013
5

Punjab National Bank
Quarterly trends (continued)
Net slippages contained
Gross restructured loan of INR64b during the quarter (INR b)
Balance sheet consolidation, aggressive recovery drive
and higher follow up with borrowers is leading to sharp
reversal in reported NPL movement
During the quarter bank restructured loan of INR64b of
which INR20b was on account of TNSEB.
Restructured pool dominated by SEB (INR b)
GNPA (absolute terms) declined QoQ a positive surprise
Of the overall exposure a large part of the restructured
loan is on account of power and iron and steel segment
Lower net slippages and higher write-offs of INR9.1b led
to 4% QoQ decline in GNPA. PCR improved 286bp QoQ to
58.8%
DuPont Analysis
Y/E March (%)
1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
NII
3.4
3.7
3.8
3.4
3.3
3.5
3.4
3.0
3.2
3.1
3.2
3.2
Fee income
0.7
0.7
0.6
0.7
0.7
0.6
0.6
0.7
0.6
0.6
0.5
0.5
Core Operating Income
4.1
4.4
4.4
4.1
4.0
4.1
4.0
3.7
3.9
3.7
3.7
3.7
Operating Expenses
1.8
2.0
2.0
1.8
1.8
1.8
1.8
1.5
1.8
1.7
1.7
1.8
Cost to Core Income Ratio
44.6
45.4
46.2
45.4
45.6
45.3
43.6
41.0
45.6
46.9
46.2
47.5
Employee cost
1.3
1.4
1.5
1.3
1.3
1.3
1.2
0.9
1.2
1.2
1.2
1.2
Other operating expenses
0.5
0.6
0.6
0.6
0.5
0.6
0.5
0.6
0.5
0.5
0.5
0.6
Core operating Profits
2.3
2.4
2.4
2.2
2.2
2.2
2.3
2.2
2.1
2.0
2.0
2.0
Trading and others
0.5
0.2
0.4
0.6
0.4
0.3
0.3
0.5
0.4
0.2
0.3
0.4
Operating Profits
2.8
2.6
2.8
2.8
2.6
2.6
2.6
2.7
2.5
2.2
2.3
2.4
NPA provisions
0.7
0.5
0.7
0.6
0.6
0.3
0.6
0.9
0.8
1.0
0.4
0.7
Other Provisions
0.0
0.2
0.2
0.2
0.3
0.4
0.4
0.1
0.1
-0.1
0.3
0.5
Provisions
0.7
0.6
0.9
0.8
0.9
0.7
0.9
0.9
0.9
0.9
0.7
1.2
PBT
2.1
2.0
1.9
2.0
1.7
1.8
1.7
1.7
1.6
1.3
1.6
1.2
Tax
0.7
0.6
0.7
0.6
0.5
0.6
0.6
0.4
0.5
0.3
0.5
0.2
Tax Rate
31.7
32.2
33.4
32.5
30.1
33.7
33.5
25.4
31.1
27.0
30.6
17.6
RoA
1.4
1.3
1.3
1.3
1.2
1.2
1.1
1.3
1.1
0.9
1.1
1.0
13 May 2013
6

