1. business and industrial

2QFY2015 Result Update | Banking
October 22, 2014
Punjab National Bank
BUY
Performance Highlights
CMP
Target Price
Particulars (` cr)
NII
Pre-prov. profit
PAT
2QFY15
4,151
2,876
575
1QFY15
4,380
3,125
1,405
% chg (qoq)
(5.2)
(8.0)
(59.1)
2QFY14
4,016
2,535
505
% chg (yoy)
3.4
13.5
13.8
Source: Company, Angel Research
Punjab National Bank (PNB) reported a weak set of numbers for 2QFY2015 with
net interest income (NII) growth of 3.4% yoy, weighed down by a charge of
`294cr on account of the funded interest term loan (FITL; on restructured loan).
Higher slippages during the quarter deteriorated the asset quality of the bank.
The tax rate was higher at 48.1% in 2QFY2015 as compared to 20.5% in
2QFY2014, which affected the earnings.
Business growth remains steady; Asset quality worsens: During 2QFY2015,
advances and deposits grew by 13.8% and 16.7% yoy respectively, resulting in
business growth of 15.4% yoy. Domestic advances grew at a sluggish pace, ie at
9.5% yoy, whereas international advances grew by 57.3% yoy. As a result, the
share of international advances went up to 13.8% as against 10.0% in
2QFY2014. Within domestic advances, the retail loan book grew by 19.7% yoy,
aided by 20.4% and 29.3% yoy growth in housing and car loans, respectively.
Industry loans grew by just 4.8% yoy, as the bank was cautious to lend to this
segment. CASA deposits grew by 9.7% yoy and 4.8% qoq, with Savings deposits
growing by 9.1% yoy. The domestic CASA ratio stood at 39.9% in 2QFY2015.
The NIM fell by 24bp qoq and 29bp yoy to 3.18%, on account of FITL and also due
to higher contribution of retail loans in the total loan book. Other income excl.
treasury grew at a healthy pace of 56.3% yoy due to higher recoveries from written off
accounts of `483cr during the quarter as compared to `69cr in 2QFY2014.
The asset quality weakened as Gross NPA and Net NPA increased by 17bp and
24bp qoq to 5.65% and 3.26%, respectively. The bank reported slippages of
`3,974cr, with slippage ratio of 4.5% in 2QFY2015. The provisioning expenses
increased by 90.6% qoq to `1,768cr, of which `1,638cr was provided for NPA.
Out of `1,638cr, `961cr is a regulatory provision and `677cr is over and above
the regulatory provision for NPA. As a result, the NPA coverage ratio improved to
59.1% in 2QFY2015 as compared to 55.27% in 2QFY2014. Slippage, out of
restructuring, was `1,276cr during the quarter. Fresh restructuring during the
quarter was higher at `3,282cr as compared to `2,769cr in 2QFY2014. The
restructuring book stood at `36,376cr as on 2QFY2015.
`932
`1,087
Investment Period
12months
Stock Info
Sector
Market Cap (` cr)
Beta
52 Week High / Low
Avg. Daily Volume
Face Value (`)
BSE Sensex
Nifty
Reuters Code
Bloomberg Code
Banking
33,727
1.7
1068/474
48,610
10
26,576
7,928
PNBK.NS
PNB@IN
Shareholding Pattern (%)
Promoters
58.9
MF / Banks / Indian Fls
19.6
FII / NRIs / OCBs
17.4
Indian Public / Others
Abs. (%)
4.1
3m
1yr
3yr
Sensex
3.4
27.2
58.3
PNB
3.2
27.8
(5.4)
Outlook and valuation: PNB’s 2QFY2015 results were below expectations, mainly
on account of continued asset quality woes. Going forward, as the economy
improves and asset quality gets better, the bank would likely report better
numbers. At the current market price, the stock trades at 0.8x FY2016E ABV. We
recommend a Buy rating on the stock.
