Punjab National Bank (PNB) Q3 25/26 earnings summary

Executive summary

• Achieved steady progress in business growth, asset quality, profitability, and regulatory compliance in Q3 FY26, with a focus on expanding retail business and digital initiatives.

• Net profit for Q3 FY26 reached ₹5,100 Cr, up 13.1% year-over-year, with operating profit at ₹7,481 Cr, up 13.0% year-over-year.

• Return on Assets (ROA) improved to 1.06% and Return on Equity (ROE) to 17.80% for Q3 FY26.

• Asset quality strengthened, with Gross NPA at 3.19% (down 90 bps YoY) and Net NPA at 0.32% (down 9 bps YoY).

• Revamped mobile banking app and enhanced digital capabilities, including AI, ML, and analytics-driven business generation.

Financial highlights

• Global gross business stood at INR 28.92 trillion as of December 2025, up 9.5% YoY; global deposits at INR 16.60 trillion (8.5% YoY growth); global advances at INR 12.31 trillion (10.9% YoY growth).

• Net interest income for Q3 was INR 10,533 crore; total income for Q3 FY26 was ₹37,253 Cr, up 7.2% YoY.

• Operating profit for Q3 was INR 7,481 crore, up 13% YoY; net profit for Q3 was INR 5,100 crore, up 13.13% YoY.

• Cost-to-income ratio improved to 51.91% in Q3 FY26 from 54.16% in Q3 FY25.

• Earnings per share (not annualized) for Q3 FY26 was ₹4.44; book value per share (tangible) rose to ₹101.89.

Outlook and guidance

• Credit growth guidance for FY26 was 11–12%; actual YoY growth as of Dec'25 was 10.9%.

• Deposit growth guidance was 9–10%; actual YoY growth was 8.5%.

• NIM expected to remain stable in Q4 at Q3 levels; full-year domestic NIM guidance at 2.70%, global NIM at 2.60%.

• Gross NPA expected to remain below 3%, net NPA below 0.35% for FY26.

• Fee-based income expected to improve in FY27 with new verticals in supply chain, cash management, and credit cards.