Punjab National Bank has informed the Exchange about Transcript
PNB · price
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PNB reported Q1 FY26 global business of Rs.27.19 trillion, up 11.6% YoY, with deposits growing 12.9% (above 9-10% guidance) and advances 9.8% (slightly below 11-12% guidance). Net Interest Income rose 1% YoY to Rs.10,578 crores despite a 100 bps repo rate cut; global NIM stood at 2.70%, below the 2.80-2.90% guidance, but management expects improvement from Q3 FY26 on deposit repricing and CRR cuts. Operating profit hit a record Rs.7,081 crores (+7.60% YoY), while net profit fell to Rs.1,675 crores from Rs.3,252 crores due to a one-time Rs.5,083 crore tax provision from shifting to the new tax regime, which management said will save ~Rs.700 crores per quarter going forward. Asset quality improved sharply with GNPA at 3.78% (vs 4.98% YoY) and Net NPA at 0.38%, credit cost at just 0.14%, and a strong Rs.1.30 lakh crore undisbursed sanctioned loan pipeline. Capital adequacy remains healthy at 17.50%.
The optically weak net profit is purely a one-time tax accounting effect, not an operational issue — underlying business is improving with better NIM trajectory, record operating profit, falling NPAs, and a large disbursement pipeline supporting future credit growth. Shareholders can expect cleaner earnings from Q2 FY26 onwards as the new tax regime delivers ~Rs.700 crore quarterly savings.