2.70% Up
LIP: Is 88170
M Cap: Is 28,071 Cr
The stock oldie country’s Second-largest public sector lender rose by nearly 3per cent over the fortnight with 95 per cent spurt in delivery volumes, The bank has been the talk of the town owing to Its renewed focus on International banking, post the irwjuctiori of the new chairman and managing director, KR Kamath,
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who was the earlier heading Aliahabad Bank. In order to expand its presence In central Asia, the state owned lender will ac.quire a majority stake in Dana Bank based in Kazakhstan, The bank has also received RBI approval for setting up a subsidiary at Vancouver and to upgrade their representative office at Shanghai to a branch. PNB posted a net profit of Rs 926 crore in the September quarter compared with Rs 7O7crore In the corresponding quarter in the previous year Motilal Oswal has a ‘buy’ rating on the stock with a target of Rs 1,053, “We are Impressed by the sharp decline in the cost of deposits, improved yields in the quarter and traction on CASA growth. While 6 per cent restructured loan5 are relatively higher compared with BoB, Canara Bank and Union Bank. we believe our FY10 and Fyi 1 credit costs assumptions capture the likely asset quality deterioration,” states the report.
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