SBFC Finance risk officer, chief of operations step down

MUMBAI: Two key management persons - chief risk officer and chief operations officer - have resigned from SBFC Finance Company for personal reasons, the company informed exchanges.

Pankaj Poddar, chief risk officer, tendered his resignation with immediate effect on April 30. VM Maneesh, chief operations officer, too resigned and his last working day would be May 15.

Both the executives have said that they are resigning for personal reasons.

The resignation of the two key executives have surprised the banking circle since it comes in less than a week of the board meeting to consider the annual results.

SBFC Finance, which has a market cap of Rs 11,071 crore, has posted a 46% rise in net profit on year to Rs 345 crore in FY25. The finance company specialises in giving secured loans with ticket size of Rs 5 lakh to Rs 30 lakh to small and medium sized companies.

The bank has 205 branches and asset under management of Rs 8,747 crore.