Kolkata: Magma Fincorp announced Rs 71.5 crore net profit for the fourth quarter to March against Rs 122 crore net loss in the year ago period. The non-bank lender said it witnessed higher loan growth in the fourth quarter and its better repayment collection helped it post a profit.Its loan disbursal in the period under review grew 51% year-on-year with net interest margin rising 212 basis points to 9.7%. "Remarkable improvement in the asset quality was the highlight of the year," the company said in a press statement. It managed to reduce gross non performing assets to 7 per cent compared with 8.8 per cent a year back. "While our top line grew significantly on all businesses, the collections performance was extremely heartening.

Source: Economic Times May 09, 2018 13:52 UTC