InCred Equities - Punjab National Bank

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	427,837	452,172	521,149	611,127
Total Non-Interest Income (Rsm)	166,594	154,711	155,690	140,116
Operating Revenue (Rsm)	594,431	606,883	676,839	751,243
Total Provision Charges (Rsm)	(16,746)	(56,599)	(76,446)	(86,450)
Net Profit (Rsm)	169,818	145,743	166,058	190,115
Core EPS (Rs)	14.78	12.68	14.45	16.54
Core EPS Growth	97%	(14%)	14%	14%
FD Core P/E (x)	7.46	8.69	7.63	6.66
DPS (Rs)	2.90	2.54	2.89	3.31
Dividend Yield	2.63%	2.30%	2.62%	3.00%
BVPS (Rs)	110.8	120.6	132.5	146.2
P/BV (x)	0.99	0.91	0.83	0.75
ROE	14.5%	11.0%	11.4%	11.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	427,837	452,172	521,149	611,127
Total Non-Interest Income	166,594	154,711	155,690	140,116
Operating Revenue	594,431	606,883	676,839	751,243
Total Non-Interest Expenses	(322,609)	(349,008)	(378,479)	(410,730)
Pre-provision Operating Profit	271,822	257,875	298,360	340,513
Total Provision Charges	(16,746)	(56,599)	(76,446)	(86,450)
Operating Profit After Provisions	255,076	201,276	221,914	254,063
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	255,076	201,276	221,914	254,063
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	255,076	201,276	221,914	254,063
Exceptional Items
Pre-tax Profit	255,076	201,276	221,914	254,063
Taxation	(85,259)	(55,532)	(55,856)	(63,948)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	169,818	145,743	166,058	190,115
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	169,818	145,743	166,058	190,115

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	68.5%	70.9%	73.5%	79.0%
Avg Liquid Assets/Avg Assets	94.9%	94.8%	94.9%	95.0%
Avg Liquid Assets/Avg IEAs	109.5%	110.8%	112.1%	112.0%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	0.17%	0.50%	0.59%	0.59%
Provision Charge/Avg Assets	0.10%	0.30%	0.36%	0.36%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	10,774,746	12,067,064	13,646,231	15,432,056
Liquid Assets & Invst. (Current)	4,973,113	4,989,619	5,450,082	5,953,685
Other Int. Earning Assets
Total Gross Int. Earning Assets	15,747,858	17,056,682	19,096,312	21,385,742
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	15,747,858	17,056,682	19,096,312	21,385,742
Intangible Assets
Other Non-Interest Earning Assets	816,117	897,729	996,479	1,106,091
Total Non-Interest Earning Assets	946,651	1,032,178	1,134,962	1,248,729
Cash And Marketable Securities	1,487,198	2,065,149	2,303,072	2,568,458
Long-term Investments
Total Assets	18,181,708	20,154,010	22,534,346	25,202,928
Customer Interest-Bearing Liabilities	15,666,233	16,572,155	18,395,092	18,395,092
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	16,121,603	17,077,616	18,961,208	19,029,142
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	786,482	872,995	969,024	1,075,617
Total Liabilities	16,908,084	17,950,612	19,930,232	20,104,760
Shareholders Equity	1,273,623	1,386,036	1,522,946	1,679,850
Minority Interests
Total Equity	1,273,623	1,386,036	1,522,946	1,679,850

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	6.7%	5.7%	15.3%	17.3%
Operating Profit Growth	9.0%	(5.1%)	15.7%	14.1%
Pretax Profit Growth	93%	(21%)	10%	14%
Net Interest To Total Income	72.0%	74.5%	77.0%	81.3%
Cost Of Funds	5.27%	4.77%	4.95%	5.26%
Return On Interest Earning Assets	8.3%	7.6%	7.8%	8.0%
Net Interest Spread	3.04%	2.81%	2.87%	2.70%
Net Interest Margin (Avg Deposits)	2.91%	2.81%	2.98%	3.32%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	6%	22%	26%	25%
Interest Return On Average Assets	2.53%	2.36%	2.44%	2.56%
Effective Tax Rate	33.4%	27.6%	25.2%	25.2%
Net Dividend Payout Ratio	19.6%	20.0%	20.0%	20.0%
Return On Average Assets	1.00%	0.76%	0.78%	0.80%

(91) 22 4161 1551 bhavik.shah@incredresearch.com

(91) 22 4161 1569 rishabh.jogani@incredresearch.com