In today’s briefing:
- Punjab National Bank – Weak Returns, High Costs, High Govt Loans, No LDR Expansion, NIM Down QoQ
Punjab National Bank – Weak Returns, High Costs, High Govt Loans, No LDR Expansion, NIM Down QoQ
- Cost at PNB are high and rising, a major drag on its ROA and RORWA, which largely offsets better credit metrics.
- There are many market positives in India banks, but relative to all large peers, Punjab National Bank (PNB IN)has the lowest RORWA
- There is no LDR expansion at PNB. NIM is languishing. Its high 20% govt loans/total loans is high, with 2 peers’ even higher, but better returns.
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