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Marginal rise in Magma net

Calcutta, July 31: Asset finance company Magma Fincorp has registered a marginal rise in net profit for the first quarter ended June, on the back of a growth in disbursement and improvement in net interest margin.

Net profit stood at Rs 45.77 crore against Rs 45.42 crore in the same period a year ago. Disbursals grew 33 per cent to Rs 2,398 crore, leading to a 12 per cent increase in the order book at Rs 18,295 crore.

Total income from operations rose to Rs 544.31 crore from 500.18 crore in the same period a year ago.

The company posted a 16-basis-point rise in net interest margin at 5.76 per cent against 5.60 per cent a year ago.

“The growth we have achieved on various fronts along with control of delinquencies in a dormant economic environment has truly been challenging. The substantial investments made during the past two years to efficiently exploit our deep rural penetration through technology has started yielding results,” vice-chairman and managing director Sanjay Chamria said.

 
 
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