CRISIL Reaffirms PNB's Ratings: AA+ Stable for Tier I, AAA Stable for Tier II & Infra Bonds
CRISIL reaffirmed PNB's ratings: AA+/Stable for Basel III Tier I Bonds and AAA/Stable for Basel III Tier-II Bonds and Infrastructure Bonds. Ratings for Certificate of Deposits reaffirmed at A1+. Ratings on redeemed bonds totaling ₹5,294 crore were withdrawn. The ratings reflect strong government support, market position, and capital adequacy.
While the reaffirmation of ratings is positive, it does not represent a significant upgrade or a new development that would drastically alter the bank's market standing or borrowing costs. It confirms the existing stable outlook.
The reaffirmation of strong ratings by CRISIL, particularly 'AAA' for Tier-II and Infrastructure Bonds and 'AA+' for Tier I Bonds, indicates a stable and positive outlook on the bank's creditworthiness.
CRISIL Ratings Limited has reaffirmed its ratings for Punjab National Bank's (PNB) various debt instruments. The ratings for Basel III Tier I Bonds have been reaffirmed at CRISIL AA+/Stable, while Basel III Tier-II Bonds and Infrastructure Bonds have been reaffirmed at CRISIL AAA/Stable. The Certificate of Deposits rating has also been reaffirmed at CRISIL A1+.
CRISIL has also withdrawn its ratings on certain redeemed Tier II bonds and infrastructure bonds aggregating ₹2,494 crore and ₹2,800 crore, respectively, upon request and receipt of redemption documentation. These ratings continue to factor in the strong support expected from the Government of India, PNB's established market position, adequate capitalization, and healthy resource profile. However, these strengths are partially offset by modest, albeit improving, asset quality and profitability.
The bank's consolidated net worth stood at ₹1,42,905 crore as of September 30, 2025, with Tier I and overall CAR at 14.41% and 17.19%, respectively. PNB maintains a strong market position as the third-largest public sector bank with gross advances of ₹11,69,592 crore as of September 30, 2025. Its resource profile is characterized by a large, stable, and diversified deposit base of ₹16,29,131 crore as of September 30, 2025.
Asset quality has shown improvement, with gross non-performing assets (GNPA) decreasing to 3.4% as on September 30, 2025, from 3.9% as on March 31, 2025. The provision coverage ratio remained high at 90.0% as of September 30, 2025. Profitability, measured by return on average total assets (RoA), was 0.7% (annualised) in the first half of fiscal 2026, moderated due to a reversal in deferred tax asset. Liquidity is assessed as superior, supported by a strong retail deposit base and a liquidity coverage ratio of 141.67% as on September 30, 2025.
CRISIL believes PNB's ESG profile supports its strong credit risk profile, with initiatives in emissions reduction, Scope 3 emissions disclosure, lower attrition rates, and higher gender diversity compared to peers. The bank's governance structure includes independent directors, independent board chairperson, and a dedicated investor grievance redressal system.
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