PNB has reported a significant increase in earnings, driven by a reduction in provisions and an increase in operating profit. This has resulted in a positive return on assets and return on equity.

The bank has also seen strong bad loan recoveries, resulting in a low net non-performing loan ratio. However, the bank's core pre-provision operating profit has declined due to higher employee benefit provisions and subdued net interest income and fees.

The bank's stock is currently trading at a certain multiple of its estimated adjusted book value, and Sharekhan maintains a "Buy" rating on the stock with a revised price target.