Magma Fincorp aims for 50% loan growth

Magma Fincorp Ltd (MFL), a Kolkata-based NBFC on Friday announced its growth plan for Kerala for 2012.

The company, which disbursed Rs 249 crore in the state in the last financial year, plans to ramp up the disbursements by 50 per cent in retail loans segment in the state in this financial year.

Addressing a press conference here on Friday, MFL vice president Dhrubasish Bhattacharya said the company would increase its manpower in Kerala in order to meet the challenge of high-growth trajectory.

The company disbursed Rs 249 crore in 2010-11, which was 78 per cent higher than 2009-10.

Its car, commercial vehicle and construction equipment finance segments grew 114 per cent, 77 per cent and 31 per cent, respectively.

He said its aggressive marketing strategy helped in achieving high growth.

In the first quarter of the current fiscal, the company registered 70 per cent growth in loan disbursement in Kerala, over the corresponding period of the last financial year.

Tractor finance, car finance and commercial vehicle finance witnessed a growth of 77 per cent, 54 per cent and 19 per cent, respectively.

The company has six branches in Kerala in Kochi, Kozhikode, Kottayam, Thiruvananthapuram, Thrissur and Malappuram and employs 145 people in the state. A branch office will be opened in Kannur soon.