Magma Leasing Limited to disburse huge amount this fiscal

Jamshedpur, May 17 (UNI) Magma Leasing Limited, a non-banking retail finance company, will disburse Rs 135 crore in Jharkhand during this financial year, 90 per cent more than last fiscal.

Regional business head and in-charge of Jharkhand of the company, D Bhattacharya said the company is providing loans for car, commercial vehicle,construction equipment,used commercial vehicle and strategic construction equipment deals,asset insurance and personal loans.

He said the company had launched to new products in the last fiscal and added one more fee-based service to his bouquet of offerings.

Mr Bhattacharya said in view of growing market in Jharkhand the company had decided to open a new branch in Dhanbad in addition to Ranchi,Jamshedpur,Bokaro and Hazaribagh.

He said the company saw a 44 per cent increase in its net profit at Rs 20.27 crore in its year-end results recently and it registered a 31 per cent rise in profit before tax at Rs 30.58 crore in 2005-06.

Almost 73 per cent of the company's business came from rural and semi-urban areas and the company would add another 20 branches by next year, Mr Bhattacharya said.

UNI BDG SJC DB1843