Punjab National Bank

PNB

Watchlist

AI Mode

‌

Market Cap

₹ 1,36,421 Cr

P/E

8.01

‌

‌
‌

‌

‌
‌

Investment Checklist

How to read checklist?

Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

EXCEPTIONAL

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

‌

‌
‌

‌

‌
‌

‌

‌
‌

‌

‌
‌

‌

‌
‌

‌

‌
‌

‌

Price

PE Ratio

Price

‌

Overview

Detailed Summary

Punjab National Bank (PNB) is a state-owned leading commercial bank in India, offering a broad spectrum of financial services including trade finance, loans, and digital banking. It also has a robust international presence.

For the quarter ending September 2025, PNB achieved a global gross business growth of 10.6%, driven by increased global deposits and advances, enhancing its market footprint.

The bank reported significant improvements in asset quality with gross NPA reducing to 3.45% and net NPA to 0.36% as of September 2025, demonstrating effective risk management.

PNB is actively increasing its digital footprint, with digital transactions accounting for 95% of its financial activities in FY26, and is heavily investing in various digital banking platforms.

Strategic focus areas include a concerted push towards enhancing CASA ratios and expanding the Retail, Agriculture, and MSME (RAM) loan segments, aiming for sustainable profitability growth and improved net interest margin.

Sector

Banks

Industry

Banks - Public Sector

Market Cap

1,36,421 Cr

Volatility

High Risk

P/E Ratio

8.0

Industry P/E

9.3

PEG Ratio

1.6

P/B Ratio

1.0

52W High

127.80

52W Low

85.50

Sales CAGR

13.70%

17.59%

17.75%

10Y

11.05%

Profit CAGR

102.60%

68.81%

118.20%

10Y

—

ROE

TTM

11.23%

8.93%

6.96%

10Y

1.76%

ROCE

TTM

5.95%

11.16%

11.17%

10Y

11.23%

Technicals

‌

Forecasts

Unlock Premium Features

Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BANKBARODA	285.05	1,47,410 Cr	7.66	0.93	2.93	11.86	5.59	0.98
PNB	118.70	1,36,421 Cr	8.01	1.02	2.44	11.23	5.95	0.83
CANBK	148.40	1,34,518 Cr	7.02	1.24	2.70	14.87	6.09	0.95
UNIONBANK	153.70	1,17,329 Cr	6.35	0.98	3.09	14.31	6.39	1.21
INDIANB	784.15	1,05,622 Cr	8.96	1.52	2.07	14.43	5.88	1.20
IOB	37.04	71,192 Cr	16.14	2.31	0.00	12.46	5.66	0.99
BANKINDIA	141.75	64,557 Cr	6.44	0.86	2.86	11.37	5.70	0.87

Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	25,673	26,858	27,852	28,682	29,145	30,447	31,895	32,523	32,572	32,513
Expenses	10,990	10,259	9,449	9,831	8,473	8,592	7,494	9,142	9,197	8,299
Interest	16,064	16,820	17,444	18,206	18,536	19,790	20,738	21,640	21,828	21,858
Financing Profit	-1,381	-221	959	646	2,136	2,065	3,663	1,742	1,547	2,356
Financing Margin %	-5.38	-0.82	3.44	2.25	7.33	6.78	11.49	5.36	4.75	7.25
Other Income	3,360	2,999	2,676	4,294	3,615	4,664	3,392	4,776	5,427	4,171
Depreciation	—	—	—	—	—	—	—	—	—	—
Profit Before Tax	1,979	2,778	3,634	4,940	5,751	6,729	7,055	6,518	6,973	6,527
Tax %	38.82	36.49	38.02	37.23	35.38	34.13	34.11	28.77	73.73	25.72
Net Profit	1,342	1,990	2,433	3,342	3,976	4,714	4,801	4,989	2,120	5,125
EPS in Rs	1.17	1.73	2.12	2.91	3.46	4.27	4.18	4.34	1.84	4.46
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	48,058	48,725	52,147	54,918	81,935	76,242	86,845	1,09,065	1,24,010	1,27,438
Expenses	22,533	43,345	39,645	25,867	38,601	36,026	41,502	39,623	33,893	34,425
Interest	32,722	33,530	34,656	36,997	50,805	46,823	51,817	68,534	80,704	83,996
Financing Profit	-7,197	-28,151	-22,154	-7,946	-7,470	-6,607	-6,473	908	9,413	9,017
Financing Margin %	-14.98	-57.78	-42.48	-14.47	-9.12	-8.67	-7.45	0.83	7.59	7.08
Other Income	9,168	8,883	7,367	9,388	12,235	12,098	12,240	13,329	16,447	18,258
Depreciation	430	581	584	614	982	896	905	906	958	0.00
Profit Before Tax	1,540	-19,849	-15,370	827	4,325	4,826	5,151	14,160	26,015	27,275
Tax %	41.49	36.60	34.77	56.07	37.69	19.03	34.79	35.33	28.69	39.05
Net Profit	1,239	-12,111	-9,550	485	2,695	3,908	3,359	9,157	18,553	16,624
EPS in Rs	—	—	-9.48	0.33	2.29	3.39	2.90	7.93	16.25	14.82
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	18.13	21.38	18.14	17.66	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	393	426	552	921	1,348	2,096	2,202	2,202	2,202	2,299
Reserves	41,412	42,739	40,965	44,277	62,529	90,439	95,380	1,00,678	1,08,185	1,30,839
Borrowings	6,52,056	6,72,987	7,13,769	7,28,702	7,72,767	11,66,015	12,13,606	13,60,496	14,51,811	16,82,826
Other Liabilities	18,932	17,159	22,242	15,366	14,814	21,176	28,113	30,273	36,438	41,579
Total Liabilities	7,12,793	7,33,311	7,77,528	7,89,266	8,51,457	12,79,725	13,39,301	14,93,649	15,98,636	18,57,544
Fixed Assets	5,308	6,298	6,371	6,248	7,262	11,049	10,696	12,084	12,348	13,083
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	1,65,126	1,91,527	2,04,419	2,09,723	2,53,782	4,04,369	3,88,586	4,16,914	4,46,421	5,24,840
Other Assets	5,42,358	5,35,486	5,66,738	5,73,295	5,90,413	8,64,307	9,40,019	10,64,651	11,39,867	13,19,620
Total Assets	7,12,793	7,33,311	7,77,528	7,89,266	8,51,457	12,79,725	13,39,301	14,93,649	15,98,636	18,57,544

