Girish Kousgi, the Managing Director and Chief Executive Officer of PNB Housing Finance, has resigned from his position, with his departure effective on October 28. The company's board has accepted his resignation and noted that Kousgi will also step down from his directorships on the boards of PHFL Home Loans and Services Ltd and PEHEL Foundation, both subsidiaries of PNB Housing Finance, on the same date.
On Friday, in a regulatory filing, PNB Housing Finance assured stakeholders that its "strategic priorities, business focus, and growth trajectory remain firmly intact" due to the strong foundation that Kousgi helped establish.
R Chandrasekaran, Chairman of the nomination and remuneration committee of the board, stated that the company will now begin a "rigorous, transparent and merit-based selection process" to find a new leader. He expressed confidence in identifying a suitable professional soon who will further accelerate the company's strategic direction and long-term value creation.
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PNB Housing Finance, promoted by Punjab National Bank, holds the position of India's third-largest housing finance company. The company recently reported strong financial results for the first quarter ending June 30. Its net profit increased by 23 per cent to Rs 534 crore, up from Rs 433 crore in the same quarter of the previous year.
Total income for the quarter rose to Rs 2,082 crore, compared to Rs 1,832 crore in the corresponding quarter of the previous fiscal year. Interest income for the quarter also saw a rise, reaching Rs 1,980 crore from Rs 1,739 crore a year ago. Furthermore, the net interest income grew by 17 per cent to Rs 760 crore at the end of Q1 2025, compared to Rs 651 crore in the year-ago quarter.
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