InCred Equities - Punjab National Bank

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	400,831	427,242	451,147	520,004
Total Non-Interest Income (Rsm)	133,835	162,032	131,623	132,520
Operating Revenue (Rsm)	534,666	589,275	582,770	652,524
Total Provision Charges (Rsm)	(117,366)	(26,658)	(57,328)	(77,431)
Net Profit (Rsm)	82,446	159,235	130,204	158,669
Core EPS (Rs)	7.49	14.46	11.82	14.41
Core EPS Growth	229%	93%	(18%)	22%
FD Core P/E (x)	13.20	6.83	8.36	6.86
DPS (Rs)	1.50	2.89	2.36	2.88
Dividend Yield	1.52%	2.93%	2.39%	2.92%
BVPS (Rs)	96.7	109.7	118.6	130.6
P/BV (x)	1.02	0.90	0.83	0.76
ROE	8.0%	14.0%	10.4%	11.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	400,831	427,242	451,147	520,004
Total Non-Interest Income	133,835	162,032	131,623	132,520
Operating Revenue	534,666	589,275	582,770	652,524
Total Non-Interest Expenses	(285,358)	(316,712)	(341,477)	(363,534)
Pre-provision Operating Profit	249,308	272,563	241,293	288,990
Total Provision Charges	(117,366)	(26,658)	(57,328)	(77,431)
Operating Profit After Provisions	131,942	245,905	183,965	211,559
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	131,942	245,905	183,965	211,559
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	131,942	245,905	183,965	211,559
Exceptional Items
Pre-tax Profit	131,942	245,905	183,965	211,559
Taxation	(49,496)	(86,670)	(53,761)	(52,890)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	82,446	159,235	130,204	158,669
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	82,446	159,235	130,204	158,669

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	66.6%	70.4%	73.1%	74.5%
Avg Liquid Assets/Avg Assets	94.8%	95.1%	95.1%	95.2%
Avg Liquid Assets/Avg IEAs	111.0%	110.4%	111.3%	111.3%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	1.33%	0.26%	0.50%	0.59%
Provision Charge/Avg Assets	0.78%	0.16%	0.32%	0.38%
Total Write Offs/Average Assets

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	9,344,306	10,913,559	12,222,527	13,822,038
Liquid Assets & Invst. (Current)	4,203,182	3,791,533	4,082,967	4,435,436
Other Int. Earning Assets
Total Gross Int. Earning Assets	13,547,488	14,705,092	16,305,494	18,257,474
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	13,547,488	14,705,092	16,305,494	18,257,474
Intangible Assets
Other Non-Interest Earning Assets	656,629	715,725	787,298	873,900
Total Non-Interest Earning Assets	779,816	842,609	917,988	1,008,511
Cash And Marketable Securities	1,291,046	1,660,162	1,842,779	2,055,650
Long-term Investments
Total Assets	15,618,350	17,207,862	19,066,262	21,321,634
Customer Interest-Bearing Liabilities	13,697,128	15,066,841	16,572,155	18,395,092
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	13,850,604	15,234,129	16,757,845	18,603,066
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	702,981	766,249	850,537	944,096
Total Liabilities	14,553,584	16,000,378	17,608,382	19,547,160
Shareholders Equity	1,064,766	1,207,484	1,305,841	1,438,470
Minority Interests
Total Equity	1,064,766	1,207,484	1,305,841	1,438,470

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	17.4%	6.6%	5.6%	15.3%
Operating Profit Growth	10.7%	9.3%	(11.5%)	19.8%
Pretax Profit Growth	208%	86%	(25%)	15%
Net Interest To Total Income	75.0%	72.5%	77.4%	79.7%
Cost Of Funds	4.98%	4.65%	4.67%	4.76%
Return On Interest Earning Assets	8.3%	7.8%	7.7%	7.9%
Net Interest Spread	3.31%	3.16%	3.06%	3.12%
Net Interest Margin (Avg Deposits)	3.02%	2.97%	2.85%	2.97%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	47%	10%	24%	27%
Interest Return On Average Assets	2.65%	2.60%	2.49%	2.58%
Effective Tax Rate	37.5%	35.2%	29.2%	25.0%
Net Dividend Payout Ratio	20.0%	20.0%	20.0%	20.0%
Return On Average Assets	0.55%	0.97%	0.72%	0.79%

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