Key financials
Y/E March (` cr)
NII
% chg
Net profit
% chg
NIM (%)
EPS (`)
P/E (x)
P/ABV (x)
RoA (%)
RoE (%)
FY2013
14,857
10.8
4,748
(2.8)
3.3
134.3
7.5
1.3
1.0
16.5
FY2014
16,146
8.7
3,342
(29.6)
3.2
92.3
11.0
1.2
0.6
10.2
Source: Source: Company, Angel Research
Please refer to important disclosures at the end of this report
FY2015E
17,609
9.1
4,084
22.2
3.0
112.8
8.0
1.0
0.7
11.3
FY2016E
20,319
15.4
5,506
34.8
3.0
152.1
5.9
0.8
0.8
13.8
Vaibhav Agrawal
022 – 3935 7800 Ext: 6808
[email protected]
Umesh Matkar
022 – 3935 7800 Ext: 6839
[email protected]
1
Punjab National Bank | 2QFY2015 Result Update
Exhibit 1: 2QFY2015 performance
Particulars (` cr)
2QFY15
1QFY15
% chg (qoq)
2QFY14
% chg (yoy)
FY2014
FY2013
% chg
Interest earned
11,462
11,589
(1.1)
10,734
6.8
43,223
41,898
3.2
- on Advances / Bills
8,654
8,836
(2.1)
8,023
7.9
32,393
31,860
1.7
- on investments
2,609
2,599
0.4
2,568
1.6
10,266
9,528
7.7
137
93
48.4
101
36.1
362
326
11.2
- on balance with RBI & others
- on others
61
62
(0.8)
41
48.0
202
184
9.8
Interest Expended
7,311
7,209
1.4
6,718
8.8
27,077
27,046
0.1
Net Interest Income
4,151
4,380
(5.2)
4,016
3.4
16,146
14,853
8.7
Other income
1,558
1,236
26.0
899
73.3
4,577
4,220
8.5
Other income excl. treasury
1,330
1,017
30.8
851
56.3
3,843
3,500
9.8
- Fee Income
591
735
(20)
531
11.3
2,380
2,169
9.7
- Treasury Income incl. MF Div.
228
219
4.1
48
375.0
734
720
1.9
- Recov. from written off a/cs
483
91
430.8
69
600.0
514
422
21.8
- Others
256
191
33.9
251
2.0
949
909
4.4
Operating income
5,710
5,616
1.7
4,915
16.2
20,723
19,072
8.7
Operating expenses
2,834
2,491
13.8
2,380
19.1
9,338
8,165
14.4
- Employee expenses
2,034
1,767
15.1
1,659
22.6
6,510
5,675
14.7
- Other Opex
799
723
10.5
721
10.8
2,828
2,490
13.5
Pre-provision Profit
2,876
3,125
(8.0)
2,535
13.5
11,384
10,907
4.4
Provisions & contingencies
1,768
928
90.6
1,899
(6.9)
6,694
4,386
52.6
- Provisions for NPAs
1,638
1,336
22.6
1,005
63.0
4,518
3,336
35.4
130
(408)
(131.8)
894
(85.5)
1,394
941
48.2
- Other Provisions
PBT
1,108
2,198
(49.6)
636
74.2
4,691
6,522
(28.1)
Provision for Tax
533
793
(32.8)
131
307.9
1,348
1,774
(24.0)
PAT
575
1,405
(59.1)
505
13.8
3,343
4,748
(29.6)
Effective Tax Rate (%)
48.1
36.1
1201bp
20.5
2754bp
28.7
27.2
154bp
Source: Company, Angel Research
October 22, 2014
2
Punjab National Bank | 2QFY2015 Result Update
Exhibit 2: 2QFY2015 performance analysis
Particulars
2QFY15
1QFY15
% chg (qoq)
2QFY14
% chg (yoy)
Advances (` cr)
3,57,093
3,47,485
2.8
3,13,852
13.8
Deposits (` cr)
4,73,511
4,44,920
6.4
4,05,699
16.7
75.4
78.1
(269)bp
77.4
(195)bp
29,497
27,057
9.0
26,175
12.7
Saving deposits (` cr)
1,42,079
1,36,586
4.0
1,30,207
9.1
CASA deposits (` cr)
1,71,576
1,63,643
4.8
1,56,382
9.7
Reported CASA ratio (%)
39.9
39.9
(1)bp
40.7
(81)bp
CAR (%)
11.8
11.5
27bp
11.6
17bp
8.7
8.8
(12)bp
9.0
(27)bp
Cost of deposits
6.1
6.1
3bp
6.4
(30)bp
Yield on advances
9.9
10.3
(38)bp
10.4
(54)bp
Yield on investments
8.0
8.0
2bp
7.9
10bp
8.00
8.26
(26)bp
8.4
(41)bp
Cost of funds
5.1
5.1
(4)bp
5.3
(16)bp
Reported NIM
3.18
3.4
(24)bp
3.5