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	14,167	21,938	-1,742	-34,158	-12,793	30,950	20,032	22,592	-27,939	22,075
Cash from Investing Activity	-1,352	159	392	225	-338	-787	-1,204	-732	-1,506	-1,578
Cash from Financing Activity	5,975	-9,767	7,460	13,741	13,591	5,415	2,032	1,275	3,518	-1,138
Net Cash Flow	18,790	12,330	6,109	-20,192	460	35,579	20,859	23,135	-25,928	19,359

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	70.08%	70.08%	70.08%	70.08%	70.08%
FIIs	1.71%	1.70%	1.82%	2.65%	3.10%	4.82%	5.51%	8.41%	5.70%	5.70%	5.52%	5.67%
DIIs	12.99%	13.53%	13.45%	13.80%	13.75%	12.37%	10.77%	11.67%	14.31%	14.67%	15.07%	15.55%
Public	12.16%	11.62%	11.58%	10.40%	10.00%	9.67%	10.57%	9.84%	9.91%	9.54%	9.33%	8.71%
Total Shareholders	20,29,646	20,67,202	20,30,100	20,83,546	21,63,625	23,53,625	25,29,283	25,79,491	26,40,520	26,53,665	25,74,693	24,55,484

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Feb 29, 2024	Bnp paribas arbitrage	Bulk	Buy	121.42	0.72 Cr	59,387	0.00
Feb 29, 2024	Bnp paribas arbitrage	Bulk	Sell	121.65	898.54 Cr	7,38,62,981	0.64

Projection

Unlock Premium Features

Get In-depth insights on EPS and Revenue forecasts

Actions

Action Type

‌
‌

Announcements

Last 7 days

Newest

Sentiment

Credit Rating

1 day ago

Brickwork Ratings Reaffirms PNB's Credit Rating

Brickwork Ratings has reaffirmed the BWR AA+/Stable rating for Punjab National Bank's Basel III Additional Tier 1 Bonds totaling Rs. 3,000 crores, reflecting the bank's improved asset quality and capital position.

Credit Rating

4 days ago

Credit Rating Reaffirmed by CRISIL for Punjab National Bank

CRISIL Ratings has reaffirmed various ratings for Punjab National Bank's debt instruments, indicating stability in its credit profile.

Auditor Appointment

4 days ago

Re-Appointment of Statutory Auditors

The Reserve Bank of India approved the re-appointment of five Chartered Accountant firms as Statutory Central Auditors for the bank for the Financial Year 2025-26.

Credit Rating

5 days ago

India Ratings Affirms Punjab National Bank Ratings

India Ratings and Research has affirmed various ratings for Punjab National Bank, including a Long-Term Issuer Rating of IND AAA/Stable.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Showing 1 - 8 of 16

AI Mode

Get instant AI-powered insights about company performance, financials, and strategy. Ask questions about trends, competition, and developments while receiving responses backed by official documents and market data, with clear attribution to source documents.

