Money & Banking

SVC Bank gets new MD

Our Bureau Mumbai | Updated on September 02, 2021

Ashish Singhal of SVC Bank

Ashish Singhal’s appointment follows the retirement of Ajit Venugopalan

Ashish Singhal has taken charge as Managing Director of SVC Bank (SVC Co-operative Bank).

His appointment follows the retirement of Ajit Venugopalan as Managing Director on August 31.

Prior to joining this, Singhal was the Managing Director of Experian CIC in India.

Durgesh S. Chandavarkar, Chairman, SVC Bank, in a statement, said given the dynamic industry landscape, SVC Bank is fast evolving into a new-age phygital bank and Singhal will lead this transformation through innovation, expansion and customisation, going forward.

For the year ended March 31, 2021, SVC Bank registered a net profit of ₹150.21 crore as against ₹142.01 crore in FY20, the statement said.

The bank reported a 6 per cent year-on-year (yoy) growth in total advances to ₹12,328 crore as at March-end 2021.

Total deposits were up 5 per cent yoy to ₹17,332 crore. The bank said it has maintained the net non-performing assets at 1.81 per cent of net advances, same as last year.

Published on September 02, 2021

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