(29)bp
Cost-to-income ratio
49.6
44.4
528bp
48.4
120bp
20,752
19,604
5.9
16,526
25.6
Credit-to-Deposit Ratio (%)
Current deposits (` cr)
Tier 1 CAR (%)
Profitability Ratios (%)
Yield on funds
Asset quality
Gross NPAs (` cr)
Gross NPAs (%)
5.65
5.48
17bp
5.1
51bp
Net NPAs (` cr)
11,618
10,464
11.0
9,609
20.9
Net NPAs (%)
3.3
3.0
24bp
3.1
19bp
59.1
60.0
(90)bp
55.3
383bp
Slippage ratio (%)
4.5
3.4
105bp
3.9
56bp
Credit cost (%)
1.2
1.0
19bp
0.8
36bp
Provision Coverage Ratio (%)
Source: Company, Angel Research
Business growth remains steady
Business for the bank grew at a steady pace during the quarter with advances and
deposits growing by 13.8% and 16.7% yoy, respectively. Within advances, while
MSME and retail advances registered a healthy growth of 24.3% and 19.7% yoy,
respectively, the corporate loan book de-grew by 3.1% yoy. Within retail advances,
secured products like housing and car/vehicle loans grew at a healthy pace of
20.4% and 29.3% yoy, respectively. Overseas advances grew by 57.3% yoy and
now constitute ~14% of the bank’s total loan book.
On the liabilities front, current deposits registered an increase of 12.7% yoy, while
saving deposits grew at a moderate pace of 9.1% yoy. CASA deposits grew by
9.7% and the CASA ratio fell to 39.9%. Term deposit grew by 14.0% yoy, much
higher than CASA deposits.
October 22, 2014
3
Punjab National Bank | 2QFY2015 Result Update
Exhibit 3: Business growth remains steady
Dep. yoy chg (%)
Exhibit 4: CASA ratio lowers yoy
CDR (%, RHS)
80.0
20.0
6.5
1.2
9.7
9.0
13.1
15.3
13.9
12.1
13.8
16.7
76.0
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
9.0
35.0
6.0
34.0
33.0
-
74.0
Source: Company, Angel Research
12.0
36.0
36.2
75.4
9.7
9.1
9.0
36.8
10.0
37.0
38.3
78.0
77.4
5.0
CASA yoy growth (%, RHS)
15.0
38.3
77.4
77.5
Calculated CASA ratio (%)
15.6
12.7
38.0
78.1
15.0
39.0
38.5
Adv. yoy chg (%)
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3.0
-
32.0
Source: Company, Angel Research
NIM fell by 24bp qoq on lower yield on advances
The bank’s cost of deposits increased sequentially by 3bp to 6.14% for the quarter,
though the term deposit cost was down to 7.2% from 7.6% in 1QFY2015. The
bank’s yield on advances went down by 38bp qoq to 9.9% mainly on account of
FITL to the extent of `294cr. Overall, the yield on funds for the bank fell by 26bp
qoq to 8.0%. The reported NIM for the bank fell by 24bp qoq to 3.18%. Going
forward, the Management expects the NIM to be around 3.25-3.30% for FY2015.
Exhibit 5: Yield on advances lower by 38bp qoq...
Exhibit 6: ..hence, NIM fell by 24bp qoq to 3.18%
(%)
(%)
11.0
3.6
10.5
10.44
10.60
10.0
3.42
3.4
10.28
9.94
3.57
3.47
9.9
3.2
3.2
3.18
3
9.5
2.8
2.6
9.0
2QFY14
3QFY14
Source: Company, Angel Research
4QFY14
1QFY15
2QFY15
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
Source: Company, Angel Research
Non-interest income (excluding treasury) grows at healthy pace
During 2QFY2015, the non-interest income (excl. treasury) grew 56.3% yoy on
back of higher recoveries from written off accounts and higher treasury income.
