HDFC Bank on Saturday announced a dividend of 1550 percent or 15.50 per share to its shareholders for the 2021-2022 fiscal year.
The board of directors at its meeting recommended a dividend of Rs 15.50 per share of Re 1 (1,550 percent) of net profit 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, it said.
The record date for determining the eligibility of members entitled to dividend on stock is May 13, 2022, it said.
Last Saturday, HDFC Bank, the largest private sector lender, reported a 23 percent increase in stand-alone net profit to Rs 10,055.20 crore for the March quarter, led by growth in loan demand across various categories and lower provisions as bad loans were phased out.
The bank’s net profit during the corresponding period of the previous fiscal year was Rs 8,186.51 crore.
In a surprise announcement earlier this month, the bank said that its parent company HDFC Ltd will be merged into HDFC Bank in about 18 months and its combined balance sheet will reach Rs 17.87 lakh crore.