ALSO READMagma Fincorp provides update on step down subsidiary - Magma Housing Finance Magma Fincorp posts Q4 loss of Rs 122 cr on bad loans Magma Fincorp completes acquisition of 26% in Magma ITL Magma Fincorp standalone net profit declines 2.59% in the June 2017 quarter Magma Fincorp consolidated net profit declines 3.69% in the June 2017 quarter
Asset financing company Magma Fincorp Ltd today posted an 8.5 per cent quarter-on-quarter rise in net profit to Rs 49 crore in July-September. The company's net interest margin stood at a "healthy" 8.4 per cent in the three months ended September on the back of third consecutive quarter reduction in absolute net NPAs, and in cost of borrowings, a Magma Fincorp release said. The firm made non-performing assets (NPA) provision of Rs 75 crore in the reporting quarter as against Rs 91 crore in April-June. "This provision includes proportionate additional provision of Rs 7.9 crore, for migration to 90 days past due (dpd) by March, 2018," the release said. Provision coverage ratio improved to 24 per cent in July-September compared to 20 per cent in the first quarter. The company's board has approved capital raising up to Rs 750 crore, subject to approval of shareholders, it added.
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