{"id":313972,"date":"2026-10-16T14:56:42","date_gmt":"2026-10-16T09:26:42","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=313972"},"modified":"2026-10-16T14:56:42","modified_gmt":"2026-10-16T09:26:42","slug":"two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/","title":{"rendered":"3 Two State-Backed Banks Plus a Card-Rich Private Lender Stocks With a Strong Future Roadmap: ICICI Bank, Bank of Baroda and Punjab National Bank"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>ICICI Bank Rs 1,389.40, P\/E 16.27. Bank of Baroda Rs 228.00, P\/E 6.58. Punjab National Bank Rs 115.05, P\/E 6.00. Closing prices of 14 Oct 2026.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Two state-backed banks plus a card-rich private lender stocks with the clearest long-term roadmaps today include ICICI Bank in retail, business and corporate banking supported by a strong digital platform, Bank of Baroda in retail, corporate and MSME lending across India along with a sizeable international banking book and Punjab National Bank in retail, MSME, agriculture and corporate lending through one of the largest public sector bank networks. FY26 revenue growth was 6.0% at ICICI Bank, 2.6% at Bank of Baroda and 6.4% at Punjab National Bank. P\/E stands at 16.27 for ICICI Bank (industry 12.00), 6.58 for Bank of Baroda (industry 12.00) and 6.00 for Punjab National Bank (industry 12.00). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company&#8217;s risks need equal attention.<\/p>\n<\/p><\/div>\n<p>Two state-backed banks plus a card-rich private lender stocks give investors exposure to deposits, loans and payments for households and businesses. Credit growth, deposit costs and asset quality decide how much of that demand turns into profit.<\/p>\n<p>This list covers three two state-backed banks plus a card-rich private lender stocks: ICICI Bank for retail, business and corporate banking supported by a strong digital platform, Bank of Baroda for retail, corporate and MSME lending across India along with a sizeable international banking book and Punjab National Bank for retail, MSME, agriculture and corporate lending through one of the largest public sector bank networks. Every figure comes from the latest reported financials and the 14 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#What_Are_Two_State-Backed_Banks_Plus_a_Card-Rich_Private_Lender_Stocks\" title=\"What Are Two State-Backed Banks Plus a Card-Rich Private Lender Stocks?\">What Are Two State-Backed Banks Plus a Card-Rich Private Lender Stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#Two_State-Backed_Banks_Plus_a_Card-Rich_Private_Lender_Stocks_at_a_Glance\" title=\"Two State-Backed Banks Plus a Card-Rich Private Lender Stocks at a Glance\">Two State-Backed Banks Plus a Card-Rich Private Lender Stocks at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#Why_Do_Two_State-Backed_Banks_Plus_a_Card-Rich_Private_Lender_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Two State-Backed Banks Plus a Card-Rich Private Lender Stocks Have a Strong Roadmap in India?\">Why Do Two State-Backed Banks Plus a Card-Rich Private Lender Stocks Have a Strong Roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#ICICI_Bank_Retail_Banking_and_Digital_Reach_Drive_the_Pipeline\" title=\"ICICI Bank: Retail Banking and Digital Reach Drive the Pipeline\">ICICI Bank: Retail Banking and Digital Reach Drive the Pipeline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#Bank_of_Baroda_Domestic_and_Overseas_Lending_Drive_the_Pipeline\" title=\"Bank of Baroda: Domestic and Overseas Lending Drive the Pipeline\">Bank of Baroda: Domestic and Overseas Lending Drive the Pipeline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#Punjab_National_Bank_A_Wide_Branch_Network_Anchors_the_Roadmap\" title=\"Punjab National Bank: A Wide Branch Network Anchors the Roadmap\">Punjab National Bank: A Wide Branch Network Anchors the Roadmap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#Best_Two_State-Backed_Banks_Plus_a_Card-Rich_Private_Lender_Stocks_in_India_ICICI_Bank_vs_Bank_of_Baroda_vs_Punjab_National_Bank_on_Key_Financials\" title=\"Best Two State-Backed Banks Plus a Card-Rich Private Lender Stocks in India: ICICI Bank vs Bank of Baroda vs Punjab National Bank on Key Financials\">Best Two State-Backed Banks Plus a Card-Rich Private Lender Stocks in India: ICICI Bank vs Bank of Baroda vs Punjab National Bank on Key Financials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#How_to_Evaluate_Two_State-Backed_Banks_Plus_a_Card-Rich_Private_Lender_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate Two State-Backed Banks Plus a Card-Rich Private Lender Stocks to Buy Before You Invest\">How to Evaluate Two State-Backed Banks Plus a Card-Rich Private Lender Stocks to Buy Before You Invest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#Risks_to_Consider_Before_Investing_in_Two_State-Backed_Banks_Plus_a_Card-Rich_Private_Lender_Stocks\" title=\"Risks to Consider Before Investing in Two State-Backed Banks Plus a Card-Rich Private Lender Stocks\">Risks to Consider Before Investing in Two State-Backed Banks Plus a Card-Rich Private Lender Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#Final_Take_Which_Stock_Has_the_Strongest_Roadmap\" title=\"Final Take: Which Stock Has the Strongest Roadmap?