Recoveries went up by 600% yoy to `483cr, whereas treasury income grew to
`228cr as compared to `48cr in 2QFY2014 with healthy growth in dividend from
mutual funds. Overall the other income for the bank grew by 73.3% yoy to
`1,558cr.
October 22, 2014
4
Punjab National Bank | 2QFY2015 Result Update
Exhibit 7: CEB and Recoveries aid non-interest income performance
Particulars (` cr)
2QFY15
1QFY15
% chg (qoq)
2QFY14
% chg (yoy)
CEB
591
735
(19.6)
531
11.3
Treasury incl. MF Dividend
228
219
4.1
48
375.0
Forex
128
97
32.0
161
(20.5)
Recoveries
483
91
430.8
69
600.0
Others
128
94
35.9
91
41.1
Other income
1,558
1,236
26.0
900
73.2
Other income excl. treasury
1,330
1,017
30.8
852
56.1
Source: Company, Angel Research
Asset quality continues to witness pressure
During 2QFY2015, the asset quality worsened with Gross NPA ratio down to
5.65% as compared to 5.48% in 1QFY2015. The slippages during the quarter
have been higher at `3,974cr, consisting of `3,565cr of fresh slippages and
`409cr of increase in existing slipped accounts. Out of the fresh slippages,
`1,276cr has come from slippage in the restructured assets. The Provision
Coverage Ratio improved from 55.3% in 2QFY2014 to 59.1% in 2QFY2015, as
the bank made provisions of `677cr, complying with regulatory requirements.
0.6
3.0
4.5
1.0
3.4
0.2
5.8
1.0
1.9
0.4
4.0
2.0
2.0
-
2QFY14
3QFY14
4QFY14
Source: Company, Angel Research
1QFY15
2QFY15
59.0
4.0
58.0
57.0
56.0
55.3
55.0
3.3
3.0
61.0
60.0
5.7
0.8
58.6
5.0
59.1
59.1
3.0
4.0
PCR (%, RHS)
60.0
5.5
1.0
0.9
Net NPAs (%)
2.9
0.8
1.2
Gross NPAs (%)
6.0
5.3
1.0
1.4
2.8
1.2
6.0
5.0
Credit cost (%, RHS)
5.0
1.3
3.1
Slippages (%)
7.0
Exhibit 9: ...resulting in higher NPA ratio qoq
5.1
Exhibit 8: Slippages ratio rises qoq
-
54.0
53.0
52.0
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
Source: Company, Angel Research;
Cost-to-income ratio increases on higher employee expenses
and lower net interest income
Operating expenses for the bank increased by 19.1% yoy, mainly on account of
22.6% yoy growth in employee expenses. The bank has revised employee related
provisions, factoring in a hike of 15%. Interest income was lower on account of
FITL to the extent of `294cr as on 2QFY2015. As a result, the cost to income ratio
increased by 120bp yoy to 49.6% in 2QFY2015.
October 22, 2014
5
Punjab National Bank | 2QFY2015 Result Update
Exhibit 10: Steady branch expansion continues
6,200
8,000
50.0
6,000
40.0
6,100
4,000
6,075
6,200
6,340
6,351
5,900
6,019
6,000
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
5,800
October 22, 2014
1.9
1.7
1.5
30.0
1.0
20.0
2,000
-
Source: Company, Angel Research
2.0
10.0
49.6
7,954
Opex to average assets (%, RHS)
2.5
2.0
1.8
2.0
44.4
6,698
7,717
60.0
41.2
6,577
6,940
Cost-to-income ratio (%)
10,000
47.6
6,300
ATMs (RHS)
48.4
Branches
6,400
Exhibit 11: Cost ratios increase qoq
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
-
0.5
-
Source: Company, Angel Research
6
Punjab National Bank | 2QFY2015 Result Update
Outlook and valuation
PNB’s 2QFY2015 results were below expectations, mainly on account of continued
asset quality woes. Going forward, as the economy improves and asset quality gets
better, the bank would likely report better numbers. At the current market price, the
stock trades at 0.8x FY2016E ABV. We recommend a Buy rating on the stock.
