PNB Housing Finance Limited , a prominent player in the Indian housing finance sector, has announced a significant change in its internal audit leadership. The company is set to transition to a new head of internal audit.

Leadership Transition

Ajay Kumar Mohanty, who served as the Head-Internal Audit & Chief of Internal Vigilance, has retired from service effective November 29, 2025. Following his superannuation, the company has appointed Vipin Malhotra to lead the Internal Audit function starting November 30, 2025.

New Appointment Details

Vipin Malhotra brings to the role over 23 years of experience in finance and audit across leading financial institutions. His impressive credentials include:

• Chartered Accountant (CA)
• Certified Internal Auditor (CIA)
• Certified Information Systems Auditor (CISA)
• Certified Fraud Examiner (CFE)

Prior to joining PNB Housing Finance, Malhotra held key positions at Yes Bank Ltd., including Head-Internal Audit (Centre of Excellence) and Chief of Internal Vigilance. His extensive experience spans roles at ICICI Bank Ltd., LIC Housing Finance Ltd., and Ashok Leyland Finance Ltd., showcasing his expertise in internal audit, risk management, and fraud prevention.

Company Financial Overview

While this leadership change is taking place, it's worth noting PNB Housing Finance's financial position. Based on the most recent balance sheet data as of March 2025:

The company has demonstrated growth in total assets and equity, indicating a strengthening financial position. However, there has been a notable decrease in investments compared to the previous year.

This leadership transition in the internal audit function comes at a time when PNB Housing Finance continues to show financial resilience and growth. The appointment of an experienced professional like Vipin Malhotra is likely aimed at further strengthening the company's internal controls and risk management practices.

PNB Housing Finance Limited (PNBHFL) has received a vote of confidence from ICRA, as the credit rating agency reaffirmed its ICRA [AA-] (Stable) rating for the company. This rating has also been extended to PNBHFL's enhanced long-term bank facilities, which have been increased from Rs. 5,000 crore to Rs. 10,000 crore.

Key Highlights

• ICRA reaffirms ICRA [AA-] (Stable) rating for PNB Housing Finance
• Long-term bank facilities enhanced to Rs. 10,000 crore from Rs. 5,000 crore
• Assets under management (AUM) stand at Rs. 83,879 crore
• Punjab National Bank (PNB) holds a 28% stake in the company

Rating Rationale

The reaffirmation of the ICRA [AA-] (Stable) rating reflects PNB Housing Finance's established position in the mortgage financing sector. The company's substantial assets under management of Rs. 83,879 crore underscore its significant market presence and operational scale.

A crucial factor in the rating decision is the expected support from Punjab National Bank, which maintains a 28% stake in PNBHFL. This backing from a major public sector bank provides an additional layer of financial stability and credibility to PNB Housing Finance.

Financial Performance

An analysis of PNB Housing Finance's balance sheet reveals a robust financial position:

The company has shown significant growth in its asset base and equity. The 13.99% increase in total assets indicates expanding operations and market reach. However, the 22.20% decrease in investments might suggest a shift in the company's asset allocation strategy or a response to market conditions.

Implications for Investors and Market

The reaffirmation of the ICRA [AA-] (Stable) rating, coupled with the substantial increase in long-term bank facilities, signals positive prospects for PNB Housing Finance. This development may enhance the company's ability to access funds at competitive rates, potentially supporting its growth strategy in the competitive housing finance sector.

For investors, this rating action provides reassurance about the company's financial health and its capacity to manage its debt obligations. The backing of Punjab National Bank adds an extra layer of confidence, particularly in navigating challenging market conditions.

As the housing finance sector continues to evolve, PNB Housing Finance's enhanced facilities and stable rating position it well to capitalize on market opportunities and maintain its competitive edge in the mortgage financing landscape.