Today, we have the first quarter results: The board of directors of Punjab National Bank (PNB) is meeting today to evaluate and approve unaudited standalone Q1 results for 2024. The state-owned bank has informed the Indian stock exchanges of the PNB results date. According to stock market experts, PNB is projected to report strong results in the April-June 2024 quarter. They stated that, notwithstanding the constriction of the banking sector’s NIMs, PNB is projected to announce good deposit-related data.
Punjab National Bank (PNB) is one of India’s oldest and largest public-sector institutions. Here’s a thorough summary:
Overview and history
- Founded in 1894
- The founder is Lala Lajpat Rai.
- Headquarters: New Delhi, India
- PNB runs a large network of branches throughout India and abroad, offering a comprehensive range of banking and financial services.
Who is the owner of the Punjab National Bank?
The Punjab National Bank (PNB), recognized as India’s first Swadeshi bank, started its operations in Lahore on April 12, 1895. Following the nationalization of banks in India in 1969, the Government of India has remained the major shareholder in Punjab National Bank.
What is the current name of the Punjab National Bank?
On April 1, 2020, the Oriental Bank of Commerce and the United Bank of India began operating as branches of Punjab National Bank. Additionally, Syndicate Bank became a branch of Canara Bank, and all other branches of Allahabad Bank were reclassified as Indian Bank branches.
How do I find out the amount of my PNB account?
There are several ways to check your PNB account balance on a mobile device. To inquire about your PNB balance, dial 1800 180 2223 or text ‘BAL<16-digit a/c no.>’ to 5607040. SMS and missed call banking services are offered to customers who have their mobile number registered at the bank.
PNB Q1 Results 2024 Preview
Avinash Gorakshkar, Head of Research at Profitmart Securities, expects PNB’s Q1 results to be positive today, saying, “The state-owned bank has presented a robust business update, but pressure on NIMs in the banking industry was obvious. However, the PSU bank’s deposits have increased, and hence its net profit is predicted to increase both QoQ and YoY during the April to June 2024 quarter.
Speaking on PNB’s Q1FY25 statistics, Manish Chowdhury, Head of Research at StoxBox, stated, “PNB demonstrated excellent business growth in Q1FY25. Its deposits increased by 2.7% quarterly and 8.1% year on year. Meanwhile, its advances increased 5% quarterly and 12.1% year on year. This gives us confidence that the public sector bank will report a good set of figures in Q1 FY25. Due to the industry’s NIM compression, the bank may see some compression this quarter. However, given the bank’s huge share of the RAM portfolio, we do not anticipate considerable compression. Despite bank concerns about boosting deposits, PNB sees no barrier in deposit mobilization and believes it is sufficient to maintain advanced growth.
“We expect the bank’s earnings to remain solid because fee income is typically higher in Q1FY25 due to the bank charging customers processing fees. We expect the credit cost will remain around 1% due to ongoing recoveries, decreased slippages, and a decrease in the necessity for aging provisions. As a result, we anticipate the bank reporting strong results this quarter,” stated the StoxBox analyst.
PNB stock price outlook
Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggests an investment strategy for PNB shares. He advises current shareholders to set a stop loss at ₹96 to minimize potential losses. He recommends accumulating PNB shares in the ₹103 to ₹107 range, as the immediate resistance levels are between ₹120 and ₹125. Dongre advises waiting for a clear reversal pattern before making significant investments to ensure that the stock has bottomed out and is ready for recovery.
Challenges and Outlook
While PNB has a significant presence in the banking sector, it confronts the same issues as any large financial institution, including as managing non-performing assets (NPAs), sustaining profitability, and adjusting to technological changes. The bank continues to improve its operations and expand its services.
Subsidiary and Associates
PNB operates various subsidiaries and joint ventures that provide specialized services such as asset management, insurance, and housing finance.
PNB is a major player in India’s banking industry, noted for its diverse services, large customer base, and considerable contributions to the economy.
Read Also: Punjab National Bank Q3 earnings: Net profit triples to Rs 2,222 crore.
