HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 30 Oct 2026 +1.39%
Research updated
Punjab National Bank
NSE: PNBFinancial ServicesBanks - Regional
- Last close
- ₹122.85
- Day change
- −₹1.05 (−0.85%)vs
- Market cap
- ₹1.40 lakh crIndian rupees
- Research updated
- 5 reports
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About Punjab National Bank
Punjab National Bank is an Indian public sector bank that provides a broad spectrum of banking and financial services to retail, corporate, and institutional clients. Headquartered in New Delhi, it operates through key business segments including treasury, corporate and wholesale banking, retail banking, and other banking operations. The bank offers deposit accounts, personal and housing loans, vehicle and education finance, credit cards, and digital banking solutions, alongside services such as trade finance, cash management, and working capital facilities for businesses. Punjab National Bank also distributes third‑party products including insurance and mutual funds, and facilitates government business such as subsidy payments and tax collections. It serves a large customer base across India through an extensive branch and ATM network, complemented by mobile and internet banking platforms like PNB ONE for 24/7 account access and transactions. Internationally, it supports cross-border banking needs through overseas branches and subsidiaries, providing remittances, foreign currency services, and trade-related solutions.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: PNB
- Chief executive
- Mr. Ashok Chandra
- Employees
- 1,02,746
- Headquarters
- New Delhi, India
- ISIN
- INE160A01022
- Website
- pnb.bank.in
Public research · Report of
Business model & financial foundation
PNB (NSE: PNB), Public sector commercial banking: revenue of ₹60,754 crore in FY26 (+2.8% on FY25) and net profit of ₹16,904 crore.
- Revenue, FY26 (₹ crore)
- 60,754
- standalone
- Revenue growth, FY26
- +2.8%
- on FY25
- Net profit, FY26 (₹ crore)
- 16,904
- to owners
- Return on equity, FY26
- 12.5%
- on average equity
- Market capitalisation (₹ crore)
- 1,33,663
- at the close of 21 Oct 2026
Company profile
PNB earns the spread between lending/investment yields and deposit/wholesale funding costs, supplemented by fees, treasury income and recoveries from written-off loans. Its domestic franchise spans corporate, retail, agriculture and MSME lending. Government ownership supports funding access but does not eliminate operational compliance or credit-cycle risk.
| Item | Value |
|---|---|
| Legal name | Punjab National Bank |
| Exchange and ticker | NSE: PNB; BSE: 532461 |
| ISIN | INE160A01022 |
| Sector | Financial Services |
| Industry | Public sector commercial banking |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Ummed Jain & Co.; Prem Gupta & Co.; N K Bhargava & Co.; P A & Associates |
| Market capitalisation | ₹1,33,663 crore (21 Oct 2026) |
| Shares outstanding | 1,149 crore shares (FY26) |
| Price | ₹121.9 (close, 21 Oct 2026) |
| 52-week range | ₹98.50 - ₹135.1 (to 21 Oct 2026) |
| Website | https://www.pnbindia.in |
Corporate structure and shareholding
Parent: Government of India.
| Entity | Holding | Business |
|---|---|---|
| PNB Gilts | 74.07% | Primary dealer |
| PNB International UK | 100% | UK banking |
| Druk PNB Bank | 51% | Bhutan banking |
| PNB Investment Services | 100% | Investment banking |
| PNB Cards & Services | 100% | Cards and services |
Material associates: PNB Housing Finance 28.04%, PNB MetLife 30%; Everest Bank JV 20.02%. Eight RRBs at 35% each. Canara HSBC ceased to be associate after October 2025 listing; residual stake not verified.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 70.08% | 70.08% | 70.08% | 70.08% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 5.93% | 6.39% | 5.93% | 6.66% |
| Domestic institutions | 16.09% | 16.05% | 16.07% | 16.13% |
| of which mutual funds | 6.21% | 6.23% | 6.51% | |
| Retail | 6.29% | 5.98% | 6.29% | |
| Other | 1.61% | 1.50% | 1.63% | 7.13% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Punjab National Bank is a public-sector deposit lender. It earns interest spread and fees, recoveries and treasury income; the model is standalone and treats investments in subsidiaries as embedded in bank book value. At Q2 FY27, global advances were INR13.41 lakh crore and deposits INR17.77 lakh crore.
