Magma Fincorp, a non-banking finance company is expecting 20% growth in loan disbursals this year. Though the company has witnessed slower demand for credit in some sectors like infra and mining, it aims growth in tractor, used commercial vehicles and car loan segments. Last year, the entity has opened 75 new branches. Each branch will cover a radius of 125 km and the company is expected to leverage this to reach more customers.
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.
