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Tuesday, May 17, 2022
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HDFC Bank declares 1550% dividend for shareholders

HDFC Bank on Saturday declared a 1,550%, or 15.50 per share dividend, to its shareholders for the financial year 2021-22.

The board, at its meeting, has recommended a dividend of ₹15.50 per equity share of ₹1 [1,550%] out of the net profits for the year ended March 31, 2022, HDFC Bank said in a regulatory filing.

This is subject to the approval of the shareholders at the ensuing Annual General Meeting, the lender said.

The record date for determining the eligibility of members entitled to receive dividend on equity shares is May 13, 2022, HDFC Bank said.

On Saturday last, the country’s largest private sector lender HDFC Bank reported a 23% jump in standalone net profit to ₹10,055.20 crore for the March quarter, led by growth in loan demand across categories and lower provisioning as bad loans were trimmed.

The bank’s net profit during the corresponding period of the previous fiscal stood at ₹8,186.51 crore.

In a surprise announcement earlier this month, the bank said its parent company HDFC Ltd. would be merged into HDFC Bank in about 18 months and the combined balance sheet will reach ₹17.87 lakh crore.

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