INSUBCONTINENT EXCLUSIVE:
Kolkata: Magma Fincorp announced Rs 71.5 crore net profit for the fourth quarter to March against Rs 122 crore net loss in the year ago
The non-bank lender said it witnessed higher loan growth in the fourth quarter and its better repayment collection helped it post a
profit.
Its loan disbursal in the period under review grew 51% year-on-year with net interest margin rising 212 basis points to
9.7%.
"Remarkable improvement in the asset quality was the highlight of the year," the company said in a press statement
It managed to reduce gross non performing assets to 7 per cent compared with 8.8 per cent a year back.
"While our top line grew
significantly on all businesses, the collections performance was extremely heartening
The combined efforts of the team led to a great Q4 and I am confident we will be able to maintain the momentum and accelerate in FY19,"
Managing Director Sanjay Chamria was quoted as saying in the press statement.
Magma's share price gained 1.05% Wednesday to Rs 177.75 on
It announced the financial results after the market hours.
