HDFC Bank, India’s largest private sector lender, on Saturday declared a dividend of Rs 19.50 per equity share, or 1,950 per cent, for the financial year 2023-24. It is higher than the Rs 19 dividend announced in the previous year 2022-23 and the Rs 15.5 announced in 2021-22.
Also Read: HDFC Bank Q4 Results: Net Profit Jumps 37% YoY To Rs 16,511 Crore, NII Up 24%
The record date for determining the eligibility of members entitled to receive dividend on equity shares is Friday, May 10, 2023.
“The board of directors, at its meeting held today, has recommended a dividend of Rs 19.50 per equity share of Re 1 each fully paid up (i.e. 1,950 per cent) out of the net profits for the year ended March 31, 2024, subject to the approval of the shareholders at the ensuing annual general meeting of the bank,” HDFC Bank said in a regulatory filing.
It added that the dividend, if approved by the shareholders of the bank, shall be paid after the AGM to those shareholders, whose names appear in the bank’s register of members/ register of beneficial owners maintained by the depositories viz., National Securities Depository Limited and Central Depository Services (India) Limited as at the close of business hours on Friday, May 10, 2024, 2024.
HDFC Bank on Saturday reported a 37.05 per cent jump in its standalone net profit to Rs 16,511.85 crore for January-March 2024 (Q4 FY24). Its net interest income (interest earned less interest expended) during the quarter ended March 31, 2024, grew 24.51 per cent to Rs 29,076.82 crore, from Rs 23,351.83 crore a year ago, according to a BSE filing.
For the full year 2023-24, Its net profit stood at Rs 60,810 crore, which is 37.9 per cent higher as compared with that in the year-ago period.
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