Company Update : Punjab National Bank by Motilal Oswal Financial Services Ltd
Modest business growth; global CD ratio inches up 37bp QoQ
* Total business grew 10.32% YoY/1.02% QoQ to INR29.99t.
* Global advances increased by 12.85% YoY/1.31% QoQ to INR12.06t (below our estimated growth of 15% YoY/2.5% QoQ), led by lower growth in domestic advances, which grew 11.74% YoY/1.07% QoQ to INR12.75t.
* Global deposits grew 8.52% YoY/0.8% QoQ to INR17.25t (below our estimate of 10.0% YoY/2.5% QoQ growth), whereas domestic deposits grew 8.63% YoY/1.28% QoQ to INR16.7t.
* As a result, the global C/D ratio marginally increased to 73.92% from 73.55% in 4QFY26 (on gross basis).
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