Media Centre - Press Coverage
Magma Q3 net up by 161%
Financial Express, 13 January 2010, Kolkata
Magma Fincorp Ltd, a Kolkata based non-banking financial institution, has reported a net profit of Rs 17.9crore for the quarter to December 31,2009,against Rs 6.87crore for the corresponding period last fiscal, registering an increase of 161%. The company has improved its disbursement by 19%during the third quarter of FY10 to Rs l,049 crore, against Rs 883 crore during the corresponding period last fiscal. Net interest margin of the company during the quarter has also improved significantly to 5.1% from an average of 3.6% last year. "We are hopeful to maintain the NIM by increasing contribution of the high yielding products," said Sanjay Chamria, chairman and managing director of the company. Advances towards used commercial vehicles, tractors and small & medium enterprises constitute the high yielding segment of Magma's portfolio.
Magma Fincorp's Q3 Net Up 161%
Hindustan Times, 13 January 2010, Kolkata
City-based non-banking finance company (NBFC) Magma Fincorp Ltd has reported a 61 per cent jump in net profit to Rs 17.9crore for the third quarter ended December 31,2009 as against Rs.6.9 crore during corresponding period a year ago. Total disbursement during the period was Rs 1,049crore, a rise of19 per cent over the corresponding period of the previous fiscal at Rs 883 crore. Magma finances utility vehicles, cars, commercial vehicles, construction equipment, tractors and extends loans to small and medium enterprises. Speaking to reporters here, Sanjay Chamria, vice chairman and managing director of Magma Fincorp, stated that the company was likely to exceed the total disbursement of Rs 3,673 crore made in the fiscal 2008-09 as it had already disbursed Rs 3,170 crore for the first nine months of the current fiscal.
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