HDFC Bank just made a significant statement. HDFC Bank, the largest private sector bank in India, declared a dividend on Saturday for the fiscal year 2022–2023 of Rs. 19 per equity share, or 1900%. This payout is greater than the Rs 15.5 declared for the prior year. Additionally, the dividend will now be paid to the company’s investors, who will benefit from it.
Announcement of a dividend
May 16, 2023, has been retained as the record date for assessing an investor’s eligibility to receive a dividend on equity shares. In a regulatory filing, HDFC Bank stated: “For the fiscal year ended March 31, 2023, the Board of Directors recommended a dividend of Rs. 19 per equity share of Rs 1 each fully paid-up (i.e. 1900% of net profit).”
Additionally, HDFC Bank has made available its March quarter results.
The bank’s net profit increased significantly. For the period of January to March 2023 (Q4 FY23), HDFC Bank’s standalone net profit increased by 16.53% to Rs 12,047 crore. For the quarter that ended on March 31, 2023, it increased its net interest income by 23.7% to Rs 23,351.8 crore from Rs 18,872.7 crore in the prior year.
HDFC Bank deposits in CASAs (Current Account Savings Accounts)
have climbed by 11.3 percent. In addition, it has deposits of Rs. 2,73,496 crore in its current account and Rs. 5,62,493 crore in its savings account. In comparison to the year ended March 31, 2022, HDFC Bank’s net profit for the entire fiscal year 2022–23 climbed by 19.3 percent to Rs 44,108.7 crore.
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