Punjab National Bank

Punjab National Bank's net interest margin rose 11.0% to 2.23% in 2018

By Helgi Analytics - November 05, 2019

Punjab National Bank's net interest margin amounted to 2.23% in 2018, up from 2.01% compared to the previous year. Histori...

Punjab National Bank's capital adequacy ratio rose 10.2% to 10.1% in 2018

By Helgi Analytics - November 05, 2019

Punjab National Bank's capital adequacy ratio reached 10.1% at the end of 2018, up from 9.19% compared to the previous year. ...

Punjab National Bank's net interest income rose 15.1% to INR 175 bil in 2018

By Helgi Analytics - November 05, 2019

Punjab National Bank generated total banking revenues of INR 248 bil in 2018, up 3.18% compared to the previous year. His...

Profit Statement 2016 2017 2018
Net Interest Income INR bil 153 152 175
Fee Income (As % Of Revenues) % 0 0 0
Other Income INR bil 91.6 88.8 73.5
Total Revenues INR bil 245 241 248
Operating Profit INR bil 150 104 132
Provisions INR bil 141 230 232
Net Profit INR bil 8.49 -121 -95.7
Balance Sheet 2016 2017 2018
Interbank Loans INR bil 555 685 450
Customer Loans INR bil 4,242 4,388 4,624
Debt Securities INR bil 1,902 2,026 2,079
Total Assets INR bil 7,333 7,775 7,893
Shareholders' Equity INR bil 439 418 455
Interbank Borrowing INR bil 25.7 24.3 20.5
Customer Deposits INR bil 6,297 6,484 6,819
Issued Debt Securities INR bil 433 653 468
Ratios 2016 2017 2018
ROE % 1.96 -28.2 -21.9
ROA % 0.117 -1.60 -1.22
Costs (As % Of Assets) % 1.32 1.81 1.49
Costs (As % Of Income) % 38.9 56.7 47.1
Capital Adequacy Ratio % 11.2 9.19 10.1
Net Interest Margin % 2.12 2.01 2.23
Loans (As % Of Deposits) % 67.4 67.7 67.8
NPLs (As % Of Loans) % ... ... ...
Provisions (As % Of NPLs) % ... ... ...
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 4,694 4,129 6,300
Share Price (End Of Period) INR 155 119 136
Price/Earnings (P/E) 37.6 ... ...
Price/Book Value (P/BV) 0.726 0.629 0.966
Dividend Yield % 0 0 0
Earnings Per Share (EPS) INR 4.14 -54.6 -29.7
Book Value Per Share INR 214 189 141
Dividend Per Share INR 0 0 0

