PNB shares fall 2% after Q1 business update; Citi maintains ‘Sell' with Rs 101 target price
Punjab National Bank (PNB) shares fell 2% in early trade on Thursday after the bank released its Q1 FY25 business update. As of 10:21 AM, the shares were trading 2.17% lower at Rs 111.38.
The lender reported an 11.6% year-on-year growth in gross business, reaching ₹27.19 lakh crore. On a sequential basis, this marks a 1.4% increase. Domestic business grew by 11.1% annually to ₹26.17 lakh crore, showing 1.5% quarter-on-quarter growth.
Global deposits rose 12.8% YoY to ₹15.89 lakh crore, while domestic deposits increased by 12.2% to ₹15.37 lakh crore. Advances were up 10.1% YoY and 1.3% QoQ. However, overseas advances remained flat compared to Q4 FY24.
For the March quarter (Q4 FY25), PNB reported a 51.7% YoY rise in net profit to ₹4,567 crore. Net Interest Income stood at ₹10,757 crore, up from ₹10,363 crore in the same period last year. Return on Assets improved to 1.02%, up 25 basis points from Q4 FY24. The board approved a ₹2.9 dividend per share and fundraise of up to ₹8,000 crore through Basel III bonds.
Despite the figures, Citi maintained a 'sell' rating with a target price of ₹101, citing modest sequential growth in advances and deposits. It expects pressure on net interest income and margins due to the high share of External Benchmark Lending Rate-linked loans.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
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Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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