The company's net interest margin stood at a "healthy" 8.4 percent in the three months ended September on the back of third consecutive quarter reduction in absolute net NPAs, and in the cost of borrowings, a Magma Fincorp release said.
Asset financing company Magma Fincorp Ltd today posted an 8.5 percent quarter-on-quarter rise in net profit to Rs 49 crore in July-September.
The company's net interest margin stood at a "healthy" 8.4 percent in the three months ended September on the back of third consecutive quarter reduction in absolute net NPAs, and in the cost of borrowings, a Magma Fincorp release said.
The firm made non-performing assets (NPA) provision of Rs 75 crore in the reporting quarter as against Rs 91 crore in April-June.
"This provision includes the proportionate additional provision of Rs 7.9 crore, for migration to 90 days past due (dpd) by March 2018," the release said.
Provision coverage ratio improved to 24 percent in July-September compared to 20 percent in the first quarter.
The company's board has approved capital raising up to Rs 750 crore, subject to the approval of shareholders, it added.
