Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
Kolkata-based asset-backed finance company Magma Fincorp Ltd is seeing 'improvement’ in the position of non-performing assets (NPAs), according to its President and CEO - Asset Finance. Kaushik Banerjee.
"The measures we have been taking such as mapping portfolio behaviour and deployment of advanced predictive tools have led to an improvement,’’ he told newspersons at a press conference held here on Wednesday.
The NBFC sold NPAs worth Rs 678 crore during the last fiscal. "Now that the balance sheet is clean, we are not expecting any repeat of NPA sale this year," he said.
Magma Fincorp reported gross NPAs of 6.7 per cent in FY 17 as against 8.1 per cent in the previous year. Most of the existing NPAs were only seven to eight months old and the collection efficiency is 'good’, Banerjee added.
The company is also trimming its exposure to tractor portfolio which accounts for 27 per cent of the total outstanding portfolio of Rs 16,500 crore as part of its efforts to ensure 20 per cent cap on exposure to different portfolios.
Asked on the expected Net Interest Margin (NIM) for the current financial year, he said it could be on the same lines of 7.5 per cent reported in the previous fiscal though prediction was 'tough’.
Magma Fincorp’s scrip gained 4.27 per cent and is trading at Rs 172 on the Bombay Stock Exchange on Wednesday.
Please Email the Editor