PNB earnings were higher than estimates at Rs10.2bn (PLe: Rs6.1bn) on back of better set of operating internals i.e NII growth of 7% YoY & de-growth in opex by 8% YoY drove PPOP by 15% YoY/8% QoQ. Provisions still remain high with annualized rate of 2.5% of loans but given the context of COVID, it has done better than private peers and maintained PCR of 63% (80% incl. technical w.offs). Although, slippages of Rs82bn remain on higher side and...