Magma Fincorp, non-banking finance company aims to expand its loan book by around 30% in the ongoing financial year and improve its net interest margin (NIM). The company expects that its general insurance business to breakeven by FY15, which will be third year of its operation. The company hopes to get 20-25% of its loan book from its recently acquired housing finance business from GE Money, in next 3-4 years.
The entity has reported a net profit of Rs 144.9 crore in FY'13 with average assets under management of Rs 18,378 crore by the end of this period. It had reported a NIM of 4.91% in the last fiscal compared to 3.40% a year earlier.
