I am afraid the nr4ews is not good. the environment has stayed hostile
this year with no signs of revival in the economy and the capital
markets. Given the very strong operating costs in our business with
fixed costs a given and revenues driven by missing retail
participation, results have been poor.
unfortunately the outlook does not suggest that things will get better
soon. Given the market conditions your company has been trying hard to
invest in its electronic platform and control its expenses in fixed
infrastructure. market conditions make it difficult to invest in client
acquisition engines. the focus is to continue to service our existing
clients, both at our branches and associates, using cutting-edge
technology and thereby improve service experience.
cost control and capital preservation has been the focus and sadly the
outlook seems no better for the reasons I have been delineating over
the last few years in my messages to you. even on the nbfc side, risk
aversion is what has guided our actions and for the time being will
continue to do so.
I thank our customers, our management and you for your continued
support in these very difficult times.