\">Final Take: Which Stock Has the Strongest Roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#FAQs_on_Two_State-Backed_Banks_Plus_a_Card-Rich_Private_Lender_Stocks\" title=\"FAQs on Two State-Backed Banks Plus a Card-Rich Private Lender Stocks\">FAQs on Two State-Backed Banks Plus a Card-Rich Private Lender Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#Which_are_the_best_two_state-backed_banks_plus_a_card-rich_private_lender_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best two state-backed banks plus a card-rich private lender stocks in India with a strong roadmap?\">Which are the best two state-backed banks plus a card-rich private lender stocks in India with a strong roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#Is_ICICI_Bank_a_good_stock_to_buy_now\" title=\"Is ICICI Bank a good stock to buy now?\">Is ICICI Bank a good stock to buy now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#What_is_the_PE_ratio_of_ICICI_Bank_Bank_of_Baroda_and_Punjab_National_Bank\" title=\"What is the P\/E ratio of ICICI Bank, Bank of Baroda and Punjab National Bank?\">What is the P\/E ratio of ICICI Bank, Bank of Baroda and Punjab National Bank?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#Which_of_these_two_state-backed_banks_plus_a_card-rich_private_lender_stocks_has_the_highest_return_on_equity\" title=\"Which of these two state-backed banks plus a card-rich private lender stocks has the highest return on equity?\">Which of these two state-backed banks plus a card-rich private lender stocks has the highest return on equity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#What_are_the_risks_of_investing_in_two_state-backed_banks_plus_a_card-rich_private_lender_stocks\" title=\"What are the risks of investing in two state-backed banks plus a card-rich private lender stocks?\">What are the risks of investing in two state-backed banks plus a card-rich private lender stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#How_did_ICICI_Bank_Bank_of_Baroda_and_Punjab_National_Bank_perform_in_Q1_FY27\" title=\"How did ICICI Bank, Bank of Baroda and Punjab National Bank perform in Q1 FY27?\">How did ICICI Bank, Bank of Baroda and Punjab National Bank perform in Q1 FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#Do_two_state-backed_banks_plus_a_card-rich_private_lender_stocks_pay_dividends\" title=\"Do two state-backed banks plus a card-rich private lender stocks pay dividends?\">Do two state-backed banks plus a card-rich private lender stocks pay dividends?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/two-state-backed-banks-plus-a-card-rich-private-lender-stocks-roadmap-lookout-list\/#How_can_I_invest_in_two_state-backed_banks_plus_a_card-rich_private_lender_stocks_in_India\" title=\"How can I invest in two state-backed banks plus a card-rich private lender stocks in India?\">How can I invest in two state-backed banks plus a card-rich private lender stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Two_State-Backed_Banks_Plus_a_Card-Rich_Private_Lender_Stocks\"><\/span><strong>What Are Two State-Backed Banks Plus a Card-Rich Private Lender Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Two state-backed banks plus a card-rich private lender stocks are shares of companies that take deposits and lend to retail, farm, small business and corporate borrowers. Results depend on deposit costs, credit growth and asset quality, so asset quality and funding costs separate the stronger names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Two_State-Backed_Banks_Plus_a_Card-Rich_Private_Lender_Stocks_at_a_Glance\"><\/span><strong>Two State-Backed Banks Plus a Card-Rich Private Lender Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table compares size, valuation, return on equity and debt for the three two state-backed banks plus a card-rich private lender stocks as of the 14 Oct 2026 close.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Industry P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ROE<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/icicibank\/icici-bank-ltd-share-price-today\">ICICI Bank<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,389.40<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">972,030<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16.27<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.00%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/bankbaroda\/bank-of-baroda-share-price-today\">Bank of Baroda<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">228.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">121,062<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.58<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">13.18%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/pnb\/punjab-national-bank-share-price-today\">Punjab National Bank<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">115.05<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">132,743<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.13%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among banking stocks, ICICI Bank trades at a premium to the industry P\/E, while Bank of Baroda and Punjab National Bank trade at a discount.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Two_State-Backed_Banks_Plus_a_Card-Rich_Private_Lender_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Two State-Backed Banks Plus a Card-Rich Private Lender Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Two state-backed banks plus a card-rich private lender stocks have a strong roadmap in India because steady credit demand, stronger balance sheets and wider digital reach keep adding business for these banks. Three drivers stand out.