AI Mode

Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	25,673	26,858	27,852	28,682	29,145	30,447	31,895	32,523	32,572	32,513
Expenses	10,990	10,259	9,449	9,831	8,473	8,592	7,494	9,142	9,197	8,299
Interest	16,064	16,820	17,444	18,206	18,536	19,790	20,738	21,640	21,828	21,858
Financing Profit	-1,381	-221	959	646	2,136	2,065	3,663	1,742	1,547	2,356
Financing Margin %	-5.38	-0.82	3.44	2.25	7.33	6.78	11.49	5.36	4.75	7.25
Other Income	3,360	2,999	2,676	4,294	3,615	4,664	3,392	4,776	5,427	4,171
Depreciation	—	—	—	—	—	—	—	—	—	—
Profit Before Tax	1,979	2,778	3,634	4,940	5,751	6,729	7,055	6,518	6,973	6,527
Tax %	38.82	36.49	38.02	37.23	35.38	34.13	34.11	28.77	73.73	25.72
Net Profit	1,342	1,990	2,433	3,342	3,976	4,714	4,801	4,989	2,120	5,125
EPS in Rs	1.17	1.73	2.12	2.91	3.46	4.27	4.18	4.34	1.84	4.46
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	48,058	48,725	52,147	54,918	81,935	76,242	86,845	1,09,065	1,24,010	1,27,438
Expenses	22,533	43,345	39,645	25,867	38,601	36,026	41,502	39,623	33,893	34,425
Interest	32,722	33,530	34,656	36,997	50,805	46,823	51,817	68,534	80,704	83,996
Financing Profit	-7,197	-28,151	-22,154	-7,946	-7,470	-6,607	-6,473	908	9,413	9,017
Financing Margin %	-14.98	-57.78	-42.48	-14.47	-9.12	-8.67	-7.45	0.83	7.59	7.08
Other Income	9,168	8,883	7,367	9,388	12,235	12,098	12,240	13,329	16,447	18,258
Depreciation	430	581	584	614	982	896	905	906	958	0.00
Profit Before Tax	1,540	-19,849	-15,370	827	4,325	4,826	5,151	14,160	26,015	27,275
Tax %	41.49	36.60	34.77	56.07	37.69	19.03	34.79	35.33	28.69	39.05
Net Profit	1,239	-12,111	-9,550	485	2,695	3,908	3,359	9,157	18,553	16,624
EPS in Rs	—	—	-9.48	0.33	2.29	3.39	2.90	7.93	16.25	14.82
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	18.13	21.38	18.14	17.66	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	393	426	552	921	1,348	2,096	2,202	2,202	2,202	2,299
Reserves	41,412	42,739	40,965	44,277	62,529	90,439	95,380	1,00,678	1,08,185	1,30,839
Borrowings	6,52,056	6,72,987	7,13,769	7,28,702	7,72,767	11,66,015	12,13,606	13,60,496	14,51,811	16,82,826
Other Liabilities	18,932	17,159	22,242	15,366	14,814	21,176	28,113	30,273	36,438	41,579
Total Liabilities	7,12,793	7,33,311	7,77,528	7,89,266	8,51,457	12,79,725	13,39,301	14,93,649	15,98,636	18,57,544
Fixed Assets	5,308	6,298	6,371	6,248	7,262	11,049	10,696	12,084	12,348	13,083
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	1,65,126	1,91,527	2,04,419	2,09,723	2,53,782	4,04,369	3,88,586	4,16,914	4,46,421	5,24,840
Other Assets	5,42,358	5,35,486	5,66,738	5,73,295	5,90,413	8,64,307	9,40,019	10,64,651	11,39,867	13,19,620
Total Assets	7,12,793	7,33,311	7,77,528	7,89,266	8,51,457	12,79,725	13,39,301	14,93,649	15,98,636	18,57,544

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	14,167	21,938	-1,742	-34,158	-12,793	30,950	20,032	22,592	-27,939	22,075
Cash from Investing Activity	-1,352	159	392	225	-338	-787	-1,204	-732	-1,506	-1,578
Cash from Financing Activity	5,975	-9,767	7,460	13,741	13,591	5,415	2,032	1,275	3,518	-1,138
Net Cash Flow	18,790	12,330	6,109	-20,192	460	35,579	20,859	23,135	-25,928	19,359

Overview

Detailed Summary

For the quarter ending September 2025, PNB achieved a global gross business growth of 10.6%, driven by increased global deposits and advances, enhancing its market footprint.

The bank reported significant improvements in asset quality with gross NPA reducing to 3.45% and net NPA to 0.36% as of September 2025, demonstrating effective risk management.

PNB is actively increasing its digital footprint, with digital transactions accounting for 95% of its financial activities in FY26, and is heavily investing in various digital banking platforms.

Sector

Banks

Industry

Banks - Public Sector

Market Cap

1,36,421 Cr

Volatility

High Risk

P/E Ratio

8.0

Industry P/E

9.3

PEG Ratio

1.6

P/B Ratio

1.0

52W High

127.80

52W Low

85.50

Sales CAGR

13.70%

17.59%

17.75%

10Y

11.05%

Profit CAGR

102.60%

68.81%

118.20%

10Y

—

ROE

TTM

11.23%

8.93%

6.96%

10Y

1.76%

ROCE

TTM

5.95%

11.16%

11.17%

10Y

11.23%