| Peer | Why the dossier compares them |
|---|---|
| State Bank of India (SBIN) | Large public-sector deposit franchise; profitability benchmark |
| Bank of Baroda (BANKBARODA) | Large PSU bank with international business |
| Canara Bank (CANBK) | Comparable PSU franchise and merger integration |
| Union Bank of India (UNIONBANK) | Merged PSU lender; comparable credit-cycle recovery |
| Bank of India (BANKINDIA) | PSU lender with corporate credit exposure |
| Indian Bank (INDIANB) | Public-sector profitability and asset-quality benchmark |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Interest earned | 1,06,902 | 1,21,761 | 1,28,223 | ||
| Interest expended | 66,819 | 78,979 | 86,263 | ||
| Net interest income | 40,083 | 42,782 | 41,960 | ||
| Fee based income | 6,084 | 7,023 | 7,603 | ||
| Recovery in written-off accounts | 6,101 | 4,926 | 5,931 | ||
| Treasury income | 1,157 | 4,314 | 5,175 | ||
| Other income | 13,384 | 16,309 | 18,794 | ||
| Operating income (NII + other income) | 53,467 | 59,092 | 60,754 | ||
| Establishment (employee) expenses | 18,486 | 21,358 | 18,747 | ||
| Other operating expenses | 10,049 | 10,903 | 12,717 | ||
| Operating expenses | 28,536 | 32,261 | 31,464 | ||
| Operating profit (pre-provision) | 24,931 | 26,831 | 29,290 | ||
| Provisions other than tax | 11,737 | 1,675 | 2,540 | ||
| Profit before tax | 13,194 | 25,156 | 26,750 | ||
| Provision for income tax | 4,950 | 8,526 | 9,846 | ||
| Net profit (standalone) | 8,245 | 16,630 | 16,904 | ||
| Diluted EPS (standalone; Basic/Diluted as reported) (₹) | 14.77 | 14.71 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net worth | 98,055 | 1,03,340 | n.r. | 1,27,363 | 1,42,650 |
| Borrowings * | 59,372 | 70,149 | 72,586 | 71,999 | 86,268 |
| Cash and cash equivalents * | 1,34,194 | 1,57,328 | 1,31,400 | 1,50,760 | 1,64,122 |
| Trade payables * | 2,783 | 3,451 | 4,281 | 4,740 | 4,109 |
| Net property, plant and equipment * | 19,749 | 21,986 | 23,049 | 21,691 | 23,108 |
| Total assets | 15,61,835 | 18,18,171 | 19,85,892 | ||
| Deposits | 13,69,713 | 15,66,623 | 17,11,126 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Period-end ordinary equity shares outstanding | 1,095 | 1,101 | 1,101 | 1,149 | 1,149 |
| Book value per share (management total) (₹) | 114.8 | ||||
| Tangible book value per share (management) (₹) | 103.0 | ||||
| Net worth (annual BRSR disclosure) | 1,18,317 | ||||
| Tier-I perpetual bonds classified within borrowings | 14,197 | ||||
| Additional Tier1 regulatory capital | 13,791 | ||||
| Domestic investments subsidiaries/JV/sponsored institutions | 2,114 | 2,702 | |||
| Net computer software intangible assets | 542.7 | ||||
| Net deferred tax asset | 13,047 | ||||
| Historical EPS without basic/diluted designation (₹) | 7.49 | ||||
| PNB MetLife investee Indian embedded value (100 percent) | 9,907 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Interest earned | 31,340 | 31,989 | 31,964 | 31,872 | 32,231 | 32,157 | 32,897 | |
| Interest expended | 20,308 | 21,232 | 21,386 | 21,403 | 21,698 | 21,776 | 22,099 | |
| Net interest income | 11,032 | 10,757 | 10,578 | 10,469 | 10,533 | 10,380 | 10,798 | 11,601 |
| Fee income | 1,568 | 1,798 | 2,250 | 1,685 | 1,712 | 1,956 | 2,339 | 1,954 |
| Recovery in written-off accounts | 823.0 | 1,829 | 1,189 | 844.0 | 1,956 | 1,942 | 908.0 | |
| Treasury income | 1,007 | 1,078 | 1,816 | 1,769 | 1,337 | 253.0 | 1,081 | |
| Other income | 3,412 | 4,716 | 5,268 | 4,342 | 5,022 | 4,162 | 4,333 | 3,600 |
| Operating income (NII + other income) | 14,444 | 15,473 | 15,846 | 14,811 | 15,555 | 14,542 | 15,132 | |
| Establishment (employee) expenses | 5,264 | 5,793 | 5,164 | 4,747 | 5,089 | 3,747 | 4,535 | |
| Other operating expenses | 2,560 | 2,904 | 3,600 | 2,837 | 2,985 | 3,295 | 3,077 | |
| Operating expenses | 7,824 | 8,697 | 8,765 | 7,584 | 8,074 | 7,042 | 7,613 | 7,669 |
| Pre-provision operating profit | 6,621 | 6,776 | 7,081 | 7,227 | 7,481 | 7,500 | 7,519 | 7,532 |
| Provisions and contingencies | -285.0 | 360.0 | 323.0 | 643.0 | 1,150 | 424.0 | 541.0 | 97.0 |
| Profit before tax | 6,906 | 6,416 | 6,758 | 6,584 | 6,331 | 7,077 | 6,978 | 7,435 |
| Tax expense | 2,398 | 1,849 | 5,083 | 1,680 | 1,231 | 1,852 | 1,725 | 1,903 |
| Profit after tax | 4,508 | 4,567 | 1,675 | 4,904 | 5,100 | 5,225 | 5,253 | 5,532 |
| Diluted earnings per share (₹) | n.r. |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 10.5% | 2.8% | |||
| Net margin | 15.4% | 28.1% | 27.8% | ||
| Return on equity | 13.1% | 12.5% | |||
| Return on assets | 0.5% | 1.0% | 0.9% | ||
| EPS, diluted (₹) | 14.77 | 14.71 | |||
| Book value per share (₹) | 89.58 | 93.85 | 110.8 | 124.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- EPS, diluted (₹): as reported (Diluted EPS (standalone; Basic/Diluted as reported)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 4, information to 21 Oct 2026); market data at the close of 21 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Punjab National Bank includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Punjab National Bank
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 21 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.