Magma Fincorp Q3 net jumps 75 pc at Rs 65 cr

Magma Fincorp has registered 75 per cent growth in its consolidated net profit at Rs 65 crore for third quarter ended December.
Company's net profit in October-December period of 2016- 17 stood at Rs 37.19 crore.
The company in a statement attributed the rise in net profit to reduction in cost of funds and increase in earning book.
Total income (consolidated) during the quarter went down to Rs 590.44 crore as against Rs 594.12 crore in the same period a year earlier, a company statement said.
Magma Fincorp offers services such as commercial finance, agri finance, SME finance, mortgage finance and is also engaged in general insurance through its subsidiary.

Stock of the company closed 4.36 per cent lower at Rs 156.80 apiece on BSE.