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Asset finance company Magma Fincorp will exit gold loan business even as its net profit in the second quarter of 2014-15 increased 31 per cent at Rs 42.43 crore as compared to the same period last financial year.
The company informed the BSE that the board of directors at its meeting held today decided to exit the gold loan business.
Gross revenues of the company during the quarter stood at Rs 580.62 crore, 14 per cent higher than Q2 of last fiscal, Magma Fincorp said in a statement.
With sizeable contributions from mortgage, tractor and used assets verticals, the disbursements grew by 16 per cent in Q2 of FY15 at Rs 2550 crore.
The company’s loan book increased 13 per cent year-on-year to Rs 18836 crore and its capital adequacy ratio (CAR) stood at 16.9 per cent as on September 30, 2014, the statement added.
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