Magma Fincorp Q2 net profit up by 33 percent

Last Updated: Thu, Oct 18, 2012 16:50 hrs

Kolkata, Oct 18 (IANS) Magma Fincorp, a leading non-banking finance company (NBFC), Thursday announced a 32.64 percent increase in its net profit to Rs.28.24 crore for the quarter ended Sep 30, 2012, from Rs.21.29 crore for the same period last year.

The Kolkata-based asset finance company registered Rs.398 crore revenue for the second quarter (Q2) of this fiscal, posting a 58 percent growth compared with the corresponding period a year ago.

Inspite of a sluggish performance by the auto, equipment and tractors industries, the firm's disbursements during the period under review grew by 45 percent to Rs.2,262 crore, according to a company release here.

On the company's performance, Magma Fincorp Limited vice chairman and managing director, Sanjay Chamria said: "Along with disbursement growth, our net spreads have also increased by a healthy 43 bps over the first quarter (Q1) to register 4.91 percent for Q2."

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