Punjab National Bank
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Corporate/Wholesale Banking: 38.0% • Treasury: 30.0% • Other Retail Banking-Retail Banking: 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 51.4% CAGR over last 5 years
- Comfortable capital adequacy - CAR of 17.7%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 191.4% YoY, showing strong momentum
- Strong provisioning - provision coverage ratio of 97.2%
CONS
- A large part of profit comes from other income (69.0% of PBT)
- Promoter holding has decreased over last 2 years: -3.1pp
- Operating margins have contracted to 22.6% from 26.4%
- Thin net interest margin of 2.2%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SBIN | 1001.60 | 10.72 | 924538.66 | 1.73 | 24579.04 | 13.65 | 136240.49 | 8.36 | 12.16 | 52.34 |
| UNIONBANK | 183.40 | 6.78 | 140000.33 | 2.73 | 5368.17 | 29.77 | 27427.10 | 1.21 | 14.57 | 69.42 |
| PNB | 115.60 | 6.02 | 132858.42 | 2.60 | 5339.15 | 191.40 | 33589.17 | 3.12 | 13.26 | 75.40 |
| BANKBARODA | 234.90 | 6.69 | 121475.30 | 3.62 | 1572.59 | -53.08 | 35114.52 | 6.84 | 11.20 | 33.10 |
| INDIANB | 855.00 | 9.01 | 115165.42 | 2.13 | 3299.48 | 48.73 | 18095.14 | 11.11 | 16.28 | 67.14 |
| CANBK | 124.20 | 5.67 | 112657.49 | 3.38 | 4864.08 | 61.96 | 32957.16 | 4.55 | 14.46 | 68.47 |
| MAHABANK | 84.45 | 8.62 | 64955.18 | 2.61 | 2020.54 | 26.83 | 8034.65 | 13.90 | 16.53 | 68.61 |
| BANKINDIA | 140.70 | 5.44 | 64056.04 | 3.30 | 3138.46 | 77.92 | 20096.90 | 8.83 | 10.97 | 73.18 |
| IOB | 33.01 | 10.67 | 63566.00 | 0.00 | 1659.24 | 49.25 | 8777.57 | 18.82 | 11.31 | 54.56 |
| UCOBANK | 23.99 | 12.19 | 30082.40 | 1.83 | 652.43 | 24.09 | 6744.59 | 15.10 | 11.00 | 54.71 |
| CENTRALBK | 30.58 | 6.06 | 27679.19 | 3.92 | 1328.95 | 5.43 | 9725.90 | 12.79 | 8.27 | 67.83 |
| PSB | 22.67 | 11.62 | 16085.69 | 1.72 | 331.51 | 23.16 | 3213.37 | 10.40 | 9.07 | 71.38 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 25,673 | 26,858 | 27,852 | 28,682 | 29,145 | 30,447 | 31,895 | 32,523 | 32,572 | 32,513 | 32,889 | 32,798 | 33,589 | |
| Interest Expended | 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 |
| Net Interest Income | 9,608 | 10,038 | 10,408 | 10,476 | 10,608 | 10,657 | 11,157 | 10,884 | 10,744 | 10,655 | 10,725 | 10,579 | 11,006 |
| 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 | |
| Total Income | 0 | 0 | 0 | 0 | 32,760 | 35,111 | 35,286 | 37,299 | 37,999 | 36,684 | 37,903 | 36,878 | 37,954 |
| Operating Expenses | 0 | 0 | 0 | 0 | 75,700 | 83,123 | 78,971 | 87,711 | 88,520 | 76,710 | 81,679 | 71,380 | 7,708 |
| Operating Profit | 0 | 0 | 0 | 0 | 66,536 | 70,088 | 66,516 | 68,885 | 73,185 | 71,549 | 75,703 | 75,212 | 7,663 |
| Provisions & Contingencies | 0 | 0 | 0 | 0 | 9,026 | 2,802 | -4,034 | 3,707 | 3,451 | 6,278 | 11,304 | 3,799 | 555 |
| Profit before Tax | 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 % | 38.82% | 36.49% | 38.02% | 37.23% | 35.38% | 34.13% | 34.11% | 28.77% | 73.73% | 25.72% | 19.41% | 26.83% | 24.89% |
| Net Profit | 0 | 0 | 0 | 0 | 3,716 | 4,432 | 4,649 | 4,643 | 1,832 | 4,849 | 5,190 | 5,225 | 5,339 |
| EPS | 1 | 2 | 2 | 3 | 4 | 4 | 4 | 4 | 2 | 4 | 5 | 5 | 1 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 1,09,065 | 1,24,010 | 1,30,772 | — | |
| Interest Expended | 32,722 | 33,530 | 34,656 | 36,997 | 50,805 | 46,823 | 51,817 | 68,534 | 80,704 | 88,069 | 88,824 |
| Net Interest Income | -32,722 | -33,530 | -34,656 | -36,997 | -50,805 | -46,823 | -51,817 | 40,530 | 43,306 | 42,703 | — |
| 9,168 | 8,883 | 7,367 | 9,388 | 12,235 | 12,098 | 12,240 | 13,329 | 16,447 | 18,691 | 17,629 | |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,22,394 | 1,40,457 | 1,49,463 | 1,49,418 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28,809 | 32,550 | 31,829 | — | |
| Operating Profit | -32,722 | -33,530 | -34,656 | -36,997 | -50,805 | -46,823 | -51,817 | 25,051 | 27,203 | 29,565 | — |
| 14,497 | 25,406 | 26,693 | 14,421 | 18,455 | 15,731 | 17,788 | 11,719 | 1,150 | 2,483 | — | |
