Punjab National Bank share price: Sharekhan maintained their hold rating with a revised price target of Rs 42
Punjab National Bank’s (PNB) operational performance was reasonably strong for Q3 FY21. Net interest income (NII) came at Rs 8312 cr, down 1% qoq and was above expectations. PAT came at Rs. 506 crore, down 18% qoq, below expectations. Due to PNB’s amalgamation (effective April 1, 2020) with erstwhile Oriental Bank of Commerce and United Bank of India, the quarterly/nine months results of the current financial year are not comparable with the corresponding year-ago period.
Punjab National Bank’s provisions were elevated, at Rs 5433 cr, up 31% yoy and 16% qoq, along with employee cost, which jumped by 67% yoy but down 10% qoq, which caused PAT to miss estimates: Reuters