Punjab National Bank
Punjab National Bank
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Key Insights
Strengths
3- Stock is trading at 0.86 times its book value
- Company has delivered good profit growth of 48.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 18.3%
Weaknesses
6- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 9.80% over past five years.
- Company has a low return on equity of 12.4% over last 3 years.
- Contingent liabilities of Rs.5,24,629 Cr.
- Company might be capitalizing the interest cost
- Promoter holding has decreased over last 3 years: -3.07%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoPunjab National Bank, India's second-largest public sector bank by market cap of ₹1,32,858 Cr, trades at a PE of 6.1x and 0.92x book value. Profit growth has been strong at 48% CAGR over five years, but revenue growth remains modest at ~10% CAGR over the same period, and contingent liabilities stand at a significant ₹5,24,629 Cr.
- Trades at 0.86x book value, well below the 1x threshold, suggesting the market is not fully pricing in the bank's net asset base
- Compounded profit growth of 48% CAGR over five years and 76% CAGR over three years reflects a sharp recovery in earnings from the NPA cycle lows
- PE ratio of 6.1x is significantly below the broader banking sector average, offering a margin of safety on an earnings basis
- ROE has improved from 4% on a 10-year average to 13% in the last year, indicating a clear upward trend in return on equity
- Dividend yield of 2.57% with a consistent payout ratio of 18.3% provides a tangible income component
- TTM profit growth of 33% shows continued earnings momentum even on a higher base after years of strong recovery
- Stock CAGR of 25% over five years and 20% over three years indicates sustained re-rating by the market over the medium term
- Market cap of ₹1,32,858 Cr provides deep liquidity and institutional participation as a large-cap PSU bank
- Contingent liabilities of ₹5,24,629 Cr are nearly 4x the market cap, representing a material off-balance-sheet risk if even a fraction crystallizes
- Compounded sales growth of just 9.8% over five years and only 3% TTM signals stagnating topline and limited pricing power
- 10-year stock CAGR of -2% means long-term shareholders have actually lost value, reflecting the deep NPA crisis and equity dilution of the past decade
- 3-year ROE of 12.4% remains low relative to top private sector banks which operate at 15-18%, limiting valuation re-rating potential
- Low interest coverage ratio indicates the bank's operating earnings may not comfortably service its own interest obligations under stress
- Promoter (Government of India) holding has decreased by 3.07% over the last three years, diluting ownership and signaling possible further equity raises
- Potential capitalization of interest costs could be flattering reported earnings, masking true asset quality stress
- 10-year compounded profit CAGR of 21% appears strong but is inflated by recovery from deep losses during the 2017-2020 NPA cycle rather than organic growth
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- RBI fine for currency chest lapse Aug 21
PNB penalized ₹4,33,900 by RBI for non-compliance with currency chest operational guidelines. Impact limited to penalty amount but flags operational control gaps.
- 3-month MCLR revised upward Sep 01
Three-month MCLR raised to 8.50% from 8.45%, signaling marginally higher short-term funding costs even as one-year MCLR held steady at 8.80%.
- Q1FY27 net profit surges 214% Aug 19
Standalone net profit jumped 214% YoY to ₹5,253 crore in Q1FY27, with GNPA improving to 2.78% and NNPA declining to 0.26%, reflecting sharp asset quality gains.
- PNB MetLife record ₹1,210 Cr bonus Sep 07
PNB MetLife declared its highest-ever annual bonus of ₹1,210 crore for FY26, up 16.25% from ₹1,041 crore prior year, benefiting 5.51 lakh policyholders.
- Wealth mgmt launch by December Sep 10
PNB targeting December 2026 wealth management rollout with 1,700 CRMs deployed across branches and another 1,300 to be added by September-end, covering top 250-300 customers per branch.
- Credit card base up 62% Sep 10
Credit cards grew from 6.5 lakh to 10.5 lakh within one year, adding 50,000-60,000 cards monthly. Launched metal card 'Luxura' on RuPay and signed MoU with Indian Army.
- $2.5B FCNR deposits mobilized Aug 31
PNB nearly hit its $2.5 billion FCNR(B) deposit target at ~$2.46 billion under RBI's special swap window, strengthening foreign currency liquidity.
- Haryana Gramin Bank IPO planned Aug 31
PNB preparing to list Haryana Gramin Bank in Q4FY27 or early FY28. The RRB reported total business over ₹47,000 crore and net profit of ₹382.1 crore in FY26.
- ₹3,400 Cr AI and tech investment Sep 01
Board-approved ₹3,400 crore IT and AI roadmap covering cybersecurity, automation, multilingual AI via BHASHINI, and AI-driven call centres to drive long-term cost efficiency.
