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Magma Fincorp Plans To Start Gold Finance Business!

Magma Fincorp, the famous retail finance NBFC has planned to start with their gold finance business in the first half of the next financial year and will be able to clear all the regulatory hurdles in beginning with their new business.

Magma Fincorp Logo
Magma Fincorp Logo

“We are a non-deposit taking non-banking financial company (NBFC) and the new section (gold business) will come under this. As far as timeline is anxious, this will start in the first half of the next financial year,” Chief Financial officer of the Magma Fincorp, V Lakshmi Narasimhan informed the reporters. He also added that they are also planning to add retail housing finance business by the next fiscal year.

The company has already prepared the blueprint of both the businesses. They will start with gold business and housing finance will follow the earlier.

Magma Fincorp deals with commercial vehicle, car and utility vehicle finance, construction tools finance, tractor finance, and SME loans among others, has a capital adequacy ratio of a capital adequacy ratio of 20.3 per cent by December and doesn’t need more capital to support its loan growth in the next fiscal. The level of total disbursements of the company have grown by 50% to Rs. 1, 915crore in the December.

Magma Fincorp has accounted a drop of 57.5% in its net profit to Rs 13.89 crore in the third quarter of current financial fiscal on the back of forex loss along with change in accounting policy by the company. Net profit stood at Rs 32.68 crore in the last year. Total income of the company saw a 23.5% rise to Rs 278.22 crore during the quarter ending December.

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