Reserve Bank of India (RBI) has approved the appointment of Ittira Davis as managing director and CEO (MD&CEO) of Ujjivan Small Finance Bank for a one-year term with effect from January 14, 2022.
In December 2021, the bank's Board recommended to the RBI the name of Ittira Davis as MD&CEO for a three-year term.
Ujjivan SFB said in a filing with the BSE that the special Committee of Directors, formed in September 2021, to oversee the operations and administration of the bank in the absence of MD&CEO stands dissolved from January 13, 2022. The panel was formed after Nitin Chugh resigned as MD&CEO.
In December 2021, the board recommended Davis’ name for MD&CEO’s post to the RBI.
Davis had a stint with Ujjivan SFB as its chief operating officer. He joined Ujjivan in March 2015 and headed the transition of Ujjivan’s journey from a micro finance institution (MFI) to 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 with the Europe Arab Bank from July 2008 to October 2012 as managing director, Corporate and Institutional Banking and then as an executive director of the Europe Arab Bank.
Meanwhile, Ujjivan SFB’s Gross Loan Book rose by 22 per cent Year-on-Year (Y-o-Y) to Rs 16,600 crore at end of December 2021 (Q3FY22). Sequentially, the loan book expanded by 15 per cent from Rs 14,500 crore at end of September 2021 (Q2FY22).
The total deposits rose by 34 per cent to Rs 15,600 crore in December 2021 and they were sequentially up 10 per cent from Rs 14,100 crore at the end of September 2021.
The asset quality has shown improvement in Q3FY22 with gross non-performing assets (GNPAs) declining from 11.6 per cent in October 2021 from 10.5 per cent in December 2021.
Ujjivan SFB had posted a net loss of Rs 274 crore in the quarter ended September 2021 (Q2FY22), on erosion in interest margin and burden of provisions for stressed loans. Sequentially, its net loss was at Rs 233 crore in the quarter ended-June 2022 (Q1FY22). It had booked a net profit of Rs 96 crore in Q2FY21.
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