At the same time as the general public sector lender Punjab Nationwide Financial institution has posted good progress in its home deposits by as a lot as 14.4 per cent through the December quarter, world brokerage Citi has continued with its ‘promote’ ranking on the counter.
On Thursday, the lender throughout market hours reported provisional figures as on December 31, 2024.
The lender famous that sequentially its home deposits surged 4.2 per cent through the overview interval from Rs 14,16,389 crore as of the September 2024 quarter to Rs 14,75,482 in December quarter. In the identical quarter final yr, the financial institution’s home deposits had been at Rs 12,89,270 crore.
The financial institution’s home advances stood at Rs 10,61,852 crore in Q3 FY25, up 14.1 per cent on-year and up 5 per cent quarter-on-quarter (QoQ).
The banks world advances elevated 15 per cent to Rs 11,11,940 crore as of December 2024 as towards Rs 9,67,256 crore as of December 2023 and up 4.7 per cent from Rs 10,61,904 crore as of September 2024.
What Citi makes of PNB after its Q3 enterprise replace?
The worldwide brokerage has maintained its ‘promote’ name on the counter, pegging the goal at Rs 96, implying potential decline of practically 9 per cent from the earlier shut of Rs 105.45 per share on the BSE.
The brokerage highlighted that PNB reported progress in world advances by 15 per cent on-year and 4.7 per cent sequentially towards its estimates of 13.8 per cent progress on-year. Citi believes RAM or (Retail, Agriculture, and MSME) would be the major progress driver for the lender.
Citi added that the financial institution’s administration maintains NIM (web curiosity margin) steerage of two.9-3 per cent & endeavor to not solely maintain but in addition develop the online curiosity earnings (NII).
PNB share worth efficiency
The inventory previously one yr has gained simply 10 per cent and scaled 52-week excessive worth of Rs 142.9 on April 30, 2024. And contemplating the final shut, the inventory has corrected over 26 per cent.
