Magma Fincorp Q4 profit at Rs 85 crore, driven by higher disbursements

By: |
Published: May 16, 2019 2:22:20 AM

Magma Fincorp on Wednesday reported a consolidated net profit of Rs 85.2 crore in Q4FY19, a 6.6% year-on-year growth. The profits rose on account of a 7.6% increase y-o-y in its total income and a fall in tax expenses. The net profit was `80 crore in Q4FY18.

Magma Fincorp Q4 profit at Rs 85 crore, driven by higher disbursementsMagma Fincorp Q4 profit at Rs 85 crore, driven by higher disbursements

Magma Fincorp on Wednesday reported a consolidated net profit of Rs 85.2 crore in Q4FY19, a 6.6% year-on-year growth. The profits rose on account of a 7.6% increase y-o-y in its total income and a fall in tax expenses. The net profit was `80 crore in Q4FY18.

Total income came in at `635 crore, up 7.6% y-o-y, pushed up by a higher interest income, which rose by 10.3% to `585.5 crore. Profits were driven by higher disbursements, led by higher loan disbursals from its housing finance subsidiary. Total housing loan disbursements grew 84% year-on-year while affordable housing disbursements grew by over 200%, the lender said. “We have improved our ALM and have significant liquidity available for our planned disbursements for FY20. Magma is focusing on cross sell through enhanced customer experience as we steer ahead in FY20,” said Sanjay Chamria, CEO, Magma Fincorp.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.