Punjab National Bank
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Corporate/Wholesale Banking: 38.2% • Other Retail Banking-Retail Banking: 29.7% • Treasury: 29.4%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has delivered good profit growth of 52.9% CAGR over last 5 years
- Comfortable capital adequacy - CAR of 17.7%
- Latest quarter profit grew 213.6% YoY, showing strong momentum
- Strong provisioning - provision coverage ratio of 97.2%
- Company generates healthy free cash flow
- Attractively priced for its growth - PEG of 0.1
CONS
- A large part of profit comes from other income (70.3% of PBT)
- Promoter holding has decreased over last 2 years: -3.1pp
- Operating margins have contracted to 22.8% from 26.5%
- Thin net interest margin of 2.2%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SBIN | 997.00 | 10.68 | 920292.57 | 1.74 | 24579.04 | 13.65 | 136240.49 | 8.36 | 12.16 | 52.34 |
| UNIONBANK | 178.00 | 6.58 | 135878.18 | 2.81 | 5368.17 | 29.77 | 27427.10 | 1.21 | 14.57 | 69.42 |
| PNB | 116.65 | 6.07 | 134065.18 | 2.57 | 5339.15 | 191.40 | 33589.17 | 3.12 | 13.26 | 75.40 |
| BANKBARODA | 237.80 | 6.77 | 122974.99 | 3.57 | 1572.59 | -53.08 | 35114.52 | 6.84 | 11.20 | 33.10 |
| INDIANB | 852.90 | 8.99 | 114882.56 | 2.14 | 3299.48 | 48.73 | 18095.14 | 11.11 | 16.28 | 67.14 |
| CANBK | 123.90 | 5.66 | 112385.37 | 3.39 | 4864.08 | 61.96 | 32957.16 | 4.55 | 14.46 | 68.47 |
| MAHABANK | 84.17 | 8.59 | 64739.82 | 2.61 | 2020.54 | 26.83 | 8034.65 | 13.90 | 16.53 | 68.61 |
| IOB | 33.13 | 10.71 | 63797.08 | 0.00 | 1659.24 | 49.25 | 8777.57 | 18.82 | 11.31 | 54.56 |
| BANKINDIA | 139.80 | 5.40 | 63646.30 | 3.33 | 3138.46 | 77.92 | 20096.90 | 8.83 | 10.97 | 73.18 |
| UCOBANK | 23.98 | 12.18 | 30069.86 | 1.83 | 652.43 | 24.09 | 6744.59 | 15.10 | 11.00 | 54.71 |
| CENTRALBK | 30.75 | 6.10 | 27833.06 | 3.90 | 1328.95 | 5.43 | 9725.90 | 12.79 | 8.27 | 67.83 |
| PSB | 22.78 | 11.68 | 16163.74 | 1.71 | 331.51 | 23.16 | 3213.37 | 10.40 | 9.07 | 71.38 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 25,145 | 26,355 | 27,288 | 28,113 | 28,556 | 29,875 | 31,340 | 31,989 | 31,964 | 31,872 | 32,231 | 32,157 | 32,897 | |
| Interest Expended | 15,641 | 16,432 | 16,995 | 17,750 | 18,080 | 19,358 | 20,308 | 21,232 | 21,386 | 21,403 | 21,698 | 21,776 | 22,099 |
| Net Interest Income | 9,504 | 9,923 | 10,293 | 10,363 | 10,476 | 10,517 | 11,032 | 10,757 | 10,578 | 10,469 | 10,533 | 10,380 | 10,798 |
| 3,434 | 3,028 | 2,674 | 4,248 | 3,610 | 4,572 | 3,412 | 4,716 | 5,268 | 4,342 | 5,022 | 4,162 | 4,333 | |
| Total Income | 0 | 0 | 0 | 0 | 32,760 | 35,111 | 35,286 | 37,299 | 37,999 | 36,684 | 37,903 | 36,878 | 37,231 |
| Operating Expenses | 6,970 | 6,735 | 6,636 | 8,195 | 7,505 | 8,235 | 7,824 | 8,697 | 8,765 | 7,584 | 8,074 | 7,042 | 7,613 |
| Operating Profit | 5,968 | 6,216 | 6,331 | 6,416 | 6,581 | 6,853 | 6,621 | 6,776 | 7,081 | 7,227 | 7,481 | 7,500 | 7,519 |
| Provisions & Contingencies | 3,965 | 3,444 | 2,739 | 1,588 | 1,312 | 288 | -285 | 360 | 323 | 643 | 1,150 | 424 | 541 |
| Profit before Tax | 2,003 | 2,772 | 3,592 | 4,828 | 5,269 | 6,565 | 6,906 | 6,416 | 6,758 | 6,584 | 6,331 | 7,077 | 6,978 |
| Tax % | 37.32% | 36.65% | 38.11% | 37.64% | 38.29% | 34.45% | 34.72% | 28.82% | 75.22% | 25.52% | 19.44% | 26.16% | 24.72% |
