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Punjab National Bank

Large Cap

Evaluated by 4645 users |

BSE

: 532461 |

NSE

: PNB |

Bank - Public

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The valuation guidance of this company is based on Consolidated basis.
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Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
10 Year X-Ray
MoneyWorks4me Colour Coding
 Mar'05Mar'06Mar'07Mar'08Mar'09Mar'10Mar'11Mar'12Mar'13Mar'14
Net Interest Income (Rs. Cr.)4,0744,7505,3065,7027,0028,70812,04513,70615,26816,738
Y-o-Y Gr. Rt.-16.6%11.7%7.5%22.8%24.4%38.3%13.8%11.4%9.6%
Total Income10,20911,04513,18716,65422,63625,43631,20741,73547,38049,668
Y-o-Y Gr. Rt.-8.2%19.4%26.3%35.9%12.4%22.7%33.7%13.5%4.8%
Adjusted EPS (Rs.)
Adjusted Earning per Share is the company’s net profit per share after adjusting for extra-ordinary/exceptional items
44.3848.5951.769.87101.4125.99144.4148.16140.1699.9
Y-o-Y Gr. Rt.-9.5%6.4%35.2%45.1%24.3%14.6%2.6%-5.4%-28.7%
Book Value per Share (Rs.)
The total value that a company will fetch upon liquidation (if it is closed down), after settling all obligations is called its Book Value. Book value of a company includes only tangible assets. Book value allocated to each outstanding share is called Book Value per share
262.11304.5341.2365.88445.5545.85667.24818.1934.581,013.07
Y-o-Y Gr. Rt.-16.2%12.1%7.2%21.8%22.5%22.2%22.6%14.2%8.4%
Net Profit/Total Funds (%)
  • >1.25 : Very Good
  • 1-1.25 : Somewhat Good
  • <1 : Not Good
Net Profit/Total Funds (%)1.151.070.991.151.371.41.311.161.020.66
Net NPA to Net Advances (%): Colour Rating Guide
  • < 0.5 : Very Good
  • 0.5-1 : Somewhat Good
  • >1: Not Good
Net NPA to Net Advances (%)0.20.290.760.640.170.530.851.522.352.85
Capital Adequacy Ratio: Colour Rating Guide
  • > 12% : Very Good
  • 9%-12% : Somewhat Good
  • <9%: Not Good
Capital Adequacy Ratio - - - - - - - - - 12.28%
CAGR
Growth rate helf you understand how the company has performed over different time frames.
CAGR Colour Code Guide
CAGR Colour Code Guide
  • >12% : Very Good
  • 8% to 12% : Somewhat Good
  • <8% : Not Good
  9 yrs 5 yrs 3 yrs 1 yr
Net Interest Income17%19%11.6%9.6%
Total Income19.2%17%16.8%4.8%
Adjusted EPS
Adjusted Earnings per Share is the Company’s net profit per share after adjusting for extra-ordinary/exceptional items.
9.4%-0.3%-11.6%-28.7%
Book Value per Share
The total value that a company will fetch upon liquidation (if it is closed down), after settling all obligations is called its Book Value. Book value of a company includes only tangible assets. Book value allocated to each outstanding share is called Book Value per share
16.2%17.9%14.9%8.4%
 
RATIOS \ YEARSMar'05Mar'06Mar'07Mar'08Mar'09Mar'10Mar'11Mar'12Mar'13Mar'14
Interest Earned / Total Income84.6788.6987.2788.0386.4986.2588.2989.8490.990.52
Margins
Margins: Colour Rating Guide
  • >2.75 : Very Good
  • 1.75-2.75 : Somewhat Good
  • <1.75 : Not Good
NIM (%)3.293.323.32.92.852.963.2133.162.98
Performance Ratios
Performance Ratios: Colour Rating Guide
  • >15% : Very Good
  • 12%-15% : Somewhat Good
  • <12% : Not Good
Return on Equity (%)20.0116.4915.2919.1124.4824.8923.5520.3516.2110.14
Liquidity Ratio
Liquidity Ratio: Colour Rating Guide
  • >35 : Very Good
  • 25-35 : Somewhat Good
  • <25 : Not Good
CASA (%) 46.2348.9746.1242.8938.740.638.235.0538.6537.78
Management Assessment
Management Assessment
An assessment of the trustworthiness of the management based on 5 important parameters. These parameters are colour coded as
Green (Very Good), Orange (Somewhat Good) and Red (Not Good)
What do we look at?
Management Assessment: An assessment of the trustworthiness of the management based
on 5 important parameters. These parameters are colour coded as Green (Very Good),
Orange (Somewhat Good) and Red (Not Good)
Corporate Governance
Corporate Governance
This refers to a set of processes or laws that affects the way a company is directed and controlled.
Board Credentials
Board credentials
This refers to the skill sets (qualification, experience, etc.) that the management team of a company possesses.
Promoter's holding
Promoter's holding
This refers to the stake that the promoters hold in a company and proportion of shares pledged.
Transparency
Transparency
Transparency refers to the practices that a company follows in the disclosure of important and necessary information.
Integrity
Integrity
Integrity refers to the application of honest and fair business practices.

Percentage Holding
58.87%
36.83%
4.30%

Pledged *0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
*  Pledged shares as % of Promoter's holding (%)

Punjab National Bank, in the last 10 years, increased its net interest income by 14.89%, from Rs.3708 Cr. in FY04 to Rs.14857 Cr. in FY13. Its CASA, the source of low cost fund, was at the six-year-average level of 39.38%. The CASA percentage of the Bank has decreased from 46.12% in FY07 to 40.86% in FY13. The high interest income and the low cost because of high CASA helped the Bank maintain the average Net Interest Margin (NIM) at the level of 3.5%. The Bank has increase ... Read more

Punjab National Bank, in the last 10 years, increased its net interest income by 14.89%, from Rs.3708 Cr. in FY04 to Rs.14857 Cr. in FY13. Its CASA, the source of low cost fund, was at the six-year-average level of 39.38%. The CASA percentage of the Bank has decreased from 46.12% in FY07 to 40.86% in FY13. The high interest income and the low cost because of high CASA helped the Bank maintain the average Net Interest Margin (NIM) at the level of 3.5%. The Bank has increased its book value per share by 16.81% in the last 10 years, from Rs.193.6 in FY04 to Rs.915.5 in FY13.

PNB managed to maintaina six-year-average ROE (Return on Equity) in excess of 20%, with RoE as on Mar’13 standing at 20.35%. The non-performing assets to net advances ratio has increased from 0.17% to 2.35% in the last five years. This shows that the assets quality of the Bank has deteriorated. However this has been buffered by one of the best in the class NIM and a strong capital base -PNB has a capital adequacy ratio of 12.72% as on Mar’13.

In nut shell, we can say that the core operating performance of Punjab National Bank has been very good. On a cautionary note its CASA has decreased due to intensifying competition and assets quality have deteriorated over the last few years due to a downturn in the economic cycle. However the market share of PNB in both assets (loans) and liabilities (deposits) has increased. The bank had also seen a sharp increase in term deposits owing to high interest rate scenario but the bank has taken efforts to mitigate this and the results have been good. Hence, we conclude that the 10 YEAR X-RAY of the Punjab National Bank is Green (‘Very Good’).

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