Exhibit 12: Recommendation summary
CMP
(`)
Tgt. price
(`)
Upside
(%)
FY2016E
P/ABV (x)
FY2016E
Tgt. P/ABV (x)
FY2016E
P/E (x)
FY2014-16E
EPS CAGR (%)
FY2016E
RoA (%)
FY2016E
RoE (%)
896
1,014
13.2
3.5
4.0
17.2
21.4
1.9
22.3
Buy
1,578
1,881
19.2
2.0
2.5
13.8
16.2
1.5
15.6
Buy
624
742
19.0
1.9
2.3
10.7
13.9
1.6
19.0
423
501
18.4
2.0
2.4
11.7
16.8
1.8
18.0
2,585
2,974
15.1
1.4
1.4
10.6
29.0
0.8
13.9
-
-
1.4
-
11.2
13.1
1.2
13.2
25
36
40.9
0.9
1.2
5.9
6.8
0.9
15.0
884
1,021
15.5
0.9
1.0
6.3
15.5
0.8
14.2
932
1,087
16.7
0.9
1.0
6.1
28.3
0.8
13.8
81
101
24.4
0.6
0.8
4.3
13.1
0.7
15.0
Buy
268
317
18.5
0.6
0.7
4.4
19.5
0.6
12.9
UnionBk
Accumulate
220
235
6.7
0.7
0.8
5.0
25.2
0.6
13.5
CanBk
Neutral
391
-
-
0.7
-
5.2
19.1
0.6
12.4
IDBI#
Buy
66
76
15.6
0.4
0.5
4.9
38.7
0.5
8.9
DenaBk
Buy
61
75
24.0
0.5
0.6
4.0
22.0
0.6
11.5
Company
Reco.
HDFCBk
Accumulate
ICICIBk*
YesBk
AxisBk
Buy
SBI*
Buy
FedBk
Neutral
141
SIB
Buy
BOB
Buy
PNB
Buy
UcoBk
Buy
BOI
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF
Company Background
Punjab National Bank is the country's third-largest PSU bank, with a balance sheet
size of around `5.6lakh cr and a pan-India network of around 6,351 branches.
The bank's network is primarily spread across north India, ie in Punjab, Haryana
and Uttar Pradesh. Almost 63% of its branches are based in rural and semi-urban
hinterland, which results in a large legacy of low-cost CASA deposits.
October 22, 2014
7
Punjab National Bank | 2QFY2015 Result Update
Income statement
Y/E March (` cr)
Net Interest Income
- YoY Growth (%)
Other Income
FY11
FY12
FY13
FY14
FY15E
FY16E
11,807
13,414
14,857
16,146
17,609
20,319
39.3
13.6
10.8
8.7
9.1
15.4
3,613
4,203
4,216
4,577
5,302
5,436
0.1
16.3
0.3
8.6
15.9
2.5
15,420
17,617
19,073
20,723
22,911
25,755
27.6
14.2
8.3
8.7
10.6
12.4
6,364
7,003
8,165
9,338
10,803
11,962
33.6
10.0
16.6
14.4
15.7
10.7
9,056
10,614
10,908
11,384
12,108
13,793
- YoY Growth (%)
Operating Income
- YoY Growth (%)
Operating Expenses
- YoY Growth (%)
Pre - Provision Profit
- YoY Growth (%)
Prov. & Cont.
- YoY Growth (%)
23.6
17.2
2.8
4.4
6.4
13.9
2,492
3,577
4,386
6,694
5,727
5,575
75.3
43.6
22.6
52.6
(14.4)
(2.7)
6,564
7,037
6,522
4,690
6,381
8,218
- YoY Growth (%)
11.2
7.2
(7.3)
(28.1)
36.0
28.8
Prov. for Taxation
2,130
2,153
1,774
1,348
2,297
2,712
32.5
30.6
27.2
28.7
36.0
33.0
4,434
4,884
4,748
3,342
4,084
5,506
13.5
10.2
(2.8)
(29.6)
22.2
34.8
Profit Before Tax
- as a % of PBT
PAT
- YoY Growth (%)
Balance sheet
Y/E March (` cr)
Share Capital
Reserve & Surplus
Deposits
- Growth (%)
FY12
FY13
FY14
FY15E
FY16E
317
339
354
362
362
362
21,192
27,476
32,323
35,533
38,706
43,005
312,899
379,588
391,560
451,397
5,23,620
6,07,399
25.5
21.3
3.2
15.3
16.0
16.0
Borrowings
20,399
26,074
28,726
37,412
41,927
48,343
Tier 2 Capital
11,190
11,190
10,895
10,623
11,340
11,056
Other Liab. & Prov.
