Punjab National Bank Q1 - Recovery In Operating Performance; Asset Quality Remains Watchful: Motilal Oswal
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Motilal Oswal Report
Punjab National Bank reported a healthy performance, supported by a pick-up in net interest income and lower opex, even as provisions stood stable sequentially.
Business growth remains under pressure, with a sequential decline in loans/deposits.
However, Punjab National Bank's margin witnessed ~5 basis point QoQ improvement to 2.73%.
Slippages stood elevated (~6.2% annualised), led by the retail, agriculture, micro, small and medium enterprise segment.
However, higher recoveries and upgradations limited the decline in asset quality ratios.
Total restructured book stands ~2.02% of loans, while total special mention account- I and II stands elevated at 3.9%.
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