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Last Updated : Jun 23, 2020 07:10 PM IST | Source: Moneycontrol.com

Hold Punjab National Bank; target of Rs 45: Sharekhan

Sharekhan recommended Hold rating on Punjab National Bank with a target price of Rs 45 in its research report dated June 22, 2020.

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Sharekhan's research report on Punjab National Bank


Punjab National Bank (PNB) posted Mixed results where while on one hand, Operational performance was below expectations but on sequentially basis Asset quality improved. Asset quality improved as GNPA reduced by 200 bps q-o-q to 14.2%, whereas NNPA fell by 140 bps q-o-q to 5.78%, notably lower fresh slippages which halved q-o-q & y-o-y, mainly due to the moratorium benefit offered to borrowers Due to significant uncertainty on asset quality outlook and profitability, we have cut our FY21E & FY2022E estimates.



Outlook


We maintain a Hold rating with a revised price target (PT) of Rs. 45.





For all recommendations report, click here


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First Published on Jun 23, 2020 07:10 pm
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