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AU Small Finance gains after investing Rs 7.70 cr in NCPI

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AU Small Finance Bank rose 1.57% to Rs 875.75 after the bank made an equity investment in National Payments Corporation of India (NPCI).

AU Small Finance Bank announced yesterday, 26 November 2020, that it has made a strategic investment of Rs 7.70 crore in NPCI, wherein 61,320 equity shares at book value of Rs 1,256 per equity share are allocated to the bank constituting 0.44% shareholding of NPCI.

NPCI is an umbrella organization for operating retail payments and settlement systems in India and has been incorporated as a 'Not for Profit' company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013) as an initiative of Reserve Bank of India (RBI) and Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

AU Small Finance Bank's standalone net profit soared 87.2% to Rs 321.88 crore on 26.5% rise in total income to Rs 1,498.15 crore in Q2 September 2020 over Q2 September 2019.

AU Small Finance Bank operates as a commercial bank. The bank offers financial products and services such as savings and current accounts, term deposits, debit cards, insurance, government banking, retail loans, and microfinance lending.

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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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First Published: Fri, November 27 2020. 10:02 IST