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Motilal Oswal Report
Punjab National Bank reported a mixed quarter, with earnings beat led by controlled provisions and opex, while margins declined by 5bp QoQ.
Provisions came in lower, aided by a reversal of standard provisions, while opex was lower due to a reversal in AS-15- related expenses.
Business growth remained modest, and management guided for loan growth of ~12-13% in FY27. Asset quality trends were healthy, although slippages saw a marginal uptick on account of seasonality.
The bank guided for RoA of >1% for FY27, while credit cost is guided at <0.4%.
Motilal Oswal estimates FY27 RoA/RoE at ~1.0%/14.8%. Retains Buy with a target price of Rs 135 (~0.9x Sep'27E adjusted book value).
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