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Net Interest Income INR bil                       155 170 177 168 153    
Total Revenues INR bil                       196 214 235 234 245    
Operating Profit INR bil                       112 119 127 131 150    
Net Profit INR bil                       49.5 36.2 34.0 -36.9 8.49    
balance sheet                                    
Interbank Loans INR bil                       102 245 338 506 555    
Customer Loans INR bil                       3,203 3,661 4,046 4,461 4,242    
Debt Securities INR bil                       1,335 1,480 1,550 1,626 1,902    
Total Assets INR bil                       4,966 5,748 6,360 7,128 7,333    
Shareholders' Equity INR bil                       348 385 426 425 439    
Interbank Borrowing INR bil                       165 211 486 713 25.7    
Customer Deposits INR bil                       3,849 4,426 4,691 5,016 6,297    
Issued Debt Securities INR bil                       471 590 592 817 433    
ratios                                    
ROE %                       15.4 9.86 8.38 -8.67 1.96    
ROA %                       1.02 0.675 0.562 -0.547 0.117    
Costs (As % Of Assets) %                       1.72 1.79 1.79 1.53 1.32    
Costs (As % Of Income) %                       42.6 44.7 45.9 44.1 38.9    
Capital Adequacy Ratio %     ... ... ... ... ... ... ... ...   13.2 12.1 12.9 13.2 11.2    
Net Interest Margin %                       3.21 3.16 2.93 2.50 2.12    
Interest Income (As % Of Revenues) %                       79.2 79.1 75.3 71.8 62.6    
Fee Income (As % Of Revenues) %                       0 0 0 0 0    
Equity (As % Of Assets) %                       7.01 6.70 6.70 5.97 5.99    
Loans (As % Of Deposits) %                       83.2 82.7 86.3 88.9 67.4    
Loans (As % Assets) %                       64.5 63.7 63.6 62.6 57.9    
NPLs (As % Of Loans) % ...       ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Provisions (As % Of NPLs) % ...       ... ... ... ... ... ... ... ... ... ... ... ... ... ...
valuation                                    
Market Capitalisation (End Of Period) USD mil ...                     4,631 4,358 4,248 2,508 4,694    
Number Of Shares (Average) mil                       1,701 1,780 1,810 1,909 2,053    
Share Price (End Of Period) INR ...                     149 151 148 87.1 155    
Earnings Per Share (EPS) INR                       29.1 20.3 18.8 -19.3 4.14    
Book Value Per Share INR                       205 216 235 223 214    
Dividend Per Share INR                       5.61 2.03 3.38 0 0    
Price/Earnings (P/E) ...                     5.12 7.45 7.88 ... 37.6 ... ...
Price/Book Value (P/BV) ...                     0.728 0.699 0.629 0.391 0.726    
Dividend Yield % ...                     3.76 1.34 2.29 0 0    
Earnings Per Share Growth % ...                     -1.74 -30.2 -7.61 -203 -121    
Book Value Per Share Growth % ...                     17.6 5.70 8.69 -5.30 -3.92    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Interest Income INR bil                       433 452 491 512 481    
Interest Cost INR bil                       278 282 313 343 327    
Net Interest Income INR bil                       155 170 177 168 153    
Net Fee Income INR bil                       0 0 0 0 0    
Other Income INR bil                       40.7 44.9 58.2 66.1 91.6    
Total Revenues INR bil                       196 214 235 234 245    
Operating Cost INR bil                       83.4 95.8 108 103 95.2    
Operating Profit INR bil                       112 119 127 131 150    
Provisions INR bil                       44.5 69.0 83.2 184 141    
Extra and Other Cost INR bil                       -0.027 -0.048 -0.031 -0.024 -0.055    
Pre-Tax Profit INR bil                       67.9 49.7 44.1 -52.7 9.01    
Tax INR bil                       18.6 14.3 10.7 -16.0 0    
Minorities INR bil                       0.654 0.568 1.26 1.80 0.520    
Net Profit INR bil                       49.5 36.2 34.0 -36.9 8.49    
Dividends INR bil                       9.54 3.62 6.12 0 0    
growth rates                                    
Net Interest Income Growth % ...                     11.6 9.36 4.52 -4.98 -8.92    
Total Revenue Growth % ...                     9.11 9.54 9.77 -0.386 4.48    
Operating Cost Growth % ...                     17.1 14.9 12.8 -4.25 -7.98    
Operating Profit Growth % ...                     3.87 5.55 7.31 2.89 14.3    
Pre-Tax Profit Growth % ...                     -5.35 -26.8 -11.2 -219 -117    
Net Profit Growth % ...                     -1.42 -27.0 -6.01 -209 -123    
market share                                    
Market Share in Revenues % ... ... ... ... ... ... ... ... ... ...   8.29 7.95 7.75 6.96 6.09   ...
Market Share in Net Profit % ... ... ... ... ... ... ... ... ... ...   8.37 6.71 6.23 ... ... ... ...
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                    
Cash INR bil                       179 224 244 265 358    
Interbank Loans INR bil                       102 245 338 506 555    
Customer Loans INR bil                       3,203 3,661 4,046 4,461 4,242    
Debt Securities INR bil                       1,335 1,480 1,550 1,626 1,902    
Fixed Assets INR bil                       34.2 34.9 36.6 53.1 63.0    
Total Assets INR bil                       4,966 5,748 6,360 7,128 7,333    
Shareholders' Equity INR bil                       348 385 426 425 439    
Of Which Minority Interest INR bil                       3.66 4.23 5.49 7.29 3.09    
Liabilities INR bil                       4,618 5,363 5,934 6,703 6,894    
Interbank Borrowing INR bil                       165 211 486 713 25.7    
Customer Deposits INR bil                       3,849 4,426 4,691 5,016 6,297    
Sight Deposits INR bil                       274 295 313 346 469    
Term Deposits INR bil                       3,575 4,131 4,377 4,670 5,827    
Issued Debt Securities INR bil                       471 590 592 817 433    
Other Liabilities INR bil                       134 136 166 157 138    
asset quality                                    
Non-Performing Loans INR bil ...       ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Gross Loans INR bil                       3,264 3,748 4,144 4,659 4,378    
Total Provisions INR bil         ... ... ...         61.0 87.4 98.0 199 136    
growth rates                                    
Customer Loan Growth % ...                     6.29 14.3 10.5 10.2 -4.90    
Total Asset Growth % ...                     5.57 15.7 10.6 12.1 2.88    
Shareholders' Equity Growth % ...                     17.9 10.6 10.6 -0.130 3.32    
Customer Deposit Growth % ...                     4.71 15.0 5.99 6.93 25.5    
market share                                    
Market Share in Customer Loans % ... ... ...                 5.80 5.70 5.70 5.60 5.14   ...
Market Share in Total Assets %                       5.72 5.68 5.71 5.65 5.16   ...
Market Share in Customer Deposits %                       6.12 6.15 5.75 5.49 5.91   ...
ratios Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                    
ROE %                       15.4 9.86 8.38 -8.67 1.96    
ROA %                       1.02 0.675 0.562 -0.547 0.117    
Costs (As % Of Assets) %                       1.72 1.79 1.79 1.53 1.32    
Costs (As % Of Income) %                       42.6 44.7 45.9 44.1 38.9    
Capital Adequacy Ratio %     ... ... ... ... ... ... ... ...   13.2 12.1 12.9 13.2 11.2    
Tier 1 Ratio %     ... ... ... ... ... ... ... ...   10.0 9.32 9.67 10.2 8.91    
Net Interest Margin %                       3.21 3.16 2.93 2.50 2.12    
Interest Spread % ...                     2.80 2.78 2.56 2.15 1.83    
Asset Yield %                       8.96 8.43 8.10 7.59 6.65    
Cost Of Liabilities % ...                     6.16 5.65 5.55 5.43 4.81    
Payout Ratio %                       19.3 10.0 18.0 0 0    
Interest Income (As % Of Revenues) %                       79.2 79.1 75.3 71.8 62.6    
Fee Income (As % Of Revenues) %                       0 0 0 0 0    
Other Income (As % Of Revenues) %                       20.8 20.9 24.7 28.2 37.4    
Equity (As % Of Assets) %                       7.01 6.70 6.70 5.97 5.99    
Loans (As % Of Deposits) %                       83.2 82.7 86.3 88.9 67.4    
Loans (As % Assets) %                       64.5 63.7 63.6 62.6 57.9    
NPLs (As % Of Loans) % ...       ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Provisions (As % Of NPLs) % ...       ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Provisions (As % Of Loans) %         ... ... ...         1.91 2.39 2.42 4.45 3.20    
Cost of Provisions (As % Of Loans) %                       1.43 2.01 2.16 4.32 3.24    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                    
Employees                       63,292 65,541 68,290 70,801 72,849    
Sight (As % Of Customer Deposits) %                       7.12 6.67 6.68 6.89 7.45    

