NII surprises, provisions jump too: Magma Fincorp on Q4 earnings
Magma Fincorp has reporter better than expected Q4 results on the back of strong NII and other income numbers. The finance company's provisions, however, have jumped 63% compared with the same period of the year-ago period. Sanjay Chamria, VC and MD at Magma, says the provisioning has gone up because of a 35% growth in the loan book, due to which the loan losses have also gone up. He further says there has been some stress on the asset quality due to the overall deteriorating economic scenario.
