Magma Fincorp eyes 40% growth in Karnataka

Kolkata-based non-banking financial services company Magma Fincorp Ltd said on Thursday that it aims to increase its retail loan disbursements in Karnataka, currently at Rs 351 crore, by 40 per cent in 2012-13.

The company’s Vice President Dhrubashish Bhattacharya said, “We will continue with our focus on providing asset finance to the economically-disenfranchised segment in Karnataka. This will help in strengthening our market share. We would also increase our manpower strength to suit the challenge of high growth trajectory.”

The company’s ‘Suvidha’, tractor and car finance businesses posted growth of 227 per cent, 82 per cent and 88 per cent respectively in 2011-12. It has 13 offices in Karnataka

In the first half of the current financial year, the company has already experienced an overall growth of 33 per cent, compared to the corresponding period of the last financial year. SME finance and Suvidha finance witnessed a growth of 189 per cent and 82 per cent respectively.