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Magma Fincorp net up by 61 percent in Q1

Kolkata, July 15 (IANS) Asset finance company Magma Fincorp posted a net profit of Rs.18.2 crore for the quarter (April-June) of 2010-11, the company said here Thursday.

It is a growth of 61 percent over the corresponding period last year.

‘Our performance has shown strong growth trajectory in all products and thus we have achieved 42 percent growth in disbursement, 61 percent growth in PAT (profit after tax) and NIM (net interest margin) too has improved from the past levels,’ Sanjay Chamria, Vice Chairman and Managing Director, Magma Fincorp Limited said.

The net interest margin of the company is now at 5.7 percent.

‘We will also open 25 branches by December 2010 taking the tally well past 180 with emphasis on semi urban and rural markets,’ he said.

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