<\/p>\n<ul>\n<li><strong>Credit demand:<\/strong> Households and firms borrow more as activity grows.<\/li>\n<li><strong>Stronger books:<\/strong> Lower bad loans free up capital for lending.<\/li>\n<li><strong>Digital reach:<\/strong> Apps and cards bring in more customers.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"ICICI_Bank_Retail_Banking_and_Digital_Reach_Drive_the_Pipeline\"><\/span><strong>ICICI Bank: Retail Banking and Digital Reach Drive the Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>ICICI Bank&#8217;s roadmap rests on retail, business and corporate banking supported by a strong digital platform, with a diversified loan book and a growing deposit base supporting growth.<\/p>\n<p>Revenue grew from Rs 157,536.32 crore in FY22 to Rs 312,118.36 crore in FY26, a 98.1% rise, and FY26 revenue was 6.0% higher than FY25. FY26 net profit rose 6.0% to Rs 57,673.39 crore. Over four years, net profit rose from Rs 25,783.83 crore in FY22 to Rs 57,673.39 crore. In Q1 FY27, revenue grew 6.9% to Rs 79,689.22 crore, and net profit rose 12.6% to Rs 16,209.74 crore.<\/p>\n<p>Return on equity is 15.00%. ICICI Bank paid a dividend of Rs 12 per share for FY26, a yield of 0.88%. At a P\/E of 16.27 against an industry P\/E of 12.00, the stock trades above its industry multiple.<\/p>\n<p>What to watch: The P\/E of 16.27 sits above the industry P\/E of 12.00, so earnings delivery matters for the valuation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bank_of_Baroda_Domestic_and_Overseas_Lending_Drive_the_Pipeline\"><\/span><strong>Bank of Baroda: Domestic and Overseas Lending Drive the Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bank of Baroda&#8217;s roadmap rests on retail, corporate and MSME lending across India along with a sizeable international banking book, with retail and corporate loan growth supporting earnings.<\/p>\n<p>Revenue grew from Rs 87,780.19 crore in FY22 to Rs 156,825.44 crore in FY26, a 78.7% rise, and FY26 revenue was 2.6% higher than FY25. FY26 net profit was Rs 19,477.16 crore. In Q1 FY27, revenue grew 7.6% to Rs 41,316.71 crore.<\/p>\n<p>Return on equity is 13.18%. Bank of Baroda paid a dividend of Rs 8.5 per share for FY26, a yield of 3.64%. At a P\/E of 6.58 against an industry P\/E of 12.00, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The P\/E of 6.58 against an industry P\/E of 12.00 leaves valuation less stretched, so the next quarters&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Punjab_National_Bank_A_Wide_Branch_Network_Anchors_the_Roadmap\"><\/span><strong>Punjab National Bank: A Wide Branch Network Anchors the Roadmap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Punjab National Bank&#8217;s roadmap rests on retail, MSME, agriculture and corporate lending through one of the largest public sector bank networks, with a wide deposit base supporting loan growth.<\/p>\n<p>Revenue grew from Rs 88,339.49 crore in FY22 to Rs 149,463.30 crore in FY26, a 69.2% rise, and FY26 revenue was 6.4% higher than FY25. FY26 net profit was Rs 18,466.70 crore.<\/p>\n<p>Return on equity is 15.13%. Punjab National Bank paid a dividend of Rs 3 per share for FY26, a yield of 2.60%. At a P\/E of 6.00 against an industry P\/E of 12.00, the stock trades below its industry multiple.<\/p>\n<p>What to watch: The P\/E of 6.00 against an industry P\/E of 12.00 leaves valuation less stretched, so the next quarters&#8217; growth is the figure to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Two_State-Backed_Banks_Plus_a_Card-Rich_Private_Lender_Stocks_in_India_ICICI_Bank_vs_Bank_of_Baroda_vs_Punjab_National_Bank_on_Key_Financials\"><\/span><strong>Best Two State-Backed Banks Plus a Card-Rich Private Lender Stocks in India: ICICI Bank vs Bank of Baroda vs Punjab National Bank on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the best two state-backed banks plus a card-rich private lender stocks in India, ICICI Bank ranks second on FY26 revenue growth and return on equity; Bank of Baroda leads on dividend yield; Punjab National Bank leads on FY26 revenue growth and return on equity. The table puts the numbers side by side.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Metric<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ICICI Bank<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Bank of Baroda<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Punjab National Bank<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">312,118.36<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">156,825.44<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">149,463.30<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue growth<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.0%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2.6%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 net profit (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">57,673.39<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19,477.16<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18,466.70<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Return on equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.00%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">13.18%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.13%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">P\/E ratio<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">16.27<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.58<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.00<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Dividend yield<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.88%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3.64%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2.60%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Bank earnings follow deposit costs, credit growth and asset quality, so full-year numbers and quarterly trends together give a better view.