- New GoI nominee director appointed Sep 11
Divesh Sehara (IAS 2005 batch, Joint Secretary at DoF) appointed as GoI Nominee Director effective September 10, 2026, replacing D. Anandan on the board.
- EGM scheduled for Sep 25 Sep 01
PNB scheduled an EGM on September 25, 2026 to elect a shareholder director following tenure completion of Smt. Vandana Bhagavatula.
- Inactive accounts closure by Sep 13 Aug 20
PNB will close accounts with zero balance and no customer-initiated transactions for three years by September 13, 2026. Customers can retain accounts by updating KYC before deadline.
- EMTN roadshow in Singapore, HK Aug 17
PNB to engage institutional investors in Singapore and Hong Kong on August 20, 2026 regarding its EMTN program fundraising efforts.
- Investor meets and analyst calls Aug 17
PNB scheduled analyst meet on August 20 and participated in Elara India Dialogue on September 1 in Mumbai, maintaining regular investor engagement.
TL;DR: PNB is firing on multiple cylinders — Q1FY27 net profit surged 214% YoY to ₹5,253 crore with GNPA down to 2.78% and NNPA at just 0.26%, marking a significant asset quality turnaround. Growth levers are diversifying via wealth management (Dec launch), rapid credit card expansion (62% YoY growth), $2.5B FCNR mobilization, and a ₹3,400 crore AI/tech investment. Risks remain limited to minor operational lapses (RBI fine) and marginal short-term funding cost pressures. The trend is clearly improving, with the Haryana Gramin Bank IPO and co-branded credit card partnerships offering near-term catalysts.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 25,673 | 26,858 | 27,852 | 28,682 | 29,145 | 30,447 | 31,895 | 32,523 | 32,572 | 32,513 | 32,889 | 32,798 | 33,589 |
| Expenses | 10,990 | 10,259 | 9,449 | 9,831 | 8,473 | 8,592 | 7,494 | 9,142 | 9,197 | 8,299 | 9,298 | 7,518 | 8,262 |
| Financing Profit | -1,381 | -221 | 959 | 646 | 2,136 | 2,065 | 3,663 | 1,742 | 1,547 | 2,356 | 1,426 | 3,061 | 2,743 |
| Fin. Margin % | -5% | -1% | 3% | 2% | 7% | 7% | 11% | 5% | 5% | 7% | 4% | 9% | 8% |
| Other Income | 3,360 | 2,999 | 2,676 | 4,294 | 3,615 | 4,664 | 3,392 | 4,776 | 5,427 | 4,171 | 5,013 | 4,080 | 4,365 |
| Interest | 16,064 | 16,820 | 17,444 | 18,206 | 18,536 | 19,790 | 20,738 | 21,640 | 21,828 | 21,858 | 22,164 | 22,219 | 22,583 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 1,979 | 2,778 | 3,634 | 4,940 | 5,751 | 6,729 | 7,055 | 6,518 | 6,973 | 6,527 | 6,440 | 7,141 | 7,108 |
| Tax % | 39% | 36% | 38% | 37% | 35% | 34% | 34% | 29% | 74% | 26% | 19% | 27% | 25% |
| Net Profit | 1,363 | 1,990 | 2,441 | 3,363 | 3,991 | 4,739 | 4,811 | 5,011 | 2,167 | 5,121 | 5,577 | 5,602 | 5,835 |
| EPS in Rs | 1.22 | 1.81 | 2.21 | 3.04 | 3.61 | 4.1 | 4.18 | 4.34 | 1.84 | 4.46 | 4.83 | 4.87 | 5.06 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 48,710 | 50,804 | 48,058 | 48,725 | 52,147 | 54,918 | 81,935 | 76,242 | 86,845 | 1,09,065 | 1,24,010 | 1,30,772 | 1,31,789 |
| Expenses | 18,760 | 27,453 | 22,533 | 43,345 | 39,645 | 25,867 | 38,601 | 36,026 | 41,502 | 39,623 | 32,743 | 33,031 | 33,378 |
| Financing Profit | -1,394 | -10,980 | -7,197 | -28,151 | -22,153 | -7,946 | -7,470 | -6,607 | -6,473 | 908 | 10,563 | 9,672 | 9,587 |
| Fin. Margin % | -3% | -22% | -15% | -58% | -42% | -14% | -9% | -9% | -7% | 1% | 9% | 7% | 7% |
| Other Income | 6,175 | 6,100 | 9,168 | 8,883 | 7,367 | 9,388 | 12,777 | 12,329 | 12,529 | 14,158 | 17,560 | 20,062 | 17,629 |
