We expect asset quality stress would continue to persist along with lofty credit cost in next 5-6 quarters, which would keep PNB's RoAs depressed at ~0.2-0.7% & RoEs at ~5-12% over FY17E-18E. Its provisioning converge ratio excluding technical writtenoff loans at 37% is way below the comfort level for which profitability will continue to get impacted owing to higher credit cost. As we remain cautious on PNB's asset quality and operational performance, we continue to assign REDUCE recommendation on the...