BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Prabhudas Lilladher Report
Punjab National Bank's earnings were higher than estimates at Rs 10.2 billion (our estimate: Rs 6.1 billion) on back of better set of operating internals i.e net interest income growth of 7% YoY and de-growth in opex by 8% YoY drove pre provision operating profit by 15% YoY/8% QoQ.
Punjab National Bank's provisions still remain high with annualised rate of 2.5% of loans but given the context of Covid-19, it has done better than private peers and maintained provision coverage ratio of 63%.
Although, slippages of Rs 82 billion remain on higher side and scattered through retail/micro, small and medium enterprise and corporate and run-rate in near term could continue given stress in MSME.
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