Karnataka Bank has entered into a Memorandum of Understanding (MoU) with Edelweiss Integrated Commodity Management (EICML) for extending storage facilities to farmers and finance against the warehouse receipts (WHR). The finance to farmers will be extended under ‘Krishik Bhandar’ scheme of the Bank. EICML has nominated Karnataka Bank as preferred financier for extending finance to farmers against the WHR.
The bank has posted a rise of 65.52% in its net profit at Rs 134.42 crore for the quarter ended March 31, 2015 as compared to Rs 81.21 crore for the same quarter in the previous year. Total income of the bank has increased by 11.55% at Rs 1308.04 crore for quarter under review as compared to Rs 1172.58 crore for the quarter ended March 31, 2014.
