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Motilal Oswal Report
Punjab National Bank Ltd. reported a mixed business performance in Q2 FY23, with a 63% decline in profit after tax to Rs 4.1 billion (58% miss).
However, pre-provision operating profit grew 38% YoY to Rs 55.7 billion (in line). Domestic margin expanded by 21 basis points QoQ to 3.11%.
Net interest income/PPOP grew 16%/5% YoY to Rs 158 billion/Rs 109 billion in H1 FY23, while profit after tax fell 66% to Rs 7 billion.
On the asset quality front, slippages were lower by 8% QoQ to Rs 60 billion (3.6% annualised).
PNB's healthy recoveries and steady upgrades led to a 79 bps/48 bps QoQ improvement in gross/net non-performing asset ratio to 10.5%/3.8%. Provision coverage ratio grew by ~150 bps QoQ to 66.3%.
Restructured book moderated to Rs 139 billion (1.8% of loans) from Rs 147 billion (2% of loans) in Q1 FY23.
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