PNB reported were higher than estimates NII growth of 19% at 36.9 bln & Pat of 12.5bln, however increase in gross NPA by 15% to 99.9bln disappointed the market. Stock is trading at 0.7x P/BV which is comforting, going forward recovery and upgradations of NPA would be key for rerating in stock.
- NII grew 19% YoY and 12% QoQ to INR36.9b (3% above with est. of INR36b). Calculated NIMs up 25bp.
- NII grew 19% YoY and 12% QoQ to INR36.9b (3% above with est. of INR36b). Calculated NIMs up 25bp.
- Other income improved 8% YoY and down 9% QoQ to INR11.7b (vs est. of INR10.4b).
- Opex grew 17% YoY and 22% QoQ to INR20.2b vs estimate of INR19.1b.
- Provisions at INR10.3b in-line with est. of INR10.6b.
- Tax rate at 31.1% (est. of 32%)
- Net profits grew 13% YoY to INR12.5b vs est. of INR11.4b (9% above est.).
- Loans were flat QoQ and 21% YoY to INR2.9t. Whereas deposits grew 1.5% QoQ and 19%
YoY to INR3.8t. CD ratio at 76.4% vs 77.4% a quarter ago
- Gross NPA increased 15% QoQ to INR99.9b. Provision coverage ratio (cal) stood at 50.8% vs 48.9% a quarter ago.
The stock trades at P/BV of 0.8x of FY13E BV of INR911 and 0.7x FY14E BV of INR1, 072.
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