Punjab National Bank
Quarterly Snapshot (INR m)
FY12
1Q
Profit and Loss
Net Interest Income
Other Income
Trading profits
Forex Income
Recoveries
Div. from Liquid MF
Core Fees
Total Income
Operating Expenses
Employee
Others
Operating Profits
Provisions
NPA provisions
Provisions on Invst.
Others
PBT
Taxes
PAT
Ratios (%)
Fees to Total Income
Cost to Core Income
Tax Rate
CASA (Cal)
Loan/Deposit
CAR
Tier I
Margins - Quarterly (%)
Yield on loans
Yield On Investments
Yield on Funds
Cost of Deposits
Cost of Funds
Spreads
Margins
Margins - Cumulative (%)
Yield on loans
Yield On Investments
Yield on Funds
Cost of Deposits
Cost of Funds
Spreads
Margins
Franchise
Branches
ATM
For %age change QoQ and
2Q
3Q
4Q
1Q
2Q
FY13
3Q
4Q
Var. (%)
QoQ
YoY
Cumulative Numbers
FY12
FY13 YoY
Gr (%)
11
0
31
1
-19
21
-2
8
17
20
9
3
23
39
-54
0
-7
-18
-3
31,153
10,837
480
1,310
1,090
1,260
6,697
41,990
17,250
12,126
5,124
24,739
8,935
5,660
1,340
1,935
15,804
4,753
11,051
15.9
45.6
30.1
37.4
74.9
12.4
8.5
11.4
7.7
8.7
6.3
5.4
3.3
3.8
11.4
7.7
8.7
6.3
5.4
3.3
3.8
34,526
8,889
770
1,330
800
520
5,469
43,414
18,137
12,404
5,732
25,278
7,103
3,190
510
3,403
18,175
6,124
12,050
12.6
45.3
33.7
36.3
72.9
12.2
8.4
11.9
7.8
9.0
6.5
5.5
3.5
4.0
11.7
7.7
8.9
6.4
5.5
3.4
3.9
35,366
9,541
870
1,540
870
80
6,181
44,907
18,143
12,636
5,507
26,764
9,461
5,790
2,530
1,141
17,303
5,803
11,501
13.8
43.7
33.5
35.3
73.7
11.5
7.9
12.0
7.9
9.2
6.7
5.8
3.4
3.9
11.8
7.7
8.9
6.5
5.6
3.4
3.9
5,393
5,793
33,099
12,760
1,590
1,600
2,410
60
7,100
45,859
16,498
10,068
6,430
29,362
10,273
9,390
-2,020
2,903
19,089
4,848
14,241
15.5
41.0
25.4
35.3
77.4
12.6
9.3
11.4
7.6
8.7
6.8
5.7
3.0
3.5
11.7
7.6
8.9
6.6
5.6
3.3
3.8
5,670
6,007
36,951
11,660
880
2,120
870
480
7,310
48,611
20,203
14,197
6,005
28,409
10,325
9,000
-1,050
2,375
18,084
5,627
12,457
15.0
45.6
31.1
34.6
76.4
12.6
9.3
11.5
7.9
9.1
7.0
5.9
3.2
3.6
11.5
7.9
9.1
7.0
5.9
3.2
3.6
5,697
6,059
36,494
9,054
590
1,270
590
810
5,794
45,548
20,219
14,263
5,956
25,329
10,738
11,400
-140
-522
14,590
3,935
10,656
12.7
47.8
27.0
35.8
73.5
11.7
8.7
11.1
7.9
8.9
6.9
5.8
3.1
3.5
11.3
7.9
9.0
7.0
5.9
3.2
3.6
5,748
6,005
37,333
9,705
730
1,140
1,450
500
5,885
47,038
20,219
14,075
6,145
26,819
8,016
4,660
320
3,036
18,803
5,747
13,056
12.5
46.8
30.6
36.9
77.1
11.7
8.6
10.9
7.9
8.8
6.8
5.7
3.1
3.5
11.2
7.9
8.9
6.9
5.8
3.1
3.5
5,788
6,058
37,787
11,740
2,670
1,280
1,300
540
5,950
49,527
21,010
14,213
6,797
28,517
14,777
8,300
1,960
4,517
13,740
2,423
11,317
12.0
48.0
17.6
39.2
78.8
12.7
9.8
10.7
7.9
8.5
6.6
5.4
3.1
3.5
11.1
7.9
8.8
6.8
5.7
3.1
3.5
5,873
6,313
1
21
266
12
-10
8
1
5
4
1
11
6
84
78
N.A.
49
-27
-58
-13
14 134,144 148,565
-8 42,026 42,159
68
3,710
4,870
-20
5,780
5,810
-46
5,170
4,210
N.A.
1,920
2,330
-16 25,446 24,939
8 176,170 190,724
27 70,028 81,651
41 47,235 56,747
6 22,793 24,903
-3 106,143 109,074
44 35,773 43,856
-12 24,030 33,360
-197
2,360
1,090
56
9,383
9,406
-28 70,370 65,218
-50 21,528 17,732
-21 48,842 47,486
14.4
43.9
30.6
13.1
47.1
27.2
-17
-7
-33
-13
-30
-3
4
-67
22
-17
-18
-31
14
1
5,286
5,315
5,375
5,619
YoY is bp
Source: Company, MOSL
13 May 2013
7

