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Motilal Oswal Report
Punjab National Bank reported a weak operating performance, impacted by a 6% QoQ decline in net interest income, despite a loan growth of 5%.
Domestic margin contracted by 15 basis points QoQ to 2.86%. Pre provision operating profit fell 7% YoY to Rs 52.6 billion (2% miss).
On the asset quality front, slippages stood elevated yet again (~6.2% annualised) at Rs 105 billion, a jump of 111% QoQ.
PNB's all business segments, retail (Rs 11 billion), agri (Rs 28 billion), micro, small and medium enterprise (Rs 28 billion), and corporate (residual) contributed to slippages.
Total restructured book (Covid-19 and earlier schemes) stood at 2.4% of loans (versus 2.8% in Q3 FY22).
Total special mention account overdue (over Rs 50 million) saw a sharp improvement QoQ at Rs 1.2 billion (0.02% of loans) as against Rs 30.9 billion (0.42% of loans) in Q3 FY22.
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