Concern
Returns declining
ROE declined from 15.2% to 13.0% year on year.
Importance 41 / 95 · profitability
Punjab National Bank · Research view
Punjab National Bank
NSE: PNBBSE: 532461ISIN INE160A01022Face value ₹2standalone
₹110
−2.48% · 2026-10-01 · 52-wk ₹99–₹132
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
Concern
Net interest margin compressing
Net interest margin fell from 2.5% to 2.2% year on year.
Importance 38 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Financial Services › Financial Services › Banks › Public Sector Bank.
- Market cap
- ₹1.26 L cr
- FY2026 total income
- ₹1,47,017 cr
- FY2026 net profit
- ₹16,904 cr
- Net worth
- ₹1,42,650 cr
- Advances
- ₹12,25,292 cr
- EPS (basic)
- ₹14.71
- Listed
- NSE · BSE
- Reporting
- Banking (Sch. III)Apr–Mar
Peer set used on this page: 8 public sector bank.
Section 04 · Business performance
Is the business growing?
Total incomeNet profit
Advances (loans)Deposits
Total income and profit over the loaded history are shown above.
- Advances growth per year
- +13.9%over 4 years
- Advances growth
- +13.7%vs last year
- Deposits growth
- +9.2%vs last year
- Net profit growth
- +1.6%vs last year
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹5,815 cr, up 174.3% from ₹2,120 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 net profit grew 174.3% while total income declined 0.1% vs the same quarter last year — a gap of 174.4 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
Strength
Q1 FY27 net margin was 15.3%, up 9.74 percentage points from 5.6% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
A. Quarterly results
Total incomeNet profit
| Quarter | Total income | YoY | Net profit | YoY |
|---|---|---|---|---|
| Q2 FY25 | 35,111 | — | 4,714 | — |
| Q3 FY25 | 35,286 | +15.6% | 4,801 | +97.3% |
| Q4 FY25 | 37,299 | +13.1% | 4,989 | +49.3% |
| Q1 FY26 | 37,999 | +16.0% | 2,120 | −46.7% |
| Q2 FY26 | 36,684 | +4.5% | 5,125 | +8.7% |
| Q3 FY26 | 37,903 | +7.4% | 5,556 | +15.7% |
| Q4 FY26 | 36,878 | −1.1% | 5,592 | +12.1% |
| Q1 FY27 | 37,954 | −0.1% | 5,815 | +174.3% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Total income
- ₹1,49,418 crTTM
- PBT
- ₹27,216 crTTM
- Net profit
- ₹22,088 crTTM
C. Corporate actions
12 Jun 2026DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
20 Jun 2025DividendFinal Dividend - Rs. - 2.9000 — ₹2.90/share
21 Jun 2024DividendDividend - Rs. - 1.5000 — ₹1.50/share
23 Jun 2023DividendDividend - Rs. - 0.6500 — ₹0.65/share
22 Jun 2022DividendDividend - Rs. - 0.6400 — ₹0.64/share
22 Jun 2015DividendDividend - Rs. - 3.3000 — ₹3.30/share
18 Dec 2014Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
11 Feb 2014DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
13 Jun 2013DividendDividend - Rs. - 27.0000 — ₹27.00/share
14 Jun 2012DividendDividend - Rs. - 22.0000 — ₹22.00/share
16 Jun 2011DividendDividend - Rs. - 22.0000 — ₹22.00/share
8 Jul 2010DividendFinal Dividend - Rs. - 12.0000 — ₹12.00/share
4 Feb 2010DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
4 Jun 2009DividendDividend - Rs. - 20.0000 — ₹20.00/share
12 Nov 2008OtherGeneral
29 May 2008DividendDividend - Rs. - 13.0000 — ₹13.00/share
Section 06 · Business performance
Is it becoming more profitable?
Net interest margin (left)Return on equity (right)
Concern
ROE declined from 15.2% to 13.0% year on year.
Rule ROE_DETERIORATED_YOY
- NIM FY2026
- 2.21%
- Cost-to-income
- 51.8%
- ROE FY2026
- 12.5%
- ROA FY2026
- 0.89%
Net interest margin fell from 2.5% to 2.2% year on year.
Section 07 · Financial health
Is financial health improving?
Gross NPA %Net NPA %
Asset quality and capitalisation over the loaded history are shown above.
