NEW DELHI: PNB Housing Finance‘s managing director and chief executive officer (CEO) Girish Kousgi has resigned from his post.
Kousgi tendered his resignation on July 30, 2025, to pursue opportunities outside, and the same has been accepted by the board of directors with effective date of resignation as October 28, 2025.
The board also noted that Kousgi will cease to be a director on the board of directors of PHFL Home Loans and Services, and PEHEL Foundation, the subsidiaries of the company, with effect from October 28, 2025.
R. Chandrasekaran, chairman of the nomination and remuneration committee, board of directors of PNB Housing Finance, said, “The board will initiate a rigorous, transparent and merit-based selection process to appoint a new leader who will further enhance the legacy of PNB Housing Finance. We are confident of identifying a suitable professional soon, who will further accelerate our strategic direction and long-term value creation.”
The company’s retail loan book grew by 18.1% year-on-year to ₹76,923 crore as on June 30, 2025. The total loan book of the company stood at ₹77,732 crore as of June 30, 2025. The affordable and emerging market segment formed 37% of the retail loan book.
“The overall collection remained strong in Q1 FY’26. We had considerable recoveries contributing to reversal in credit costs of minus 27 bps. The gross NPA as on 30 June is 1.06%. We continue to work towards achieving 1% NPA. NIM remained stable at 3.74% during the quarter, achieved ROA of 2.57% for Quarter 1 on an annualized basis,” said Kousgi in the earnings call.
Disbursements in affordable segments grew by 30% year-on-year and emerging markets segments by 32% year-on-year. The disbursements in prime segments have considerably slowed down to avoid pressure on margins. As a result, the overall retail segment disbursement grew by 14% year-on-year during the quarter to ₹4,980 crore.
The gross NPA improved to 1.06% as on June 30, 2025 as compared to 1.08% on March 31, 2025, and 1.35% as on June 30, 2024.
On borrowing mix, the reduction in the repo rate resulted in 8 bps decline in its cost of borrowing to 7.76% in Q1 FY25 from 7.84% in Q4 of FY25. On an incremental basis, the cost of borrowing declined by 39 bps during the quarter. Resultantly, the company has also reduced its PNBHFR by 10 bps which is applicable from July 1, 2025.
Vinay Gupta, chief financial officer (CFO) of the company during the earnings call said, “Our operating expenses grew by 12% year-on-year to ₹216 crores versus ₹193 crores in Q1 FY25. The increase in operating expenses is much lower than the increase in retail loan book of 18%. Our Opex to ATA for Q1 is 1.02%. We continue to maintain our Opex to ATA guidance of around 1% to 1.1% going ahead. Our pre-provision operating profit has grown 17% year-on-year to ₹632 crore on an overall basis. Credit cost continues to be negative at 27 bps for Q1 FY26.”
During the quarter, the company recovered ₹57 crore from the written-off pool. The company has a remaining written-off pool of around ₹700 crore in corporate, and ₹400 crore in retail.
