Sharekhan by has buy call on Punjab National Bank with a target price of Rs 64. The current market price of is Rs 55.3.
Punjab National Bank, incorporated in the year 1969, is a banking company (having a market cap of Rs 61221.25 Crore).
Punjab National Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest On Balances with RBI and Other Inter-Bank Funds and Interest for the year ending 31-Mar-2022.
Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 23291.70 Crore, up 8.20 % from last quarter Total Income of Rs 21527.42 Crore and up 7.85 % from last year same quarter Total Income of Rs 21597.11 Crore. The bank has reported net profit after tax of Rs 497.47 Crore in latest quarter.
Investment Rationale
The brokerage remains positive on the stock as the bank is likely to deliver strong earnings driven by healthy PPoP growth (led by faster loan growth, higher margins) and normalisation of credit costs. The brokerage expects RoAs of 0.7% for FY24E and 0.8% for FY25E, driving RoE (return on equity) of 10% and 12% for the respective years going ahead.
Promoter/FII Holdings
Promoters held 73.15 per cent stake in the company as of September ended quarter while FIIs owned 0 per cent stake and DIIs 12.26 per cent.
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