Ujjivan Small Finance Bank on Wednesday, December 7, said it has received the approval of the Reserve Bank of India (RBI) for the reappointment of Ittira Davis as its managing director and chief executive officer for a period of two years.
"We are pleased to inform you that the Reserve Bank of India has conveyed its approval for the re-appointment of Mr. Ittira Davis as the Managing Director and Chief Executive Officer of the Bank for a further period of 2 years, w.e.f. January 14, 2023," the lender said in an exchange notification.
Davis has been associated with Ujjivan since March 2015. He has over 40 years of work experience in India, the Middle East, and Europe. Prior to Ujjivan, Davis was the managing director of the Europe Arab Bank, London. He has also held leadership positions with Arab Bank plc, Bahrain, and Citibank, India.
The private lender reported its highest-ever quarterly profit at Rs 294 crore in the September quarter, led by strong disbursal growth and a fall in bad loans. The bank had posted a net loss of Rs 274 crore in the year-ago period. However, compared sequentially, the net profit was up by nearly 45 percent from Rs 203 crore in the quarter that ended June 2022.
In the July-September period of 2022-23, total income jumped by 63 percent to Rs 1,139.83 crore against Rs 699.74 crore last year, SFB said in a regulatory filing.
Interest income grew by 54 percent to Rs 993 crore from Rs 645 crore. Net interest margin stood at 9.8 percent for the quarter against 8.1 percent in the second quarter of FY22. The lender said it registered strong disbursements at Rs 4,866 crore during the quarter, up by 56 percent from the preceding year.
The bank's gross advances at the end of the quarter under review grew by 44 percent to Rs 20,938 crore compared to the previous year. The Bengaluru-based SFB also showed a significant improvement in its asset quality as the gross non-performing assets (NPAs/bad loans) were trimmed by half to 5.06 percent of the gross advances at the end of September 2022 from over 11.8 percent by the end of September 2021.
First Published: Dec 7, 2022 7:23 PM IST
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