Magma Fincorp to reduce exposure in tractor loans.

Magma Fincorp to reduce exposure in tractor loans.

Magma Fincorp was looking at reducing exposure in tractor loans in overall portfolio, an official said here today.

“We are looking to reduce our exposure to tractor loans in our overall portfolio. We want to focus more on the used assets segment and the affordable housing space going ahead,” Magma CEO (Housing Finance and Small and Medium Enterprise) Manish Jaiswal said.

Tractor portfolio already reduced to 18 per cent in the last one year from 28 per cent, officials said.

Under the housing finance portfolio, Jaiswal said the company would like to focus more on the home loans segment as against the loan against property category.

Magma Fincorp currently has a mix of 70 per cent loan against property and 30 per cent home loans.

“We want to reverse this ratio in subsequent quarters”, officials said.

Magma Fincorp Ltd today reported a 3.7 per cent on-year fall in Q1 period of FY18′ in consolidated net profit to Rs 45.15 crore as the non-banking finance company’s loan book shrunked 13 per cent year-on-year during the quarter.

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