| Interest | 31,343 | 34,331 | 32,722 | 33,530 | 34,656 | 36,997 | 50,805 | 46,823 | 51,817 | 68,534 | 80,704 | 88,069 | 88,824 |
| Depreciation | 384 | 413 | 430 | 581 | 584 | 614 | 982 | 896 | 905 | 906 | 958 | 1,281 | 0 |
| PBT | 4,397 | -5,293 | 1,540 | -19,849 | -15,370 | 827 | 4,325 | 4,826 | 5,151 | 14,160 | 27,166 | 28,453 | 27,216 |
| Tax % | 24% | -31% | 41% | -37% | -35% | 56% | 38% | 19% | 35% | 35% | 32% | 35% | — |
| Net Profit | 3,525 | -3,510 | 1,239 | -12,111 | -9,550 | 485 | 2,695 | 3,908 | 3,359 | 9,157 | 18,553 | 18,467 | 22,134 |
| EPS in Rs | 18.33 | -18.79 | 5.58 | -43.88 | -20.79 | 0.65 | 2.45 | 3.51 | 3.04 | 8.27 | 16.08 | 16 | 19.22 |
| Div. Payout % | 18% | -2% | 0% | 0% | 0% | 0% | 0% | 18% | 21% | 18% | 18% | 19% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 371 | 393 | 426 | 552 | 921 | 1,348 | 2,096 | 2,202 | 2,202 | 2,202 | 2,299 | 2,299 |
| Reserves | 41,669 | 41,412 | 42,990 | 40,965 | 45,164 | 62,529 | 90,439 | 95,380 | 1,00,678 | 1,08,185 | 1,30,839 | 1,47,674 |
| Borrowing | 36,692 | 81,674 | 43,336 | 65,330 | 46,828 | 62,512 | 52,298 | 59,372 | 70,149 | 72,586 | 1,05,807 | 1,07,558 |
| Deposits | 5,37,758 | 5,70,383 | 6,29,651 | 6,48,439 | 6,81,874 | 7,10,254 | 11,13,717 | 11,54,234 | 12,90,347 | 13,79,225 | 15,77,020 | 17,24,795 |
| Other Liabilities | 19,522 | 18,932 | 16,909 | 22,242 | 15,333 | 14,814 | 21,176 | 28,113 | 30,273 | 36,438 | 41,579 | 51,005 |
| Total Liabilities | 6,36,011 | 7,12,793 | 7,33,311 | 7,77,528 | 7,90,120 | 8,51,457 | 12,79,725 | 13,39,301 | 14,93,649 | 15,98,636 | 18,57,544 | 20,33,331 |
| Fixed Assets | 3,656 | 5,308 | 6,298 | 6,371 | 6,246 | 7,262 | 11,049 | 10,696 | 12,084 | 12,348 | 13,083 | 15,625 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1,56,762 | 1,65,126 | 1,91,527 | 2,04,419 | 2,10,578 | 2,53,782 | 4,04,369 | 3,88,586 | 4,16,914 | 4,46,421 | 5,24,840 | 5,23,515 |
| Other Assets | 4,75,594 | 5,42,358 | 5,35,486 | 5,66,738 | 5,73,295 | 5,90,413 | 8,64,307 | 9,40,019 | 10,64,651 | 11,39,867 | 13,19,620 | 14,94,191 |
| Total Assets | 6,36,011 | 7,12,793 | 7,33,311 | 7,77,528 | 7,90,120 | 8,51,457 | 12,79,725 | 13,39,301 | 14,93,649 | 15,98,636 | 18,57,544 | 20,33,331 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 4,814 | 14,167 | 21,938 | -1,742 | -33,532 | -12,793 | 30,950 | 20,032 | 22,592 | -27,939 | 22,075 | 25,635 |
| Investing | -872 | -1,352 | 159 | 392 | -629 | -338 | -787 | -1,204 | -732 | -1,506 | -1,578 | -609 |
| Financing | 7,451 | 5,975 | -9,767 | 7,460 | 13,969 | 13,591 | 5,415 | 2,032 | 1,275 | 3,518 | -1,138 | -11,664 |
| Net Cash Flow | 11,393 | 18,790 | 12,330 | 6,109 | -20,192 | 460 | 35,579 | 20,859 | 23,135 | -25,928 | 19,359 | 13,362 |
| Free Cash Flow | 4,267 | 13,561 | 21,442 | -2,394 | -33,972 | -13,131 | 30,164 | 19,496 | 22,040 | -29,083 | 20,490 | 24,052 |
| CFO/OP | 25 | 67 | 92 | 1 | -268 | -36 | 72 | 54 | 52 | -38 | 30 | 26 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 8% | -9% | 3% | -29% | -22% | 1% | 3% | 4% | 3% | 9% | 15% | 13% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Punjab National Bank is India's first Swadeshi Bank. PNB is a Banking and Financial service bank owned by the Government of India with its headquarters is in New Delhi, India. It is the Second largest PSU after SBI.[1]
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