Company Update : Punjab National Bank by Motilal Oswal Financial Services Ltd
Business growth healthy; CD ratio rises to 72.4%
PNB released its quarterly business numbers for 2QFY26. Here are the highlights:
* Gross global advances grew by a modest 10.3% YoY/3.6% QoQ to ~INR11.7t. Domestic advances grew 10.7% YoY/3.7% QoQ. Credit growth came in ahead of our estimate of 10.1% YoY/2.8% QoQ growth in net advances.
* Deposit growth stood at 10.9% YoY/1.7% QoQ to INR16.2t. Domestic deposits grew 10.4% YoY (1.7% QoQ). Deposit growth was slightly lower than our estimate of 11.9% YoY/2.7% QoQ.
* The bank’s CD ratio stood at 72.4% vs. 71.1% as of 1QFY26.
* Overall, PNB’s loan growth was healthy, while deposit growth was slightly lower than our estimate. Overall business growth was healthy at 10.6% YoY/2.5% QoQ, while CD ratio increased QoQ owing to faster growth in credit.
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