Punjab National Bank stock reports stronger loan growth in H1 FY27

Published on 10/06/2026 at 14:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Punjab National Bank stock traded at INR 111.92 on October 6, while H1 FY27 global advances grew 14.80 percent year over year. Goldman Sachs set a INR 103 target.

PNB, INE160A01022, Illustration mit AI erstellt.

Punjab National Bank (ISIN INE160A01022) was last at INR 111.92 on the NSE on October 6, 2026, after provisional H1 FY27 figures showed global advances growing 14.80 percent year over year. The operating update gives the stock a clear test: loan growth is running ahead of deposit growth, while Goldman Sachs remains cautious on earnings quality.

Credit growth leads deposits

According to CNBC TV18 on October 2, 2026, PNB's global business reached INR 31.20 lakh crore for the six months ended September 30, 2026, up 11.95 percent from INR 27.87 lakh crore a year earlier. Global deposits rose 9.90 percent to INR 17.77 lakh crore, while global advances increased 14.80 percent to INR 13.43 lakh crore.

The gap between those two growth rates lifted the global credit-deposit ratio to 75.56 percent from 72.33 percent a year earlier. Domestic advances reached INR 12.59 lakh crore, rising 12.59 percent year over year and 4.55 percent from June 2026, giving PNB a stronger lending impulse but also increasing the importance of future deposit mobilization.

Goldman Sachs keeps a cautious view

The Financial Express reported on October 6, 2026, that Goldman Sachs retained its Sell rating on Punjab National Bank and set a 12-month target price of INR 103. The brokerage cited the expected normalization of credit costs and moderation in non-core earnings, despite the improvement in PNB's balance-sheet growth.

The analyst view contrasts with the broader published consensus. Investing.com lists a Buy consensus from 18 analysts, with an average 12-month target of INR 121.89, a high of INR 135 and a low of INR 92. The average target is INR 9.97 above the October 6 price, a difference of 8.91 percent.

Stock remains below yearly high

PNB was last at INR 111.92 on the NSE at 3:15 p.m. IST on October 6, 2026, down 0.38 percent from INR 112.35. The session range was INR 111.17 to INR 113.00, while the 52-week range stood at INR 98.50 to INR 135.15.

The bank's market capitalization was INR 1.3 trillion on October 6, 2026, and trading volume reached 8,419,298 shares. For investors, the key numerical tension is visible in the operating update: 14.80 percent global advance growth versus 9.90 percent deposit growth, alongside a Goldman Sachs target of INR 103 and a consensus target of INR 121.89.