Economic Times reports
CitiFinancial’s profitability has taken a huge knock in the year ended December 31, 2007, and the NBFC is close to shutting down 125 of its 450 branches.
Chances are that 150 more CitiFinancial staff may be shown the door.
The NBFC has a staff strength of 3,275. Some have been moved to the bank.
CitiFinancial has a current customer base of 2.3 million customers and an asset base of Rs 11,000 crore. The NBFC had reported a 65% decline in net profit to Rs 39 crore for the six months ended September 30 as against Rs 111 crore the year-ago period. It had reported a net profit of Rs 220 crore as on March 31, 2007.
CitiFinancial’s profitability has taken a huge knock in the year ended December 31, 2007, and the NBFC is close to shutting down 125 of its 450 branches.
Chances are that 150 more CitiFinancial staff may be shown the door.
The NBFC has a staff strength of 3,275. Some have been moved to the bank.
CitiFinancial has a current customer base of 2.3 million customers and an asset base of Rs 11,000 crore. The NBFC had reported a 65% decline in net profit to Rs 39 crore for the six months ended September 30 as against Rs 111 crore the year-ago period. It had reported a net profit of Rs 220 crore as on March 31, 2007.
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