Uttar Pradesh, 1 December 2020: Magma Housing Finance, a Mumbai based National Scale Affordable Housing Finance Company plans to double its presence and add 6 new branches and grow the affordable housing loan book in FY21 in Uttar Pradesh. In UP, by the end of first half of the FY21, Assets of MHF stood at Rs. 235.8 Cr with disbursements of Rs. 9.27 Cr for Sep’20 (compared to the monthly average of 9.8 Cr for FY20 and up from 5.4 Cr in FY19). For Uttarakhand, over the same period asset size was Rs. 117.35 Cr with monthly average disbursement of 5.39 Cr for Sep’20(compared to monthly average of 6.3 Cr for FY20 and up from 2.1 Cr in FY19).
Currently, Magma Group has 36 branches with Magma Housing Finance having presence in 6 branches. With a policy of customer care at heart, MHF strives to pass on the benefits of all the Government schemes like Pradhan Mantri Awas Yojana (PMAY) to the customers. In UP, our PMAY penetration stands at 67% with PMAY claims worth Rs. 8.67 Cr already processed and 248 cases are under progress. Likewise in Uttarakhand, our PMAY penetration is at 50% and claims worth Rs. 2.53 Cr have been processed.
Manish Jaiswal, MD & CEO, Magma Housing Finance & SME business said, “UP and Uttrakhand is central to our business strategy and we are an active partner in the state’s growth. Collections and customer segments have shown resilience in the state, despite the pandemic. With housing demand picking up, we expect considerable traction in both UP and Uttarakhand.
In Q2FY21 the company reported Assets Under Management (AUM) growth of 23% to Rs 3,554 crore, despite disruptions due to COVID-19. Disbursements stood at Rs 267 Cr and Stage-3 assets improved by 60bps YoY to 1.6% in Q2FY21. The company reported the bounce back to 87% of the pre covid level business in the second quarter. Profit After Tax rose 29.9% (excl. impact of COVID provision of Rs 6.5 crore) to Rs 18.7 crore against Rs 14.4 crore in Q2FY20.
The company has launched a digital platform and recommended around 60% of its home loan customers for the Pradhan Mantri Awas Yojana (PMAY) benefits. The company has focused on safety of women borrowers who constitute 96% of the total loan originations.
About Magma Housing Finance Limited:
Magma Housing Finance is an Affordable Housing Finance Company with National Presence is a 100% subsidiary of Magma Fincorp Limited. The company has AUM of 3,554 Crore and presence in 19 states with 103 branches and 30,000 customers as on 30 September 2020.
For more information please log on to: www.magmahfc.co.in
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