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Evaluate_Two_State-Backed_Banks_Plus_a_Card-Rich_Private_Lender_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate Two State-Backed Banks Plus a Card-Rich Private Lender Stocks to Buy Before You Invest<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A short checklist keeps the research consistent when you screen two state-backed banks plus a card-rich private lender stocks and shortlist two state-backed banks plus a card-rich private lender stocks to buy.<\/p>\n<ol>\n<li>Compare each stock&#8217;s P\/E with its industry P\/E, which is 12.00 for all three here.<\/li>\n<li>Check gross NPA, capital adequacy and profit growth together.<\/li>\n<li>Check whether revenue growth is turning into profit growth, not only sales.<\/li>\n<li>Read loan growth against funding costs to see how growth is financed.<\/li>\n<li>Watch capital adequacy and asset quality before sizing a position.<\/li>\n<li>Spread exposure across companies and business lines instead of one demand cycle.<\/li>\n<\/ol>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Check the Univest Screener for live data on these two state-backed banks plus a card-rich private lender stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Two_State-Backed_Banks_Plus_a_Card-Rich_Private_Lender_Stocks\"><\/span><strong>Risks to Consider Before Investing in Two State-Backed Banks Plus a Card-Rich Private Lender Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Asset quality:<\/strong> A rise in bad loans can reduce profit.<\/li>\n<li><strong>Rate cycles:<\/strong> Changes in policy rates can move deposit costs and spreads.<\/li>\n<li><strong>Quarterly trends:<\/strong> A single weak quarter can change near-term earnings, so track results every quarter.<\/li>\n<\/ul>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track ICICI Bank, Bank of Baroda and Punjab National Bank live.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Take_Which_Stock_Has_the_Strongest_Roadmap\"><\/span><strong>Final Take: Which Stock Has the Strongest Roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>These three banking stocks cover one private bank and two public sector banks. ICICI Bank ranks second on FY26 revenue growth and return on equity; Bank of Baroda leads on dividend yield; Punjab National Bank leads on FY26 revenue growth and return on equity.<\/p>\n<p>Across two state-backed banks plus a card-rich private lender stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the two state-backed banks plus a card-rich private lender stocks to buy discussed here.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_Two_State-Backed_Banks_Plus_a_Card-Rich_Private_Lender_Stocks\"><\/span><strong>FAQs on Two State-Backed Banks Plus a Card-Rich Private Lender Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_two_state-backed_banks_plus_a_card-rich_private_lender_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best two state-backed banks plus a card-rich private lender stocks in India with a strong roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> ICICI Bank, Bank of Baroda and Punjab National Bank stand out for their roadmaps in one private bank and two public sector banks. FY26 revenue growth was 6.0% at ICICI Bank, 2.6% at Bank of Baroda and 6.4% at Punjab National Bank, and return on equity ranges from 13.18% to 15.13%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_ICICI_Bank_a_good_stock_to_buy_now\"><\/span><strong>Is ICICI Bank a good stock to buy now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> ICICI Bank has a return on equity of 15.00% and a P\/E of 16.27 against an industry P\/E of 12.00. Valuation, asset quality and rate cycles move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_PE_ratio_of_ICICI_Bank_Bank_of_Baroda_and_Punjab_National_Bank\"><\/span><strong>What is the P\/E ratio of ICICI Bank, Bank of Baroda and Punjab National Bank?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The P\/E ratio is 16.27 for ICICI Bank (industry 12.00), 6.58 for Bank of Baroda (industry 12.00) and 6.00 for Punjab National Bank (industry 12.00). Only ICICI Bank trades at or above the industry multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_two_state-backed_banks_plus_a_card-rich_private_lender_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these two state-backed banks plus a card-rich private lender stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Punjab National Bank has the highest return on equity at 15.13%, followed by ICICI Bank at 15.00% and Bank of Baroda at 13.18%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_two_state-backed_banks_plus_a_card-rich_private_lender_stocks\"><\/span><strong>What are the risks of investing in two state-backed banks plus a card-rich private lender stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are asset quality, rate cycles and quarterly trends. A rise in bad loans can reduce profit.