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Magma Fincorp Q2 net profit rises 8.5 per cent to Rs 49 cr

Press Trust of India  |  Kolkata 

Asset financing company Magma Fincorp Ltd today posted an 8.5 per cent quarter-on-quarter rise in net profit to Rs 49 crore in July-September.

The company's net interest margin stood at a "healthy" 8.4 per cent in the three months ended September on the back of third consecutive quarter reduction in absolute net NPAs, and in cost of borrowings, a release said.

The firm made non-performing assets (NPA) provision of Rs 75 crore in the reporting quarter as against Rs 91 crore in April-June.

"This provision includes proportionate additional provision of Rs 7.9 crore, for migration to 90 days past due (dpd) by March, 2018," the release said.

Provision coverage ratio improved to 24 per cent in July-September compared to 20 per cent in the first quarter.

The company's board has approved capital raising up to Rs 750 crore, subject to approval of shareholders, it added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 09 2017. 19:22 IST