| Profit before Tax | 1,540 | -19,849 | -15,370 | 827 | 3,782 | 4,594 | 4,861 | 13,332 | 26,053 | 27,082 | 27,216 |
| Tax % | 0.00% | -0.00% | -0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 37.53% | 33.06% | 36.87% | 24.30% |
| Net Profit | 901 | -12,584 | -10,026 | 363 | 2,152 | 3,676 | 3,069 | 8,329 | 17,440 | 17,096 | 20,603 |
| EPS | 6 | -55 | -30 | 1 | 3 | 4 | 3 | 8 | 16 | 16 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 10%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 48%
- 3 Years:
- 76%
STOCK PRICE CAGR
- 10 Years:
- -2%
- 5 Years:
- 25%
- 3 Years:
- 19%
- 1 Year:
- 10%
RETURN ON EQUITY
- 10 Years:
- -1%
- 5 Years:
- 9%
- 3 Years:
- 12%
- Last Year:
- 13%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| 42,990 | 40,965 | 45,164 | 62,529 | 90,439 | 95,380 | 1,00,678 | 1,08,185 | 1,30,839 | 1,47,674 | |
| 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 | |
| 43,336 | 65,330 | 46,828 | 62,512 | 52,298 | 59,372 | 70,149 | 72,586 | 1,05,807 | 1,07,558 | |
| Other Liabilities & Provisions | 16,128 | 21,934 | 15,046 | 14,453 | 20,689 | 27,640 | 29,813 | 35,878 | 40,951 | 50,315 |
| Total Liabilities | 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 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 25,410 | 29,029 | 32,338 | 38,604 | 44,267 | 86,128 | 78,214 | 65,325 | 64,389 | 60,882 | |
| Balances with Banks & Money at Call | 65,969 | 68,459 | 44,958 | 39,152 | 69,067 | 48,066 | 79,115 | 66,075 | 86,370 | 1,03,240 |
| 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 | |
| 4,24,230 | 4,38,826 | 4,62,416 | 4,76,853 | 6,79,346 | 7,33,766 | 8,37,459 | 9,41,762 | 10,86,273 | 12,37,980 | |
| 6,298 | 6,371 | 6,246 | 7,262 | 11,049 | 10,696 | 12,084 | 12,348 | 13,083 | 15,625 | |
| 19,876 | 30,424 | 33,583 | 35,804 | 71,627 | 72,059 | 69,864 | 66,704 | 82,587 | 92,089 | |
| Total Assets | 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 Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 21,938 | -1,742 | -33,532 | -12,793 | 1,240 | 20,032 | 22,592 | -27,939 | 22,075 | 25,635 | |
| Cash from Investing | 159 | 392 | -629 | -338 | -787 | -1,204 | -732 | -1,506 | -1,578 | -609 |
| Cash from Financing | -9,767 | 7,460 | 13,969 | 13,591 | 5,415 | 2,032 | 1,275 | 3,518 | -1,138 | -11,664 |
| 12,330 | 6,109 | -20,192 | 460 | 5,868 | 20,859 | 23,135 | -25,928 | 19,359 | 13,362 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 5.58 | -43.88 | -20.79 | 0.65 | 2.45 | 3.51 | 3.04 | 8.27 | 16.08 | 16.00 |
| Book Value (₹) | 186.13 | 137.05 | 92.31 | 87.74 | 81.44 | 82.22 | 85.76 | 92.71 | 108.61 | 121.47 |
| Dividend per Share (₹) | 0.03 | 0.22 | 0.07 | 0.05 | 0.17 | 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% | 2.67% | 2.46% | 2.22% |
| ROA % | 0.12% | -1.67% | -1.28% | 0.04% | 0.20% | 0.28% | 0.22% | 0.54% | 1.01% | 0.88% |
| ROE % | 2.29% | -32.50% | -24.96% | 0.72% | 2.98% | 4.18% | 3.32% | 8.48% | 15.37% | 12.93% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 53.49% | 54.48% | 51.84% | |
| ASSET QUALITY | ||||||||||
| Gross NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 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% | 40.23% | 36.52% | 35.49% |
| Credit-Deposit Ratio % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.05% | 0.07% | 0.06% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |
| GROWTH & VALUATION | ||||||||||
| Net Profit Growth % | 124.60% | -1496.51% | 20.33% | 103.62% | 492.41% | 70.78% | -16.50% | 171.36% | 109.39% | -1.97% |
| Book Value Growth % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 8.11% | 17.16% | 11.84% |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 15.03x | 5.98x | 6.28x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.34x | 0.89x | 0.83x |
| 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
2026-09-10 - 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
2026-08-20 - Punjab National Bank has informed the Exchange about outcome
News
Recent coverage and analyst commentary for PNB
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