PNB shares surge 6% as Q1 profit jumps 214%
Punjab National Bank beats market estimates with a 214% increase in Q1 profit.
1Sharp rise in PNB shares
Punjab National Bank (PNB) shares surged 6% as Q1 FY27 net profit jumped 214%, surpassing market estimates and attracting investor interest.
2Strong asset quality
PNB's asset quality improved significantly, with gross non-performing assets (GNPA) ratio dropping to 2.78%, marking a notable improvement from the previous year.
3Upgrades from brokerages
JM Financial upgraded PNB shares from 'Reduce' to 'Add' and raised the target price from Rs 110 to Rs 120. Motilal Oswal reiterated its 'Buy' recommendation with a target price of Rs 135.
4Increase in net interest income
PNB's net interest income (NII) rose by 2% to Rs 10,798 crore, supported by lower funding costs and improved asset quality.
5Loan growth and deposit increase
PNB's global loan growth increased by 13% to Rs 12.73 lakh crore, while deposits grew by 8% to Rs 5.69 lakh crore.
6Future expectations
PNB's future performance could strengthen further with improving asset quality and increasing net interest margins, making it an attractive option for investors.
Original article: Economic Times — PNB hisseleri %6 yükseldi: Q1 karı %214 arttı