PNB Housing Finance: Regulatory process underway for new MD & CEO as Girish Kousgi steps down

PNB Housing Finance Ltd announced that its Managing Director and Chief Executive Officer, Girish Kousgi, has vacated his office at the close of business hours on October 28, 2025.

The company said regulatory approvals are currently under process for the appointment of a new Managing Director and CEO, and disclosures will be made at the appropriate time.

In the interim, Executive Director Jatul Anand will lead the management team under the guidance of the Board chaired by D. Surendran, Nominee Director from

Punjab National Bank.

Kousgi had tendered his resignation on July 30, which was accepted by the board the following day. He will also step down from the boards of PHFL Home Loans and PEHEL Foundation, both subsidiaries of PNB Housing Finance.

During the June quarter earnings call, Kousgi had expressed confidence that the lender could achieve a higher net interest margin of 3.7%, led by growth in the affordable and emerging segments.

For the September quarter, PNB Housing Finance reported a 24% year-on-year rise in profit to ₹582 crore, while gross non-performing assets improved to 1.04% from 1.24% a year earlier.

Ahead of the announcement, shares of PNB Housing Finance closed 1.01% higher at ₹937 on the NSE.