Magma Fincorp net up over 6%

MUMBAI: Mumbai-based Magma Fincorp reported 28 per cent increase in net profit in FY19 aided by disbursement growth, decline in bad loans. Its net profit stood at Rs 304 crore versus Rs 237 crore a year earlier. The company expanded its loan book by 7.8 per cent to Rs 17,029 crore. But, the company chose to grow slow in the January-March quarter with a liquidity squeeze hitting the NBFC sector. During January-March quarter, the net profit rose by about 6.25 per cent to Rs 85 crore.