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Punjab National Bank's customer loan growth rose 56.3% to 5.38% in 2018

By Helgi Analytics - November 05, 2019

Punjab National Bank's customer loan growth reached 5.38% in 2018, up from 3.44% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 31.0% in 2008 and an all time low of -4.90% in 2016. In the last decade, the ...

Punjab National Bank's customer deposits rose 5.16% to INR 6,484 bil in 2018

By Helgi Analytics - November 05, 2019

Punjab National Bank's customer deposits reached INR 6,484 bil in 2017, up 2.98% compared to the previous year. Indian banking sector accepted customer deposits of INR 110,303 bil in 2017, up 3.61% when compared to the last year. Punjab National Bank acco...

Punjab National Bank's customer loans rose 5.38% to INR 4,388 bil in 2018

By Helgi Analytics - November 05, 2019

Punjab National Bank's customer loans reached INR 4,388 bil in 2017, up 3.44% compared to the previous year. Indian banking sector provided customer loans of INR 88,362 bil in 2017, up 7.04% when compared to the last year. Punjab National Bank accounted f...

Punjab National Bank's total revenues rose 3.18% to INR 241 bil in 2018

By Helgi Analytics - November 05, 2019

Punjab National Bank generated total banking revenues of INR 241 bil in 2017, down 1.73% compared to the previous year. Indian banking sector banking sector generated total revenues of INR 4,320,359 mil in 2017, up 7.41% when compared to the last year...

Punjab National Bank's price/earnings (P/E) rose 377% to 37.6 in 2016

By Helgi Analytics - November 05, 2019

Punjab National Bank stock traded at INR 155 per share at the end 2016 implying a market capitalization of USD 4,694 mil. Since the end of 2011, the stock has depreciated by -19.4 % implying an annual average growth of -4.23 %. In absolute terms, the value of the comp...

Punjab National Bank's share price (end of period) rose 14.9% to INR 155 in 2018

By Helgi Analytics - November 05, 2019

Punjab National Bank stock traded at INR 155 per share at the end of 2016 implying a market capitalization of USD 4,694 mil. Since the end of 2011, the stock has depreciated by -19.4 % implying an annual average growth of -4.23 %. In absolute terms, the value of the c...

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Finance

Punjab National Bank has been growing its revenues and asset by 1.94% and 3.46% a year on average in the last 3 years. Its loans and deposits have grown by 1.21% and 10.8% a year during that time and loans to deposits ratio reached 67.8% at the end of 2018. The company achieved an average return on equity of -16.1% in the last three years with net profit growing 37.4% a year on average. In terms of operating efficiency, its cost to income ratio reached 47.1% in 2018, compared to 47.5% average in the last three years.

Equity represented 5.77% of total assets or 9.84% of loans at the end of 2018. Punjab National Bank's non-performing loans were of total loans while provisions covered some of NPLs at the end of 2018.

Valuation

Punjab National Bank stock traded at INR 136 per share at the end of 2018 resulting in a market capitalization of USD 6,300 mil. Over the previous five years, stock price fell by 9.880000000000001% or 2.06% a year on average. That’s compared to an average ROE of -9.70% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of x and price to book value (PBV) of 0.966x in 2018.