12,328
13,524
15,019
15,093
17,968
20,761
Total Liabilities
378,325
458,192
478,877
550,420
6,33,923
7,30,926
Cash Balances
23,777
18,493
17,886
22,246
26,181
30,370
Bank Balances
5,914
10,335
9,249
22,973
26,458
30,507
95,162
122,703
129,896
143,785
1,69,245
1,92,314
242,107
293,775
308,725
349,269
3,98,167
4,61,873
29.7
21.3
5.1
13.1
14.0
16.0
Fixed Assets
3,106
3,169
3,358
3,420
3,820
4,273
Other Assets
8,259
9,718
9,763
8,727
10,051
11,589
378,325
458,192
478,877
550,420
6,33,923
7,30,926
27.5
21.1
4.5
14.9
15.2
15.3
Investments
Advances
- Growth (%)
Total Assets
- Growth (%)
October 22, 2014
FY11
8
Punjab National Bank | 2QFY2015 Result Update
Ratio analysis
Y/E March
FY11
FY12
FY13
FY14
FY15E
FY16E
Profitability ratios (%)
NIMs
3.6
3.3
3.3
3.2
3.0
3.0
41.3
39.8
42.8
45.1
47.2
46.4
RoA
1.3
1.2
1.0
0.6
0.7
0.8
RoE
24.4
21.1
16.5
10.2
11.3
13.8
CASA Ratio
38.5
35.3
39.2
38.3
38.1
37.9
Credit/Deposit Ratio
77.4
77.4
78.8
77.4
76.0
76.0
CAR
12.4
12.6
12.3
11.5
11.2
10.6
8.4
9.3
9.4
9.0
8.8
8.5
Gross NPAs
1.8
2.9
4.3
5.3
5.7
6.0
Net NPAs
0.8
1.5
2.3
2.8
3.0
2.7
Slippages
2.3
2.7
2.9
3.4
3.3
2.8
Cost to Income Ratio
B/S ratios (%)
- Tier I
Asset Quality (%)
Loan Loss Prov. /Avg. Assets
0.6
0.6
0.7
0.8
0.9
0.7
73.2
62.7
58.8
59.1
61.5
65.0
EPS
139.9
144.0
134.3
92.3
112.8
152.1
ABVPS (75% cover.)
628.2
733.3
802.2
845.2
924.8
1,060.5
22.0
22.0
27.0
0.0
21.5
28.5
PER (x)
6.6
6.4
6.8
9.9
8.0
5.9
P/ABVPS (x)
1.5
1.3
1.1
1.1
1.0
0.8
Dividend Yield
2.4
2.4
2.9
0.0
2.4
3.2
NII
3.5
3.2
3.2
3.1
3.0
3.0
(-) Prov. Exp.
0.7
0.9
0.9
1.3
1.0
0.8
Adj. NII
2.8
2.4
2.2
1.8
2.0
2.2
Treasury
0.1
0.1
0.1
0.1
0.1
0.1
Int. Sens. Inc.
2.8
2.4
2.3
2.0
2.1
2.2
Other Inc.
1.0
0.9
0.8
0.7
0.8
0.7
Op. Inc.
3.8
3.4
3.1
2.7
2.9
3.0
Opex
1.9
1.7
1.7
1.8
1.8
1.8
PBT
1.9
1.7
1.4
0.9
1.1
1.2
Taxes
0.6
0.5
0.4
0.3
0.4
0.4
RoA
1.3
1.2
1.0
0.6
0.7
0.8
Provision Coverage
Per Share Data (`)
DPS
Valuation Ratios
DuPont Analysis
October 22, 2014
Leverage
18.6
18.0
16.3
15.7
16.4
17.1
RoE
24.4
21.1
16.5
10.2
11.3
13.8
9
Punjab National Bank | 2QFY2015 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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Disclosure of Interest Statement
Punjab National Bank
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
October 22, 2014
Buy (> 15%)
Reduce (-5% to -15%)
Accumulate (5% to 15%)
Sell (< -15%)
Neutral (-5 to 5%)
10