Ujjivan Small Finance Bank - Top Management Change, Provisioning Woes To Weigh: ICICI Securities

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ICICI Securities Report

Ujjivan Small Finance Bank Ltd. hosted analysts call on August 20, 2021 to address the concern regarding higher attritions at senior management and board level in the recent past, followed by the latest resignation of its Managing Director and Chief Executive Officer –Nitin Chugh on August 18, 2021.

Mr. Samit Ghosh (founder) was appointed as Additional Director on Ujjivan SFB’s board with-effect-from August 20, 2021 along with three other newly appointed board members.

While admitting concern around asset quality and intent to clean the balance sheet in Q2 FY22e, the board assured continuity of strategic business initiatives under the new leadership.

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