Transcript of the Earnings Call with Analysts / Investors on Unaudited (Reviewed) Financial Results for the quarter / half-year ended 30.09.2026

Share Department, Board & Coordination Division, Head Office Plot No.4 Sector 10, Dwarka, New Delhi–110075, E-mail: hosd@pnb.bank.in Scrip Code : PNB Scrip Code : 532461 National Stock Exchange of India Limited BSE Limited “Exchange Plaza” Phiroze Jeejeebhoy Towers, Bandra – Kurla Complex, Bandra (E) Dalal Street, Mumbai – 400 051 Mumbai – 400 001 Date: 23.10.2026 Dear Sir(s), Reg.: Transcript of the Earnings Call with Analysts/Investors on Unaudited (Reviewed) Financial Results for the quarter/half-year ended 30th September, 2026 Pursuant to Regulation 30 read with 15(b)(iii) Para A Part A of Schedule III of the SEBI (LODR) Regulations, 2015, please find enclosed the transcript of the Earnings Call with the Analysts/ Investors on the Unaudited (Reviewed) Financial Results for the quarter /half-year ended 30th September, 2026, held on 16.10.2026. The same is also available at https://pnb.bank.in/financials-current.html . The above is for your information and record, please. Thanking you, (Bikramjit Shom) Company Secretary Enclosed: As above pnb.bank.in “Punjab National Bank Q2 FY27 Earnings Conference Call” October 16, 2026 MANAGEMENT: MR. ASHOK CHANDRA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – PUNJAB NATIONAL BANK MR. M. PARAMASIVAM – EXECUTIVE DIRECTOR – PUNJAB NATIONAL BANK MR. AMIT KUMAR SRIVASTAVA – EXECUTIVE DIRECTOR – PUNJAB NATIONAL BANK MODERATOR: MR. NITIN AGGARWAL – MOTILAL OSWAL Page 1 of 25 Punjab National Bank October 16, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Punjab National Bank Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal to operator by pressing star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nitin Aggarwal. Thank you, and over to you, sir. Nitin Aggarwal: Thanks, Sagar. Good evening, everyone. On behalf of Motilal Oswal, I welcome you all to this call to discuss the Q2 FY27 Results of Punjab National Bank. We have with us Mr. Ashok Chandra-ji, Managing Director and CEO, along with his top leadership team represented by Executive Directors, Mr. M. Paramasivam and Mr. Amit Kumar Srivastava, to take us through the key highlights of our quarterly performance. I'll now hand over the call to Mr. Sunil Kumar Goyal, Chief General Manager from the Strategic Management and Economic Advisory Division to take things forward. Over to you, Mr. Goyal. Sunil Kumar Goyal: Good evening. Now I'm sticking to the disclaimer. Statements made during this call may contain certain forward-looking statements apart from historical information. These forward-looking statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Punjab National Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the present date. Now I request MD sir for his opening remarks. Ashok Chandra: Good evening, ladies and gentlemen. First of all, I would like to touch upon the state of Indian economy. Indian economy continues to demonstrate a strong underlying growth momentum, supported by resilient domestic demand, infrastructure investment, expanding services activity, and a steadily strengthening financial system. India recorded real GDP growth of 7.8% in the first quarter of FY26-27 compared with 6.9% in the corresponding quarter of the previous year. Recently, MPC in its meeting and World Bank in its India Development report had also revised the GDP estimates for financial year FY26-27 to 7.1% from the previous estimates of 6.7% and 6.6%, respectively. On the external front, India's Merchandise exports grew by 17.85% Y-o-Y during the period April to August 2026, reaching an estimated US$215.91 billion. The banking sector characterized by historically low levels of stressed assets and strong profitability is well positioned to play a pivotal role in supporting and sustaining India's economic expansion. Coming to Punjab National Bank, we sustained a strong business momentum in Q2, marked by a decisive improvement in margins in line with our expectations, continued strengthening of Page 2 of 25 Punjab National Bank October 16, 2026 asset quality and enhanced operating efficiency. Our performance reflects the strength of our franchise and disciplined execution of strategic priorities. We remain firmly on track to deliver our FY26-27 guidance. Our focus on retail, agriculture, and MSME continues to guide our efforts towards building a diversified and resilient advances book. At the beginning of the financial year, we have targeted to open 250 branches in this financial year with particular emphasis on strengthening our footprint in the Southern and Western regions. We have already opened 162 branches out of which 119 are in the Southern and Western region. In parallel, we are accelerating our digital transformation to build a more agile, efficient, and customer-centric organization. Our investments in technology, process automation and data analytics are aimed at simplifying banking journeys, improving service delivery, and enhancing productivity while positioning the bank to scale efficiency in a rapidly evolving banking environment. With this context, let me now turn to the segment-wise performance and key developments during the quarter. First, I will touch on the overall business growth. Our gross global business has reached INR 31.18 lakh crores, registering a robust Y-o-Y growth of 11.9%. Our advances grew by 14.7% Y-o-Y to INR 13.41 lakh crores despite reducing IBPC exposure by INR 23,700 crores. Excluding this impact, core advances registered a robust Y-o-Y growth of 17.4%, reflecting healthy credit demand and strong underlying business momentum. Our core RAM portfolio continued to deliver healthy growth with retail advances, excluding IBPC growing by 16.3%, MSME by 19.8%, and agriculture (priority sector) by 18.1% Y-o-Y, reflecting broad-based traction across key segments. Credit growth is well positioned to maintain its strong momentum, supported by a robust sanction pipeline. Bank sanctioned INR 4 lakh crores in FY 2025-26 in corporate credit lines. Further, in the first half of this year, we have already crossed more than INR 2.5 lakh crores of sanctions in the corporate credit. Our pipeline credit is to the tune of INR 1.58 lakh crores, which provides a strong visibility for future credit growth. Global deposits of the bank have reached to INR 17.77 lakh crores with Y-o-Y growth of 9.9%. Our CASA strategy is centered on deepening customer engagements and enhancing individual saving account balance, which grew by 8.1% Y-o-Y. In the beginning of FCNR campaign, we had targeted to raise USD 2.5 billion, and we have raised USD2.7 billion in a calibrated manner. The same has been utilized for shedding of our high-cost bulk deposits and CDs. With a CD ratio of 75.5%, we have adequate balance sheet headroom to support planned credit expansion. Accordingly, our deposit mobilization remains measured and strategic with a clear emphasis on optimizing the cost of funds rather than pursuing volume at any cost. I will touch upon the profitability. Improving profitability remains the bank's foremost strategic priority as consistently emphasized across various forums. As indicated in our previous interaction, we had expected a sequential improvement in margins during FY 2026-27. Our Q2 Page 3 of 25 Punjab National Bank October 16, 2026 performance validates this assessment with a substantial improvement in margins during the quarter. Domestic NIM improved by 10 basis points sequentially from 2.64% to 2.74%, while global NIM increased from 2.5% to 2.58%. We expect this positive traje [Showing first 8,000 characters — download PDF for full document]