HDFC Bank declared a dividend of 1,550%, or $15.50 per share, to its shareholders for the 2021-22 fiscal year on Saturday.
At its meeting, the Management Board proposed a dividend of ₹15.50 per share of ₹1 [1,550%] from net income for the year ended March 31, 2022, HDFC Bank said in a regulatory filing.
This is subject to shareholder approval at the subsequent general meeting, the lender said.
The cut-off date for determining the eligibility of members entitled to a dividend on shares is May 13, 2022, HDFC Bank said.
Last Saturday, the country’s largest private lender, HDFC Bank, reported a 23% rise in standalone net profit to £10,055.20 billion for the March quarter, led by rising loan demand across categories and lower provisions as non-performing loans were cut became.
The Bank’s net profit for the corresponding period of the previous financial year was ₹8,186.51 crore.
In a surprise announcement earlier this month, the bank announced that its parent company HDFC Ltd. will be merged with HDFC Bank in about 18 months and the combined balance sheet will reach 17.87 lakhcrore.
