Magma Fincorp posts 161% rise in net profit

Last Updated: Tue, Jan 12, 2010 19:40 hrs

Kolkata-based financial services provider Magma Fincorp posted about 161 per cent rise in net profit at Rs 17.9 crore during the quarter ended December 31, 2009, against Rs 6.9 crore during the corresponding period last year.

Disbursements during the quarter under review grew by 19 per cent at Rs 1,049 crore, against Rs 883 crore during same period last year, said Sanjay Chamria, Vice Chairman and Managing Director, Magma. Total income grew by 15 per cent at Rs 182 crore as against Rs 157.6 crore during the same period last year.

"There has been a good growth in the high-yielding segments like tractor finance, SME loan and used commercial vehicles segment. They account for almost 13.5 per cent of our total disbursements and we hope the share of such assets is set to rise over the next few quarters," said Chamria.

During the financial year 2008-09, the comopany disbursed Rs 3,673 crore, while so far in the present financial year, it has already disbursed Rs 3,170 crore.

Construction equipment finance accounted for 30 per cent of total disbursements, commercial vehicle accounted 33.9 per cent, and passenger car finance accounted for 22.6 per cent of the total disbursements.

The company's net interest margin (NIM) during the quarter under consideration increased to 5.1 per cent as against 3.6 per cent in the last year's corresponding period.

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