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Punjab National Bank results first cut: operating profit 7% above estimates
but net profit 6% below estimate due to higher provisions. NPLs have increased 13% QoQ, so credit costs is the one that could have increased.
Some pressure could also be there from treasury (i.e. less profit on sales
and more investment depreciation).
Credit growth was also strong at 29% yoy above our estimate of 25% yoy.
NII growth was encouraging at 37.5% growth and 2.4% above our estimate. NIM for the quarter was at a high of 4.17%- well above our estimate
of 3.95%, even after excluding the income tax refund interest which we
estimate could bring it down to ~4.03%.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Punjab National Bank results first cut: operating profit 7% above estimates
but net profit 6% below estimate due to higher provisions. NPLs have increased 13% QoQ, so credit costs is the one that could have increased.
Some pressure could also be there from treasury (i.e. less profit on sales
and more investment depreciation).
Credit growth was also strong at 29% yoy above our estimate of 25% yoy.
NII growth was encouraging at 37.5% growth and 2.4% above our estimate. NIM for the quarter was at a high of 4.17%- well above our estimate
of 3.95%, even after excluding the income tax refund interest which we
estimate could bring it down to ~4.03%.
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