Magma Fincorp to focus on housing finance, auto loans: The Hindu Business Line – Mobile edition #ford #finance #deals

#magma finance


Updated: February 12, 2016 17:12 IST | V. Sajeev Kumar

The Kolkata-based NBFC Magma Fincorp Ltd is looking at a 20 per cent growth in FY16 with a focus on auto loans, housing finance and used vehicle loans.

“Over the past months we have been able to build a strong team to deliver numbers in auto loans and affordable housing and expect to grow at over 20 per cent in each of the products,” Dhrubashish Bhattacharya, Vice-President, Magma Fincorp, said.

The company’s focus on auto loans, which has been the mainstay so far, will also continue and the renewed focus on the rural and semi-rural markets will come in handy, he told presspersons here on Friday.

With a 3.9-lakh customer base, he said the company has a loan book position of ₹18,812 crore. Last year, disbursals were at ₹8,788 crore and Kerala contributed five per cent of the loan book through its 10 branches spread across the State.

According to him, unfavourable external market conditions, especially in agri, commercial vehicles and construction equipments loans, have contributed to a rise in NPAs, which hover at three per cent. However, the focus was now on bringing it down by engaging a dedicated team to focus on delinquent cases, he added.

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