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Punjab National Bank – Q4FY26 results

• NII grew 2.1% q-o-q and 4.0% q-o-q while NIM improved sequentially to 2.50% (largely in-line with expectation).
• Fee income was healthy while treasury income improved, aiding topline growth q-o-q.
• Opex declined 13.1% q-o-q but was up 8.1% q-o-q but this lagged estimates, while PPoP stood at Rs. 7,519 crore (4.9% above estimates). Credit cost remained benign as asset quality remained resilient. PAT thus was up 213% q-o-q and was 7.6% above our estimates.
• Overall, the bank is well place to put stable operational performance in FY27, We have buy rating on stock. 

Results Table                                                                                         (In Rs. cr)