PNB Q3 Review - Asset Quality Issues Under Control: Prabhudas Lilladher
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Prabhudas Lilladher Report
Punjab National Bank’s earnings were lower than estimates at Rs 5.1 billion (our estimate Rs 8.5 billion) as higher provisions offset slightly better net interest income and lower opex.
Although, higher provisions on pro-forma non-performing assets have covered the risks, while on restructured as well bank has provided 10% on implemented accounts.
A major positive has been restructured at just 180 basis points of loans (similar to other excluding -State Bank of India public sector banks) from expectation of 300 basis points of loans, while slippages have remained on higher side which was a disappointment.
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