For the financial year 2021-22, HDFC Bank declared a 1550% or 15.50 per share dividend to its stockholders on Saturday. HDFC Bank stated in a regulatory filing that the board of directors proposed a dividend of Rs 15.50 per equity share of Re 1 (1550%) from net income for the year ending March 31, 2022.
This is subject to shareholder approval at the next Annual General Meeting, according to the statement. The record date for deciding whether members are eligible to receive dividends on equity shares is May 13, 2022, according to the company.
HDFC Bank, the country’s largest private sector lender, reported a 23% increase in standalone net profit to Rs 10,055.20 crore in the March quarter, owing to increased loan demand across all categories and lower provisioning as bad loans were reduced. The bank’s net profit was Rs 8,186.51 crore in the previous fiscal year’s similar quarter.
The bank said earlier this month that its parent firm, HDFC Ltd, will merge with HDFC Bank in roughly 18 months, bringing the combined balance sheet to Rs 17.87 lakh billion.