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

The Reserve Bank of India has approved the appointment of Ittira Davisas managing director and chief executive officer (MD & CEO) of Ujjivan Small Finance Bank for a one-year tenure. He will take charge of the extended tenure from January 14, 2022. The post has been vacant for three months following the sudden exit of incumbent Nitin Chugh.

Before joining Ujjivan, Davis was the Managing Director of the European Arab Bank in London. He has also worked for Arab Bank Plc in Bahrain and Citibank in India as a senior executive. He has worked in India, the Middle East, and Europe for over 40 years.

At the end of December 2021, Ujjivan SFB’s total loan book had increased by 22% year on year (YoY) to Rs 16,600 crore (Q3FY22). The loan book increased by 15% from Rs 14,500 crore at the end of September 2021 to Rs 15,500 crore at the end of September 2022. In the second quarter of FY22, Ujjivan SFB reported a net loss of Rs 274 crore due to interest margin erosion and the weight of provisioning for stressed loans. In the June quarter of FY22, it had a net loss of Rs 233 crore. In Q2FY21, it had a net profit of Rs. 96 crore.

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