Credit Cost to Remain Elevated; Reiterate HOLD Punjab National Bank (PNB) has delivered a healthy performance in 1QFY18. Its PAT surged by 12.1% YoY and 31.2% QoQ to Rs3.4bn led by lower provisioning expenses (-4.7% YoY & -54.7% QoQ to Rs26.1bn) and higher treasury and exchange income (+47.2% YoY and +0.3% QoQ to Rs10.7bn). Fresh slippages declined to Rs66.5bn in 1QFY18 vs. Rs69bn in 4QFY17 and Rs92.3bn in 1QFY17. On QoQ basis, PNB's loan book dipped by 4.7% owing to 17.8%, 4% and 3.3% QoQ decline in overseas, MSME and large corporate loan book, respectively. However, PNB witnessed...