SBI vs Punjab National Bank
Punjab National Bank trades below its peers' median P/E (24% below), State Bank of India above it (14% above).
State Bank of India earns the higher return on assets: 1.1% against 0.9%.
Punjab National Bank grew revenue faster over three years: 14.9% a year against 14.6% a year.
State Bank of India fires fewer of our forensic red flags: 0 of 14 judged against 1 of 14 judged.
The latest change on file is State Bank of India's, on 3 Nov 2026: Q2 FY2027 results filed.
State Bank of India trades at a P/E of 10.37: 6th of 10 among its peers (peer median 9.1).
State Bank of India: the full company page →Punjab National Bank trades at a P/E of 6.32: 4th of 12 among its peers (peer median 8.3).
Punjab National Bank: the full company page →State Bank of India and Punjab National Bank, figure by figure
| Figure | SBI | Punjab National Bank | Leads |
|---|---|---|---|
| Market cap | ₹9,37,846 Cr | ₹1,44,294 Cr | State Bank of India, larger |
| P/E | 10.37 | 6.32 | Punjab National Bank, cheaper |
| P/B | 1.77 | 0.87 | Punjab National Bank, cheaper |
| Dividend yield | 1.8% | 2.4% | Punjab National Bank, higher |
| Return on assets | 1.1% | 0.9% | State Bank of India, higher |
| Net interest margin | 2.8% | 2.5% | State Bank of India, higher |
| Cost to income | 51.1% | 51.8% | State Bank of India, leaner |
| Gross NPA | 1.4% | 2.5% | State Bank of India, lower |
| Net NPA | 0.4% | 0.2% | Punjab National Bank, lower |
| Loan growth | 17.2% | 13.7% | State Bank of India, faster |
| Revenue growth, 3 years | 14.6% a year | 14.9% a year | Punjab National Bank, faster |
| EPS growth, 3 years | 13.8% a year | 73.9% a year | Punjab National Bank, faster |
| 1-year return | +6.8% | +2.6% | State Bank of India, higher |
| 5-year return | +13.9% a year | +23.9% a year | Punjab National Bank, higher |
| Our valuation view | Fair, high confidence | Cheap, medium confidence | Punjab National Bank, cheaper view |
| Risk level | CLEAN | WATCH | State Bank of India, lower |
| Forensic red flags | 0 red of 14 judged | 1 red of 14 judged | State Bank of India, fewer |
The leading figure is in green: the lower for P/E, P/B, cost to income, NPAs, risk and red flags, the higher for the rest. P/E and P/B on the latest price; growth rates are yearly averages; returns are price only. Our valuation view and the red flags are explained on each company's page.
Which is bigger, State Bank of India or Punjab National Bank?
State Bank of India is the bigger company by market value: ₹9,37,846 Cr against ₹1,44,294 Cr for Punjab National Bank, about 6.5 times as large.
State Bank of India market cap is ₹9,37,846 crore (large cap), making it the 6th largest listed company on the NSE.
Punjab National Bank market cap is ₹1,44,294 crore (large cap), making it the 71st largest listed company on the NSE.
Which is cheaper on valuation, State Bank of India or Punjab National Bank?
Punjab National Bank is the cheaper of the two on P/E: 6.32 against 10.37 for State Bank of India.
On price to book, Punjab National Bank is also the cheaper: 0.87 against 1.77.
Against their own peers' median P/E, State Bank of India trades 14% above its own (9.1) and Punjab National Bank trades 24% below its own (8.3).
Our valuation view: fair on State Bank of India (high confidence) and cheap on Punjab National Bank (medium confidence). The view weighs the multiples against each company's peers and its own history.
Which is more profitable, State Bank of India or Punjab National Bank?
State Bank of India is the more profitable on return on assets: 1.1% against 0.9% for Punjab National Bank.
Net interest margin: State Bank of India 2.8%, Punjab National Bank 2.5%.
Cost to income: State Bank of India 51.1%, Punjab National Bank 51.8%.
Which grew faster, State Bank of India or Punjab National Bank?
Punjab National Bank grew faster over the last three years: revenue up 14.9% a year against 14.6% a year for State Bank of India.
EPS growth, 3 years: Punjab National Bank 73.9% a year, State Bank of India 13.8% a year.
Loan growth: State Bank of India 17.2%, Punjab National Bank 13.7%.
Which has cleaner accounts, State Bank of India or Punjab National Bank?
State Bank of India has the cleaner accounts on our forensic checks: 0 red flags of 14 judged against 1 of 14 judged for Punjab National Bank.
State Bank of India: risk level CLEAN, 14 of 22 lender flags judged.
Punjab National Bank: risk level WATCH, 14 of 22 lender flags judged.
A red flag is a figure out of line with what clean accounts show, not a finding of wrongdoing.
What these figures tell you
More comparisons
What this page rests on
Every figure is the one State Bank of India's and Punjab National Bank's own pages print, from their filings with the exchanges and our arithmetic on them; each company is set against its own peer set. A side-by-side reading of the figures on both company pages, not a recommendation to buy, sell or hold either share. Which figure matters more depends on what you are looking for.