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Punjab National Bank delivered a strong Q4 FY26 with net profit of ₹5,225 crore (+14.4% YoY) and operating profit of ₹7,500 crore (+10.7% YoY). Credit growth was robust at 12.7% YoY (15% ex-IBPC), driven by RAM segments (retail +18.2%, MSME +19.9%, agri +16.2%). Asset quality improved sharply with GNPA at 2.95% (vs 3.95% a year ago) and PCR at 97.14%. NIM compressed to 2.47% due to sticky deposit costs and full-quarter impact of the December rate cut, but management guided NIM recovery to 2.6-2.7% for FY27, supported by repricing of high-cost deposits and a shift toward higher-yielding RAM loans. Key risks include elevated deposit rates persisting and potential stress from West Asia exposure, though management downplayed near-term impact.
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Guidance to track
- Global NIM expected to improve from Q4 FY26 level of 2.47% to 2.6-2.7% in FY27, driven by deposit repricing and RAM mix shift.
- Loan growth to remain in double digits, supported by strong pipeline of ₹1.18 lakh crore undisbursed corporate sanctions.
- NI growth expected to trail credit growth due to conservative assumptions on NIM recovery and deposit costs.
- Network expansion focused on southern and western regions to deepen RAM presence.
Risks flagged
- Despite repricing of high-cost deposits, incremental deposit rates remain elevated, potentially capping NIM improvement.
- Analyst raised concern about ECL implementation from April 2027; management downplayed but did not quantify run-rate impact.
- Analyst asked about impact of Iran-USA-Israel conflict; management said no stress seen yet but remains vigilant.
- AFS reserves declined due to market fall on March 26; management noted recovery post-quarter but risk remains.
Key quotes
- We met or exceeded our stated guidance for 2025-26 financial year across most key parameters. The only areas of variance were the CASA ratios and margins which were largely influenced by liquidity and interest rate dynamics.
- Our recovery is 2.4x of the slippages in FY 2026 reflecting our commitment towards improving asset quality.
- We have enough cushion to take care of any requirement which will come on account of implementation of ECL from 1st April 2027.
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