Magma Fincorp eyes 25% growth in Punjab

Magma posted 33% growth in disbursements to Rs 2,398 cr in Q1 of year ended on June 30, 2014

Notwithstanding the slowdown, Kolkata-based Magma Fincorp Ltd is targeting 25 per cent growth in Punjab for FY15.

The non-banking finance company will focus on lending to small and medium enterprises, for tractors, mortgage business and used-vehicle loans. The company had disbursed Rs 350 crore in Punjab in FY14.

Magma posted 33 per cent growth in disbursements to Rs 2,398 crore in Q1 of year ended on June 30, 2014, compared to Rs 1,805 crore during the corresponding period last year.

Sanjiv Jha, vice-president and national sales manager of the used-vehicle loans division, said, "Our focus on auto loans which has been our mainstay in the state. We will also continue to focus on that segment. We are confident that our renewed focus on the rural and semi-rural markets will be useful and will help achieve our target."