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_ICICI_Bank_Bank_of_Baroda_and_Punjab_National_Bank_perform_in_Q1_FY27\"><\/span><strong>How did ICICI Bank, Bank of Baroda and Punjab National Bank perform in Q1 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> ICICI Bank reported revenue of Rs 79,689.22 crore, up 6.9% year on year, and net profit rose 12.6% to Rs 16,209.74 crore. Bank of Baroda reported revenue of Rs 41,316.71 crore, up 7.6% year on year. Punjab National Bank reported .<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_two_state-backed_banks_plus_a_card-rich_private_lender_stocks_pay_dividends\"><\/span><strong>Do two state-backed banks plus a card-rich private lender stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes, all three companies pay dividends. The dividend yield is 0.88% for ICICI Bank, 3.64% for Bank of Baroda and 2.60% for Punjab National Bank, based on dividends declared for FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_two_state-backed_banks_plus_a_card-rich_private_lender_stocks_in_India\"><\/span><strong>How can I invest in two state-backed banks plus a card-rich private lender stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> You can buy two state-backed banks plus a card-rich private lender stocks through a demat and trading account on NSE or BSE after checking each company&#8217;s financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which are the best two state-backed banks plus a card-rich private lender stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"ICICI Bank, Bank of Baroda and Punjab National Bank stand out for their roadmaps in one private bank and two public sector banks. FY26 revenue growth was 6.0% at ICICI Bank, 2.6% at Bank of Baroda and 6.4% at Punjab National Bank, and return on equity ranges from 13.18% to 15.13%.\"}},{\"@type\":\"Question\",\"name\":\"Is ICICI Bank a good stock to buy now?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"ICICI Bank has a return on equity of 15.00% and a P\/E of 16.27 against an industry P\/E of 12.00. Valuation, asset quality and rate cycles move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.\"}},{\"@type\":\"Question\",\"name\":\"What is the P\/E ratio of ICICI Bank, Bank of Baroda and Punjab National Bank?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The P\/E ratio is 16.27 for ICICI Bank (industry 12.00), 6.58 for Bank of Baroda (industry 12.00) and 6.00 for Punjab National Bank (industry 12.00). Only ICICI Bank trades at or above the industry multiple.\"}},{\"@type\":\"Question\",\"name\":\"Which of these two state-backed banks plus a card-rich private lender stocks has the highest return on equity?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Punjab National Bank has the highest return on equity at 15.13%, followed by ICICI Bank at 15.00% and Bank of Baroda at 13.18%.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks of investing in two state-backed banks plus a card-rich private lender stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main risks are asset quality, rate cycles and quarterly trends. A rise in bad loans can reduce profit.\"}},{\"@type\":\"Question\",\"name\":\"How did ICICI Bank, Bank of Baroda and Punjab National Bank perform in Q1 FY27?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"ICICI Bank reported revenue of Rs 79,689.22 crore, up 6.9% year on year, and net profit rose 12.6% to Rs 16,209.74 crore. 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Investments in securities are subject to market risk, so consider your risk profile first.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>ICICI Bank, Bank of Baroda and Punjab National Bank compared on growth, margins, debt and valuation, with the roadmap and risks investors should track.<\/p>\n","protected":false},"author":38,"featured_media":313971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[769,1252,12562,12938,12939],"class_list":["post-313972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-bank-of-baroda","tag-icici-bank","tag-punjab-national-bank","tag-two-state-backed-banks-plus-a-card-rich-private-lender-stocks","tag-two-state-backed-banks-plus-a-card-rich-private-lender-stocks-to-buy"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["313971"],"rank_math_title":["two state-backed banks plus a card-rich lender stocks"],"rank_math_description":["Two state-backed banks plus a card-rich private lender stocks with a strong roadmap compared on growth, margins, valuation and risks."],"rank_math_focus_keyword":["two state-backed banks plus a card-rich private lender stocks"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/3-two-state-backed-banks-plus-a-card-rich-private-lender-stocks-with-a-strong.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/313972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=313972"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/313972\/revisions"}],"predecessor-version":[{"id":313973,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/313972\/revisions\/313973"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/313971"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=313972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=313972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=313972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}