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SMFG India Credit begins hunt for new MD & CEO as Mitra retires

SMFG India Credit—the non-banking finance company—is in the process of selecting a new managing director and chief executive officer (CEO), as incumbent Shantanu Mitra has informed the board that he will be stepping down ahead of term, said sources aware of the development. Mitra's term with the NBFC was set to end in September this year. Sources said that although his term was supposed to conclude in September, his retirement is part of a planned leadership transition. Citing personal and family commitments, Mitra has expressed his decision to retire, sources added. Until the company appoints his replacement, the leadership team at SMFG India Credit will operate the business, said the person aware of the development. Mitra has served two terms at the company—first from 2010 to 2017, and again from 2021 to 2025. During his initial tenure, he joined as Group Chief Risk Officer and was promoted to CEO in 2011. Last month, Sumitomo Mitsui Banking Corporation (SMBC) signed a definitive agreement to acquire a 20 per cent stake in Yes Bank for ₹13,483 crore. SMBC is a wholly owned subsidiary of Sumitomo Mitsui Financial Group (SMFG). SMFG India Credit offers home loans, business loans, personal loans, among others. In the quarter ended March 2025, SMFG India Credit's standalone net profit significantly declined by 94.78 per cent to ₹8.76 crore, compared to ₹167.88 crore in the previous quarter. Sales, however, increased by 23.31 per cent to ₹2,388.60 crore. As of 31 March 2025, SMFG India Credit had total assets under management (AUM) of ₹57,000 crore. In FY25, Sumitomo Mitsui Financial Group invested ₹4,300 crore equity capital in SMFG India Credit, including ₹1,300 crore in April 2024 and ₹3,000 crore in December 2024. SMFG India Credit's standalone net profit fell to Rs 344 crore in FY25, down 44% from FY24.