RBI approves appointment of Ittira Davis as new MD & CEO of Ujjivan SFB – World Affairs SRS

RBI approves appointment of Ittira Davis as new MD & CEO of Ujjivan SFB

– World Affairs SRS

The Reserve Bank of India (RBI) has approved the appointment of Ittira Davis as the Managing Director and CEO (MD&CEO) of Ujjivan Small Finance Bank for a tenure of one year with effect from January 14, 2022.

In December 2021, the bank’s board recommended the name of Ittira Davis to RBI as MD and CEO for a three-year term.

Ujjivan SFB in a filing with BSE said that the special committee of directors, constituted in September 2021 to oversee the operations and administration of the bank in the absence of MD and CEO, has been dissolved with effect from January 13, 2022. The panel was formed after Nitin Chugh. Resigned as MD & CEO.

In December 2021, the board recommended Davis’ name for the post of MD and CEO to RBI.

Davis had a stint as the Chief Operating Officer of Ujjivan SFB. He joined Ujjivan in March 2015 and led the transition of Ujjivan’s journey from a Micro Finance Institution (MFI) to an SFB.

He is a banker with over 36 years of corporate and investment banking experience, having worked extensively in the Middle East and Europe. He was at Europe Arab Bank as Managing Director, Corporate and Institutional Banking from July 2008 to October 2012 and then as Executive Director of Europe Arab Bank.

Meanwhile, Ujjivan SFB’s gross loan book grew 22 per cent year-on-year (YoY) to Rs 16,600 crore at the end of December 2021 (Q3FY22). Sequentially, the loan book expanded by 15 per cent from Rs 14,500 crore at the end of September 2021 (Q2FY22).

Total deposits grew by 34 per cent to Rs 15,600 crore in December 2021 and they were up 10 per cent sequentially from Rs 14,100 crore at the end of September 2021.

Asset quality has shown improvement in Q3 of FY22, with gross non-performing assets (GNPAs) declining from 11.6 per cent in October 2021 to 10.5 per cent in December 2021.

Ujjivan SFB had reported a net loss of Rs 274 crore for the quarter ended September 2021 (Q2FY22) on the burden of reduction in interest margins and provisions for stressed loans. Sequentially, its net loss stood at Rs 233 crore in the quarter ended June 2022 (Q1FY22). It had reported a net profit of Rs 96 crore in Q2FY21.

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