HDFC Bank declares 1550% dividend for shareholders

New Delhi: HDFC Bank on Saturday declared a 1550 per cent 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 Rs 15.50 per equity share of Re 1 (1550 per cent) 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, it said.

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

Last Saturday, the country's largest private sector lender HDFC Bank reported a 23 per cent jump in standalone net profit to Rs 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 Rs 8,186.51 crore.

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