Financial Daily from THE HINDU group of publications
Tuesday, Aug 03, 2004
Financial Daily from THE HINDU group of publications Tuesday, Aug 03, 2004 |
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Money & Banking
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Alliances & Joint Ventures Magma Leasing ties up with National Insurance Our Bureau
Kolkata , Aug. 2 MAGMA Leasing Ltd, buoyed by an impressive June quarter earnings through commercial vehicles financing and with a nationwide network of eight regional and 52 branches, has entered into a tie-up with the National Insurance Company Ltd (NIC) for extending insurance cover to its customers. The company has signed a formal MoU with NIC here recently. Talking to Business Line, Mr Sanjay Chamria, Managing Director, said Magma now had 36,000 customers with an insurable asset value of over Rs 2,000 crore, and with plans to lend Rs 1100 crore more during the balance part of the current financial year, it expects to increase customer base to 62,000 and the insurable asset value to Rs 3,000 crore. The company has recorded a 10 per cent increase in its profit after tax at Rs 8.04 crore (Rs 7.28 crore) for the quarter ended June 30, 2004. The total income from operations for the quarter has recorded a 19 per cent jump at Rs 23.82 crore (Rs 20 crore). The company, as on June 30, 2004, according to Mr Chamria, has achieved zero level of NPAs. He said total disbursals for the quarter have shot up by 76 per cent at Rs 280 crore
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