Magma eyes 40% growth in disbursement in AP

Magma Fincorp Limited, a Kolkata-based asset finance company, is eyeing a 40-per cent growth in its loan disbursement for the financial year 2012-13 in Andhra Pradesh.

Magma currently has 23 branches in AP and has disbursed Rs 848 crore in the last financial year.

“We will continue with our focus on providing asset finance to the economically disenfranchised segment in AP, and expect to strengthen our market share in each category,” Dhrubashish Bhattacharya, vice president, Magma Fincorp, told mediapersons here.

The company saw a 44 per cent growth in the first quarter of the current financial year, as against the corresponding period of the last financial year. Its auto loan grew 119 per cent and tractor and SME finance saw 97-per cent and 56-per cent growth respectively.