Karnataka Bank Partners with JCB India for Equipment Finance

The private lender announced on Friday that it had signed a memorandum of understanding with JCB India for the financing of equipment.

JCB India is one of the leading manufacturers of earthmoving and construction equipment in India.

Under this MoU, JCB will appoint Karnataka Bank as its “Preferred Financier” where individuals/entrepreneurs/corporations/partnerships/LLPs, etc., can avail loans from the bank at rates of competitive interests in purchasing a wide range of equipment from the proceeds. JCB India line.

The bank said the MoU is expected to strengthen lending opportunities under the bank’s micro, small and medium enterprise (MSME) portfolio.

Mahabaleshwara MS, Managing Director and CEO of Karnataka Bank, said, “In line with our focus on credit growth, the bank is at the forefront of MSME financing and we are indeed delighted to have signed a memorandum agree with JCB as they reflect similar values ​​of excellence, integrity and sustainability. Our bank offers various financing programs for the purchase of machinery/equipment to our customers with an attractive interest rate and quick sanctioning of loans through a digital platform.”

Karnataka Bank is a regular commercial bank. The bank’s standalone net profit jumped to Rs 130.35 crore in Q4 FY22 from Rs 31.37 crore in Q4 FY21. Total revenue increased by 5.8% year-on-year to Rs 1,835.68 crore in the fourth quarter of FY22 compared to the fourth quarter of FY21.

Shares of Karnataka Bank rose 0.88% to close at Rs 69.15 on Friday, July 15, 2022.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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