Net worth (capital + reserves)
- Gross NPA FY2026
- 2.95%
- Net NPA
- 0.29%
- Credit cost
- 0.22%of advances
- Credit / deposit
- 72%
Section 08 · Relative position
How does it compare with peers?
Ranked against 8 public sector bank (FY2026, consolidated). No peer-relative rule fired for this company.
Return on equity
PNB · 6th of 8 · set median 15.2%
P/E ratio
PNB · 3rd of 8 · set median 6.4×
- P / E
- 5.7×TTM to Jun 26
- P / B
- 0.8×latest book
- P / S
- 0.8×TTM sales
- Earnings yield
- 17.5%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 6.9× · P/S 0.8× · ROE 13.0%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −2.4%
- 3-year return
- +37.0%
- 5-year return
- +170.7%
- From 52-wk high
- −17.0%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹115
- vs 200-day avg
- Below₹114
- RSI (14)
- 32.6neutral
- MACD histogram
- -0.8
- From 52-wk high
- −17.0%
- From 52-wk low
- +10.5%
- 30-day volatility
- 17.5%ann.
- 6-month return
- +2.5%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- ConcernReturns decliningROE declined from 15.2% to 13.0% year on year.ROE_DETERIORATED_YOY · conviction 41
- ConcernNet interest margin compressingNet interest margin fell from 2.5% to 2.2% year on year.BANK_NIM_COMPRESSED_YOY · conviction 38
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total income | 87,199 | 97,287 | 1,20,285 | 1,38,070 | 1,47,017 |
| Interest earned | 74,880 | 85,144 | 1,06,902 | 1,21,761 | 1,28,223 |
| Interest expended | 46,185 | 50,652 | 66,819 | 78,979 | 86,263 |
| Net interest income | 28,694 | 34,492 | 40,083 | 42,782 | 41,960 |
| Pre-provision operating profit | 20,762 | 22,529 | 24,931 | 26,831 | 29,290 |
| Provisions & contingencies | 16,445 | 18,240 | 11,737 | 1,675 | 2,540 |
| Profit before tax | 4,316 | 4,288 | 13,194 | 25,156 | 26,750 |
| Net profit | 3,457 | 2,507 | 8,245 | 16,630 | 16,904 |
| EPS (₹) | 3.2 | 2.3 | 7.5 | 14.8 | 14.7 |
| Net worth | 95,487 | 99,856 | 1,06,477 | 1,27,362 | 1,42,650 |
| Total debt | 45,681 | 51,292 | 50,430 | 83,777 | 82,314 |
| Advances | 7,28,186 | 8,30,834 | 9,34,431 | 10,77,475 | 12,25,292 |
| Deposits | 11,46,218 | 12,81,163 | 13,69,713 | 15,66,623 | 17,11,126 |
| Borrowings | 45,681 | 51,292 | 50,430 | 83,777 | 82,314 |
| Investments | 3,72,168 | 3,95,997 | 4,20,318 | 4,97,311 | 4,94,112 |
| Gross NPAs | 92,448 | 77,328 | 56,343 | 44,082 | 37,124 |
| Net NPAs | 34,909 | 22,585 | 6,799 | 4,291 | 3,610 |
| Operating cash flow | 20,364 | 21,780 | −27,895 | 22,272 | 26,302 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Advances growth YoY | — | 14.1 | 12.5 | 15.3 | 13.7 |
| Deposits growth YoY | — | 11.8 | 6.9 | 14.4 | 9.2 |
| Profit growth YoY | — | -27.5 | 228.8 | 101.7 | 1.6 |
| Profitability | |||||
| Net interest margin % | 2.2 | 2.5 | 2.7 | 2.5 | 2.2 |
| Cost-to-income % | 49.4 | 51.7 | 53.4 | 54.6 | 51.8 |
| Return on equity % | 3.6 | 2.6 | 8.0 | 14.2 | 12.5 |
| Return on assets % | 0.3 | 0.2 | 0.5 | 1.0 | 0.9 |
| Asset quality | |||||
| Gross NPA % | 11.8 | 8.7 | 5.7 | 3.9 | 2.9 |
| Net NPA % | 4.8 | 2.7 | 0.7 | 0.4 | 0.3 |
| Credit cost % | 2.3 | 2.3 | 1.3 | 0.2 | 0.2 |
| Credit / deposit % | 63.5 | 64.8 | 68.2 | 68.8 | 71.6 |