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| Magma Fincorp plans to start gold finance biz in H1 of FY13 |
| Press Trust of India / Mumbai Feb 16, 2012, 20:18 IST |
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Magma Fincorp plans to start gold finance business in the first half of next financial year.
"We are a non-deposit taking non-banking financial company [NBFC] and the new segment [gold business] will come under this. As far as timeline is concerned, this will start in the first half of the next financial year," Chief Financial Officer of Magma Fincorp, V Lakshmi Narasimhan told PTI today.
He said the NBFC would start its retail housing finance business during the next fiscal.
"We have a resolution from the board to start both the businesses. Gold business will be launched first and housing finance business will follow," he said, adding that the blueprint for the housing finance business is yet to be prepared.
Magma Fincorp, which deals with commercial vehicle, car and utility vehicle finance, construction equipment finance, tractor finance, and SME loans among others, has a capital adequacy ratio of a capital adequacy ratio of 20.3% by December and doesn't need more capital to support its loan growth in the next fiscal.
"We don't see any further requirement of capital in the next fiscal as our capital adequacy ratio is sound to support any future loan growth," Narasimhan said.
Total disbursements of the company have grown by around 50% to Rs 1,915 crore in the December quarter.
Magma Fincorp has posted a 57.5% drop in its net profit to Rs 13.89 crore in the third quarter of current financial year on the back of forex loss along with change in accounting policy by the company.
Net profit stood at Rs 32.68 crore in the same period last year.
Total income of the company saw a 23.5% rise to Rs 278.22 crore during the quarter ending December.
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