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Magma Fincorp eyes 20% growth from Bihar in FY15

24 Sep 2014 Evaluate

Magma Fincorp is eying 20% growth from Bihar in the 2015 fiscal. The Kolkata-based group will focus on car loans, tractor loans and Suvidha (used vehicle loans) to deliver the numbers. Magma posted 33 per cent growth in disbursements to Rs 2,398 crore in first quarter of FY15 ending June 30, while it disbursed Rs 316 crore in Bihar in 2013-14.

It has nine branches in Bihar in Patna (2), Muzaffarpur, Bhagalpur, Sasaram, Motihari, Purnea, Darbhanga and Begusarai and employs over 430 people in the state. The company has a live customer base of about 21,000 customers in Bihar. Across the country the company has a network of 275 branches. Nearly 80 per cent of its branches are located in rural/semi rural areas.

Magma Fincorp is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an asset finance company. The company, having started operations over two decades back, is listed on the Bombay Stock Exchange and the National Stock Exchange in India.

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