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.

                                                    </div><div style="background: #fee8dd; padding: 12px; border: dashed 1px black; margin-bottom: 20px;">

Dear reader,

Business Standard has always worked hard to provide updated information and commentary on events that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only reinforced our resolve and commitment to these ideals. Even during these difficult times arising out of COVID-19, we are committed to keeping you informed and updated with relevant news, authoritative views and sharp comments on relevant relevant issues.
However, we have a request.

As we grapple with the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. Subscribing to more of our online content can only help us achieve our goals of providing you with better and more relevant content. We believe in independent, unbiased and credible journalism. Your support through more subscriptions can help us practice the journalism we’re committed to.

support quality journalism and Subscribe to Business Standard,

digital editor

,

—-*Disclaimer*—–

this is an unedited and auto-generated supporting article of the syndicated news feed are actualy credit for owners of origin centers. intended only to inform and update you about Sakari naukri , result , UPSC , Exam Jobs etc. for Provides real or authentic news. also Original content may not have been modified or edited by Rojgar samachar team members.

Leave a Reply