New Delhi, May 26 (IANS) Leading asset finance company Magma Fincorp on Thursday reported a 22 percent rise in its net profit to Rs.66 crore in the quarter ended March 2016.
The company continued to improve the share of used assets, tractors, SME and mortgage in the product portfolio and their share increased to 58 percent of total loan book, the company said.
During the quarter, these assets have contributed 69 percent of total disbursals, it said in a statement.
It has also experienced improvement in collections during the January-March quarter both due to gradual improvement in market scenario as well as better efficiency of the new structure.
“After a long time, we have achieved stabilisation of NPAs (non performing assets) during this period and I hope that the scenario will continue for next few months and later with normal monsoon, we start experiencing reduction in the NPAs,” said company’s vice chairman and managing director Sanjay Chamria.
It posted a net profit of Rs.213.5 crore, up 14 percent, for 2015-16.