Visit http://indiaer.blogspot.com/ for complete details Punjab National Bank (PNB IN, CMP: `1,307; TP: `1,276; Outperform)
• We expect NIMs to be flattish QoQ because of rise in deposit rates.
• We expect fee income growth to be in line with growth in advances, i.e., ~20%. Treasury income is likely to be lower than last year.
• Provisions are expected to be higher than 1Q primarily on account of fresh slippages from restructured accounts.
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