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 period.
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 BSE.
It announced the financial results after the market hours.