Asset finance company, Magma Fincorp has decided to open up two new branches in Andhra Pradesh seeing the high amount of business being generated from the state, said Vice-President of the company, Mr Dhrubashish Bhattacharya.

"Andhra Pradesh is a focus market as its contributes 12 per cent of our business which is the highest among all States where we operate,'' Mr Bhattacharya said.

The fiscal last ended saw the company generate total loan disbursement worth Rs 5415 crore and a net profit figuring to Rs 122 crore.

Presently the company has 15 branches in Andhra.

"We have disbursed Rs 650 crore in the State during the last financial year. We are targeting a 50 per cent growth of business during FY12," he said.