HDFC Bank announces dividend Rs 19 per share for FY 23

17 Apr 2023 , 07:24 AM

For the fiscal year that concluded on March 31, the board of directors of HDFC Bank Ltd. on Saturday approved a final dividend of Rs19 per share. According to the information accessible on the exchanges, this is the highest dividend the lender has paid since going public.

The lender had distributed a final dividend of Rs15.5 per share for FY22.

To decide which stockholders are qualified to receive the dividend, the bank has set the record deadline as May 16.

In a release, the bank stated that the dividend will need to be approved by the shareholders at the following annual general meeting.

The lender’s earnings for the March quarter were very good. The net profit for the quarter at HDFC Bank increased by over 20% year over year (YoY) to Rs12,047 crore. To Rs53,851 crore, total income increased 31% year over year.

For the quarter ending in March, net interest income—the difference between interest collected and interest paid—rose by 24% year over year to Rs23,352 crore. On a total asset basis, the core net interest margin was 4.1%, and on an interest-earning asset basis, it was 4.3%.

The bank’s stock concluded the day on the National Stock Exchange on Thursday at Rs1,692.45 with a 0.5% gain. Due to Ambedkar Jayanti, the stock market was closed on Friday.

Before the results, the lender’s stock reached a one-month high of Rs1,697.05. In 2023, the stock has done better than Nifty Bank and Nifty 50.

While Nifty Bank and Nifty 50 both saw more than 1% losses within the same period, HDFC Bank shares have returned approximately 4% in the positive year-to-date.

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