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Result Review: Punjab National Bank

Result Review: Punjab National Bank
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First Published: Thu, Feb 05 2009. 10 26 AM IST

Updated: Thu, Feb 05 2009. 10 26 AM IST
Punjab National Bank’s (PNB’s) operational performance was marginally ahead of our expectations, marked with a NII growth at 38% y-o-y, from Rs14.2 billion during Q3FY08 to Rs19.7 billion during the quarter under review.
PNB benefited from higher-than-expected treasury profits to report 85% y-o-y growth in the bottomline during Q3FY09, primarily fueled by a near-doubling of non-interest income.
At Rs391, the stock trades at 1.0x and 0.9x our FY09E and FY10E ABVPS estimates respectively.
We maintain our BUY recommendation on the stock with a target price of Rs660 (marginally lowered from our earlier target price of Rs676).
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First Published: Thu, Feb 05 2009. 10 26 AM IST
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