punjab national bank (JPMorgan) Asset quality disappoints but valuations reasonable; maintain Overweight

PNB reported net profit of Rs12B, up 6% y/y; Margin contraction in line with expectations; Slippages remain high; Opex/fee income a positive surprise; Maintain Overweight
Date Rating Target Price Recommendation Price Broker house
5 May 2011 overweight 1300 (from 1350) 1116 JPMorgan Report

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