Punjab National Bank
Quarterly Snapshot
1Q
Balance Sheet (INR b)
Loans
Investments
Deposits
Deposits Break Up
Core Deposits
% of total Deposits
Other Deposits
% of total Deposits
Deposits Break Up
CASA Deposits
% of total Deposits
Savings
% of total Deposits
Current
% of total Deposits
Term Deposits
% of total Deposits
Loan Break Up
Agriculture
SME Loans
Retail Loans
Other loans
Asset Quality
Movement of NPA -Quarterly
Opening
Additions
Deductions
Cash Recovery
Upgradation
Write offs
Closing
Net Slippages
Net Slippage Ratio (%)
Credit cost (%)
Risk weighted Assets
% change are in bp
FY11
2Q
3Q
4Q
1Q
FY12
2Q
3Q
4Q
1Q
FY13
2Q
3Q
4Q
Variation (%)
QoQ
YoY
4
0
1
5
6
3
1,969 2,088 2,213 2,421 2,429 2,490 2,626 2,938 2,945 2,947 2,973 3,087
810
866
884
955 1,010 1,110 1,175 1,231 1,210 1,292 1,307 1,303
2,553 2,734 2,889 3,129 3,241 3,418 3,565 3,796 3,854 4,007 3,858 3,916
2,075 2,178 2,241 2,415 2,463 2,607 2,709 2,913 3,000 3,174 3,267 3,426
81.3 79.7 77.6 77.2 76.0 76.3 76.0 76.7 77.8 79.2 84.7 87.5
478
556
648
714
778
811
856
883
854
833
591
489
18.7 20.3 22.4 22.8 24.0 23.7 24.0 23.3 22.2 20.8 15.3 12.5
1,044 1,110 1,128 1,203 1,213 1,240 1,260 1,341 1,331 1,434 1,424 1,533
40.9 40.6 39.1 38.5 37.4 36.3 35.3 35.3 34.6 35.8 36.9 39.2
818
873
899
935
949 1,005 1,027 1,057 1,074 1,154 1,171 1,235
32.1 31.9 31.1 29.9 29.3 29.4 28.8 27.8 27.9 28.8 30.4 31.5
225
237
229
268
264
235
233
285
257
280
253
299
8.8
8.7
7.9
8.6
8.1
6.9
6.5
7.5
6.7
7.0
6.6
7.6
1,510 1,624 1,761 1,926 2,028 2,178 2,306 2,455 2,522 2,573 2,433 2,382
59.1 59.4 60.9 61.5 62.6 63.7 64.7 64.7 65.4 64.2 63.1 60.8
302
323
339
355
342
351
383
459
446
403
418
381
201
235
252
268
273
291
299
324
310
307
312
336
194
206
217
236
241
247
260
292
293
297
303
313
1,271 1,324 1,404 1,562 1,573 1,601 1,684 1,863 1,896 1,940 1,941 2,058
5
18
282 1,077
-17
-45
-282 -1,077
8
224
5
118
18
106
-2
-224
-9
8
3
6
14
383
17
370
5
13
-3
-383
-17
4
7
10
32.1 36.1 40.2 45.4 43.8 48.9 51.5 64.4 87.2 99.9 140.2 140.0
12.2
9.1
9.8 12.5 11.8
9.9 16.8 28.2 27.7 45.4
3.6
9.7
8.2
5.0
4.6 14.1
6.6
7.4
3.9
5.4 15.0
5.1
3.9 15.0
4.1
3.1
2.4
2.3
4.2
5.1
3.3
4.1
5.7
3.8
5.5
4.4
1.3
0.7
0.3
1.8
2.3
2.1
0.3
0.7
9.0
1.1
-2.0
1.5
2.8
1.3
1.9 10.0
0.1
0.2
0.3
0.7
0.3
0.2
0.4
9.1
36.1 40.2 45.4 43.8 48.9 51.5 64.4 87.2 99.9 140.2 140.0 134.7
6.8
5.4
7.0
8.4
5.3
2.7 13.2 23.4 13.0 40.5
0.1
3.7
1.7
1.3
1.6
1.8
1.1
0.5
2.4
3.9
2.1
6.5
0.0
0.5
1.1
0.7
1.0
0.9
0.9
0.5
0.9
1.4
1.2
1.5
0.6
1.1
1,990 2,161 2,284 2,488 2,463 2,503 2,503 2,919 2,886 3,093 3,121 3,244
1
25
Source: Company, MOSL
13 May 2013
8

Punjab National Bank
Stock Info
EPS: MOSL forecast v/s consensus (INR)
MOSL
Forecast
147.8
176.2
Consensus
Forecast
164.5
190.3
Variation
(%)
-10.1
-7.4
1-year Sensex rebased
FY13
FY14
Shareholding pattern (%)
Promoter
Domestic Inst
Foreign
Others
Mar-13
57.9
18.9
18.0
5.2
Dec-12
56.1
19.8
18.0
6.1
Mar-12
56.1
21.8
17.4
4.7
13 May 2013
9

Punjab National Bank
Financials and Valuation
13 May 2013
10

Punjab National Bank
Financials and Valuation
13 May 2013
11

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