CITI On PNB BK ; Sell, TP raised to Rs 110

PNB's NIM rose 8bps QoQ to 2.58% (domestic NIM at 2.74%), propelling NII growth of 10.8% YoY/7.4% QoQ — surpassing CitiE. Runoff of wholesale deposits via FCNR inflows trimmed CoD by 5bps, while continued paring of retail IBPC and low-yielding corporate exposure lifted yields by 8bps. Release in standard asset provisioning offset NPA and floating-provision buffers, pushing credit cost to near zero. RoA held firm above 1%. Global advances climbed 14.7% YoY/5.3% QoQ — outpacing FY27 guided 12–13% band — aided by FCNR-funded overseas exposure (1.5% of the book). Management reaffirmed guidance of 12–13% loan growth, NIMs of 2.6–2.7%, sub-40bps credit costs, RoA above 1%

PUNJAB NATIONAL BANK

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