Punjab National Bank


BSE: 532461 | NSE: PNB | ISIN: INE160A01014 
Market Cap: [Rs.Cr.] 28,231 | Face Value: [Rs.] 10
Industry: Banks - Public Sector

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Auditor's Report

INDEPENDENT AUDITORS

To

The President of India

Report On the Financial Statements

1. We have audited the accompanying financial statements of Punjab National Bank as at31st March, 2013, which comprises of the Balance Sheet as at March 31, 2013 and Statementof Profit and Loss and the cash flow statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information. Incorporated in thesefinancial statements are the returns of 20 branches audited by us, 2404 branches auditedby Branch Auditors (including 1 off shore banking unit and 71 other offices) and 4 foreignbranches audited by local auditors. The branches audited by us and those audited by otherauditors have been selected by the Bank in accordance with the guidelines issued to theBank by the Reserve Bank of India. Also incorporated in the Balance Sheet and theStatement of Profit and Loss are the returns from 3507 branches which have not beensubjected to audit. These unaudited branches account for 8.94 per cent of advances, 28.95per cent of deposits, 6.58 per cent of interest income and 22.71 per cent of interestexpenses.

Management's Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements inaccordance with Banking Regulation Act, 1949. This responsibility includes the design,implementation and maintenance of internal control relevant to the preparation of thefinancial statements that are free from material misstatement, whether due to fraud orerror.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with the Standards on Auditing issued bythe Institute of Chartered Accountants of India. Those Standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgement, including the assessment of the risks of material misstatement of thefinancial statements, whether due to fraud or error. In making those risk assessments, theauditor considers internal control relevant to the Bank's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

6. Emphasis of Matter:

Without qualifying our opinion, we draw attention to Note No. 15 in Schedule 18 to thefinancial statements, which describes deferment of pension and gratuity liability of theBank to the extent of ` 1329.46 crores pursuant to the exemption granted by the ReserveBank of India to the public sector banks from application of the provisions of AccountingStandard (AS) 15, Employee Benefits vide its circular no. DBOD. BP.BC/80/21.04.018/2010-11 on Re-opening of Pension Option to Employees of Public SectorBanks and Enhancement in Gratuity Limits - Prudential Regulatory Treatment.

Opinion

7. In our opinion, as shown by the books of the bank, and to the best of ourinformation and according to the explanations given to us:

(i) the Balance Sheet, read with the notes thereon is a full and fair Balance Sheetcontaining all the necessary particulars, is properly drawn up so as to exhibit a true andfair view of state of affairs of the Bank as at 31st March 2013 in conformity withaccounting principles generally accepted in India;

(ii) the Profit and Loss Account, read with the notes thereon shows a true balance ofprofit, in conformity with accounting principles generally accepted in India, for the yearcovered by the accounts; and

(iii) the Cash Flow Statement gives a true and fair view of the cash flows for the yearended on that date.

Report on Other Legal and Regulatory Requirements

8. The Balance Sheet and the Profit and Loss Account have been drawn up in Forms"A" and "B" respectively of the Third Schedule to the BankingRegulation Act, 1949.

9. Subject to the limitations of the audit indicated in paragraph 3 to 6 above and asrequired by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 andsubject also to the limitations of disclosure required therein, we report that:

(a) We have obtained all the information and explanations which to the best of ourknowledge and belief, were necessary for the purposes of our audit and have found them tobe satisfactory.

(b) The transactions of the Bank, which have come to our notice have been within thepowers of the Bank.

(c) The returns received from the offices and branches of the Bank have been foundadequate for the purposes of our audit.

10. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statementcomply with the applicable accounting standards.

For Borkar & Muzumdar For G S Madhava Rao & Co.
Chartered Accountants Chartered Accountants
FRN. 101569W FRN. 001907S
(Rajesh.C.Batham) (G.Manikya Prasad)
Partner Partner
M.No. 035941 M.No. 020105
For Phillipos & Co. For K N Gutgutia & Co.
Chartered Accountants Chartered Accountants
FRN. 002650S FRN. 304153E
(C.H. Sreedharan) (B.R.Goyal)
Partner Partner
M.No. 006281 M.No. 012172
For CVK & Associates For Ramesh Kapoor & Co.
Chartered Accountants Chartered Accountants
FRN. 101745W FRN. 001477N
(A.K.Pradhan) (Ramesh Kapoor)
Partner Partner
M.No. 032156 M.No. 080725

Place: New Delhi

Date : 09.05.2013

   

Peer Comparison

Company Market Cap
(Rs. in Cr.)
P/E (TTM)
(x)
P/BV (TTM)
(x)
EV/EBIDTA
(x)
ROE
(%)
ROCE
(%)
D/E
(x)
St Bk of India 150,642.89 13.51 1.38 14.51 15.4 0.0 0.00
Bank of Baroda 33,325.25 7.42 1.02 15.30 15.1 0.0 0.00
Punjab Natl.Bank 28,230.60 7.70 0.89 12.68 16.5 0.0 0.00
Bank of India 14,104.03 4.82 0.59 14.59 13.0 0.0 0.00
Canara Bank 12,696.18 4.97 0.54 11.92 13.2 0.0 0.00
IDBI Bank 10,626.10 9.18 0.50 12.70 10.2 0.0 0.00
Union Bank (I) 9,599.47 5.03 0.59 13.67 15.0 0.0 0.00
UCO Bank 7,584.96 5.95 0.81 13.54 9.1 0.0 0.00
Oriental Bank 6,853.07 6.03 0.56 12.44 11.5 0.0 0.00
Central Bank 6,772.46 0.00 0.50 13.46 8.3 0.0 0.00
I O B 6,423.81 16.35 0.46 13.27 4.9 0.0 0.00
Syndicate Bank 6,286.40 3.32 0.64 14.12 22.8 0.0 0.00
Indian Bank 6,101.16 5.17 0.56 12.64 15.7 0.0 0.00
Allahabad Bank 5,157.46 4.52 0.47 12.83 11.8 0.0 0.00
Corporation Bank 4,750.60 5.42 0.47 12.57 16.1 0.0 0.00

Futures & Options Quote

 
Expiry Date
782.90 16.05  (2.1%)
Instrument: FUTSTK
Expiry Date: 24 Apr 2014
Open Price: 774.00
Average Price: 774.02
No. of Contracts Traded: 5,072,500
Open Interest: 5,249,000
Underlying: PNB
Market Lot: 500
Previous Close: 782.90
Day’s High | Low: 786.70 | 757.90
Turnover (Cr.): 392.62
Open Int. Change: 35,000.00 (0.7% )
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Key Information

Key Executives:

K R Kamath , Chairman & Managing Director  

Mushtaq Ataullah Antulay , Director(PartTime NonOfficial)  

Anurag Jain , Nominee (Govt)  

B B Chaudhry , Director(PartTime NonOfficial)  


Company Head Office / Quarters:
7 Bhikhaiji Cama Place,
,
New Delhi,
New Delhi-110607
Phone : 91-11-26102303/26108205/26196487
Fax : 91-11-26160149/26196462/26196456
E-mail :
hosd@pnb.co.in
cosecretary@pnb.co.in
Web : http://www.pnbindia.in
Registrars:
Beetal Fin.&Computer Ser.P Ltd
Beetal House 3rd Flr
99 Madangir

New Delhi - 110062

Fund Holding

 
Scheme Name No. of Shares
HDFC Equity Fund - (G) 1,737,367
HDFC Top 200 Fund (G) 1,374,246
HDFC Tax Saver Fund (G) 1,224,600

Calendar

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