CLSA on PNB ; O-P, TP Rs 140

2QFY27 PAT beat estimate by 20%. This was driven by a beat on NII and one-off recoveries, partly offset by lower other income. Loan growth accelerated to 16% YoY from low-double digits a few quarters back. Deposit growth remains stable at 10%% YoY. Reported NIM improved 8bp sequentially driven by loan yields and deposit cost. Management guided that NIM could further improve. Asset quality was stable, with a gross slippage ratio of 0.8%

PUNJAB NATIONAL BANK

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