| Net Profit | 1,255 | 1,756 | 2,223 | 3,010 | 3,252 | 4,303 | 4,508 | 4,567 | 1,675 | 4,904 | 5,100 | 5,225 | 5,253 |
| EPS | 1 | 2 | 2 | 3 | 3 | 4 | 4 | 4 | 1 | 4 | 4 | 5 | 0 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,06,902 | 1,21,761 | 1,28,223 | — | |
| Interest Expended | 32,283 | 33,073 | 34,154 | 36,362 | 50,273 | 46,185 | 50,652 | 66,819 | 78,979 | 86,263 | 86,976 |
| Net Interest Income | -32,283 | -33,073 | -34,154 | -36,362 | -50,273 | -46,185 | -50,652 | 40,083 | 42,782 | 41,960 | — |
| 8,951 | 8,881 | 7,377 | 9,274 | 11,922 | 12,320 | 12,143 | 13,384 | 16,309 | 18,794 | 17,860 | |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,20,285 | 1,38,070 | 1,47,017 | 1,48,695 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28,536 | 32,261 | 31,464 | — | |
| Operating Profit | -32,283 | -33,073 | -34,154 | -36,362 | -50,273 | -46,185 | -50,652 | 24,931 | 26,831 | 29,290 | — |
| 13,632 | 24,973 | 26,512 | 14,593 | 18,045 | 15,762 | 17,855 | 11,737 | 1,675 | 2,540 | — | |
| Profit before Tax | 2,012 | -19,575 | -15,346 | 739 | 3,479 | 4,316 | 4,288 | 13,194 | 25,156 | 26,750 | 26,969 |
| Tax % | 0.00% | -0.00% | -0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 37.51% | 33.89% | 36.81% | 24.05% |
| Net Profit | 1,325 | -12,283 | -9,975 | 336 | 2,022 | 3,457 | 2,507 | 8,245 | 16,630 | 16,904 | 20,482 |
| EPS | 6 | -55 | -31 | 1 | 2 | 3 | 2 | 7 | 14 | 15 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 10%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 53%
- 3 Years:
- 89%
STOCK PRICE CAGR
- 10 Years:
- -2%
- 5 Years:
- 25%
- 3 Years:
- 20%
- 1 Year:
- 8%
RETURN ON EQUITY
- 10 Years:
- -1%
- 5 Years:
- 9%
- 3 Years:
- 12%
- Last Year:
- 13%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 426 | 552 | 921 | 1,348 | 2,096 | 2,202 | 2,202 | 2,202 | 2,299 | 2,299 |
| 41,672 | 40,522 | 43,866 | 61,010 | 88,842 | 93,285 | 97,653 | 1,04,274 | 1,25,064 | 1,40,351 | |
| 6,21,704 | 6,42,226 | 6,76,030 | 7,03,846 | 11,06,332 | 11,46,218 | 12,81,163 | 13,69,713 | 15,66,623 | 17,11,126 | |
| 40,763 | 60,851 | 39,326 | 50,225 | 42,840 | 45,681 | 51,292 | 50,430 | 83,777 | 82,314 | |
| Other Liabilities & Provisions | 15,766 | 21,679 | 14,806 | 14,237 | 20,523 | 27,418 | 29,521 | 35,216 | 40,408 | 49,802 |
| Total Liabilities | 7,20,331 | 7,65,830 | 7,74,949 | 8,30,666 | 12,60,633 | 13,14,805 | 14,61,831 | 156 | 182 | 199 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 25,210 | 28,789 | 32,129 | 38,398 | 43,959 | 85,736 | 78,177 | 65,033 | 64,305 | 60,856 | |
| Balances with Banks & Money at Call | 63,122 | 66,673 | 43,159 | 37,595 | 67,391 | 46,911 | 76,932 | 64,072 | 84,415 | 1,01,092 |
| 1,86,725 | 2,00,306 | 2,02,128 | 2,40,466 | 3,92,983 | 3,72,168 | 3,95,997 | 4,20,318 | 4,97,311 | 4,94,112 | |
| 4,19,493 | 4,33,735 | 4,58,249 | 4,71,828 | 6,74,230 | 7,28,186 | 8,30,834 | 9,34,431 | 10,77,475 | 12,25,292 | |
| 6,298 | 6,375 | 6,250 | 7,264 | 11,021 | 10,674 | 12,051 | 12,319 | 13,053 | 15,577 | |
| 19,507 | 29,978 | 33,059 | 35,140 | 71,049 | 71,131 | 67,841 | 65,663 | 81,612 | 88,964 | |
