Magma Fincorp aims for 50% loan growth
Business Standard, 6 August 2011, Kochi
Magma Fincorp Ltd (MFL), a Kolkata-based NBFC on Friday announced its growth plan for Kerala for 2012. The company, which disbursed Rs 249 crore in the state in the last financial year, plans to ramp up the disbursements by 50 per cent in retail loans segment in the state in this financial year. Addressing a press conference here on Friday, MFL vice president Dhrubasish Bhattacharya said the company would increase its manpower in Kerala in order to meet the challenge of high-growth trajectory. The company disbursed Rs 249 crore in 2010-11, which was 78 per cent higher than 2009-10. Its car, commercial vehicle and construction equipment finance segments grew 114 per cent, 77 per cent and 31 per cent, respectively. He said its aggressive marketing strategy helped in achieving high growth. In the first quarter of the current fiscal, the company registered 70 per cent growth in loan disbursement in Kerala, over the corresponding period of the last financial year. Tractor finance, car finance and commercial vehicle finance witnessed a growth of 77 per cent, 54 per cent and 19 per cent, respectively. The company has six branches in Kerala in Kochi, Kozhikode, Kottayam, Thiruvananthapuram, Thrissur and Malappuram and employs 145 people in the state. A branch office will be opened in Kannur soon.
Magma Fincorp eyeing 50 pc growth in disbursements this fiscal
The Economic Times, 5 August 2011, Kochi
Aiming at a 50 per cent growth, Magma Fincorp today said it plans to romp up disbursements around Rs 8,000 crore nationally this financial year, of which about Rs 375 crore would be in Kerala. The Kolkata-headquartered non deposit taking NBFC had disbursed Rs 5,414 crore all india last fiscal, Vice President Magma Fincorp, Dhrubasish Bhattacharya, told reporters here. Magma had disbursed Rs 249 crore in Kerala last fiscal. "We will continue with our focus on providing asset finance to the economically disenfranchised in Kerala and expect to further grow in the states," he said. Cars, commercial vehicle and construction equipment finance posted a healthy growth of 114 per cent, 77 per cent and 31 per cent respectively in the state. Suvidha (Refinance) launched in the first quarter of the current fiscal, had shown impressive performance and would be one of the key drivers in Magma's growth in kerala, he said. The company has 172 branches nationwide and proposes to open 28 branches this year to touch 200.It has six branches in Kerala and would open one at Kannur by next month, he said. Asked if increasing petrol prices and rising interest costs was causing concern, he said this was a concern which has an impact on the automobile sector. Magma does not see much of a problem unless it persists for long, he said.
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