The Reserve Bank of India (RBI) has approved the appointment of Ittira Davis as the managing director and chief executive officer (MD & CEO) of Ujjivan Small Finance Bank for a period of one year with effect from Friday, the bank said in an exchange notification.
The special board committee, which was constituted by the lender to oversee operations and administration after former MD & CEO Nitin Chugh resigned in August citing personal reasons, stands dissolved, as per the notice. Prior to Ujjivan SFB, Davis served as a MD of Europe Arab Bank, London.
“Ittira Davis is a senior banker with over 40 years of rich experience having worked extensively in India, Middle East and Europe. He has been associated with Ujjivan since March 2015. His first pivotal assignment, as the head of transition, was to oversee successful transformation of a micro-finance institution into a small finance bank which included accessing the capital markets with two successful IPOs (initial public offerings),” the bank said.
For the quarter ended September, Ujjivan Small Finance Bank reported a net loss of Rs 274 crore owing to poor asset quality and higher provisions. The lender’s gross non-performing asset ratio (NPA) rose sharply to 11.80% from 9.79% as on July-end and 0.98% a year ago. Net non-performing assets rose to 3.29% as on September-end from 2.68% a quarter ago and 0.14% in the corresponding quarter of the previous year.