*Deterioration:PNB Q1*

Today PNB can report disappointing financials with all-round deterioration in ASSET Quality

1) *Gnpa should be 13.90% YoY 12.25,%*

2) *Fresh slippage can be 6650cr Vs mkt estimate of 5000cr*

3) GROSS NPA CAN BE 57700+CR

4) _Actually Loss from operations. Small Profit possible only due to Tax write back_

Overall results should be poor than estimates and YoY

Outlook not encouraging as *CAG in its report has observed that PNB has made much less provision than required under RBI guidelines*

FUTURE PROVISIONS CAN INCREASE DUE TO AGEING AND FOR CASES REFERRED TO NCLT UNDER IBC