Punjab National Bank Q2 PAT seen up 7% at Rs 1148 cr

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Punjab National Bank Q2 PAT seen up 7% at Rs 1148 cr

India's second largest PSU bank by market cap - Punjab National Bank is expected to report a profit after tax of Rs 1,148 crore in the second quarter of FY12, a growth of 7% as compared to Rs 1,074.5 crore in the corresponding quarter of last fiscal.

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India's second largest PSU bank by market cap - Punjab National Bank is expected to report a profit after tax of Rs 1,148 crore in the second quarter of FY12, a growth of 7% as compared to Rs 1,074.5 crore in the corresponding quarter of last fiscal.

Net interest income is seen going up by 8% to Rs 3,205 crore from Rs 2,976 crore during the same period.

Q2 Expectations

·          Relatively weak quarter

·          Loan growth expected around 21%

·          Deposit growth expected around 23%

·          Some pressure expected on NIMs

·          Deposit repricing will keep cost of funds under pressure
o         But, re-pricing of loans will cushion margins
o         Deposit re-pricing will keep cost of funds under pressure
o         Bank has increased lending rates by 125 bps in the past 6 months

·          NPAs to see some increase due to systemic recognition
o         Therefore provisions likely to remain high

·          Muted profits due to:
o         Margins pressure
o         Sequentially flat NII

·          Watch for slippages, margins movement, asset quality