BackRBI appoints Ittira Davis as Ujjivan SFB's MD & CEO
Ujjivan Small Finance Bank reported a net loss of ₹274 crore for the September quarter compared with a ₹96 crore profit in the year-ago period, due to higher provisioning for bad loans, and lower interest income
PremiumMUMBAI: The Reserve Bank of India on Thursday approved the appointment of Ittira Davis as Ujjivan Small Finance Bank's managing director and chief executive officer for a period of one year.
The appointment comes after former MD & CEO Nitin Chugh stepped down from his post following growing differences with the founder over the running of the bank.
Speaking to Mint in August, founder Samit Ghosh had said that the bank will be looking for an internal candidate to replace Chugh.
“Accordingly, the Special Committee of Directors of the Board which was constituted by Bank to oversee the operations and administration of the Bank in the absence of the Managing Director and CEO, stands dissolved w.e.f. January 13, 2022," said Ujjivan SFB in a regulatory filing.
Davis has earlier served as chief operating officer at Ujjivan SFB. He joined Ujjivan in March 2015 and headed Ujjivan's transition from a micro-finance institution into a small finance bank.
Ujjivan Small Finance Bank reported a net loss of ₹274 crore for the September quarter compared with a ₹96 crore profit in the year-ago period, due to higher provisioning for bad loans, and lower interest income.
The lender's gross non-performing asset ratio was at 11.8% in the September quarter, as against 9.79% in Q1. Net non-performing asset ratio was at 3.3% in Q2 as compared to 2.7% a year ago.
Its gross advances rose 5% year-on-year and 3% sequentially to ₹14,514 crore, while deposits advanced 31% year-on-year to ₹14,090 crore.
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