| Total Assets | 7,20,331 | 7,65,830 | 7,74,949 | 8,30,666 | 12,60,633 | 13,14,805 | 14,61,831 | 156 | 182 | 199 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 12,497 | 1,012 | -30,893 | -12,613 | 1,192 | 20,464 | 21,780 | -27,895 | 22,272 | 26,302 | |
| Cash from Investing | -527 | -1,288 | -260 | -239 | -839 | -1,207 | -682 | -1,539 | -1,534 | -1,416 |
| Cash from Financing | 739 | 7,407 | 10,979 | 13,557 | 5,293 | 2,041 | 1,364 | 3,430 | -1,123 | -11,659 |
| 12,709 | 7,130 | -20,174 | 705 | 5,646 | 21,297 | 22,462 | -26,004 | 19,615 | 13,227 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 6.23 | -44.49 | -21.67 | 0.50 | 1.93 | 3.14 | 2.28 | 7.49 | 14.47 | 14.71 |
| Book Value (₹) | 180.20 | 135.44 | 89.50 | 85.49 | 79.92 | 80.32 | 83.01 | 89.16 | 103.59 | 115.10 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.64 | 0.65 | 1.50 | 2.90 | 3.00 |
| PROFITABILITY | ||||||||||
| Net Interest Margin % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.70% | 2.48% | 2.23% |
| ROA % | 0.19% | -1.65% | -1.29% | 0.04% | 0.19% | 0.27% | 0.18% | 0.55% | 0.98% | 0.89% |
| ROE % | 3.59% | -32.44% | -25.38% | 0.68% | 2.86% | 4.02% | 2.79% | 8.70% | 15.31% | 13.45% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 53.37% | 54.59% | 51.79% | |
| ASSET QUALITY | ||||||||||
| Gross NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.78% |
| Net NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.38% |
| Provision Coverage % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 96.82% | 97.14% |
| Slippage Ratio % | — | — | — | — | — | — | — | — | — | — |
| BALANCE SHEET & LIQUIDITY | ||||||||||
| CASA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 40.34% | 36.61% | 35.63% |
| Credit-Deposit Ratio % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.04% | 0.05% | 0.05% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 15.97% | 17.01% | 17.74% | |
| GROWTH & VALUATION | ||||||||||
| Net Profit Growth % | 133.33% | -1027.14% | 18.79% | 103.37% | 501.32% | 71.00% | -27.47% | 228.84% | 101.71% | 1.65% |
| Book Value Growth % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 7.41% | 16.19% | 11.11% |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 16.61x | 6.64x | 6.84x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.39x | 0.93x | 0.87x |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.21% | 3.02% | 2.98% |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Punjab National Bank has informed the Exchange about General Updates
2026-09-10 - Punjab National Bank has informed the Exchange regarding Change in Director(s) of the company.
2026-09-09 - Punjab National Bank has informed the Exchange about General Updates - Notice of Strike
2026-09-01 - Punjab National Bank has informed the Exchange about outcome
2026-09-01 - Punjab National Bank has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on September 25, 2026
2026-09-01 - Punjab National Bank has informed the Exchange about change in Management
2026-08-31 - Punjab National Bank has informed the Exchange about Review of Interest Rates
2026-08-27 - Punjab National Bank has informed the Exchange about Schedule of meet
2026-08-21 - Punjab National Bank has informed the Exchange about Action(s) initiated or orders passed
News
Recent coverage and analyst commentary for PNB
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