HDFC Bank recommends 1900% dividend from net profits of FY23

The dividend benefit was taken during the meeting held on Saturday during which HDFC Bank also fixed a record date for the said dividend

HDFC Bank on Saturday recommended a 1,900 per cent dividend, or Rs 19 per equity share, from the FY23 fiscal year's profits, according to the bank's regulatory filing.

This dividend is 22.58 per cent higher than it was in the prior fiscal year. To establish whether stockholders are eligible, the lender has set a record date for the following month.

The dividend benefits for the fiscal year ending March 31, 2023, were discussed in a meeting conducted on Saturday. The board of directors has recommended a dividend of 19 per equity share with a face value of Re 1 each fully paid up (i.e. 1900 per cent) out of the net profits for the year ended March 31, 2023.

At the bank's upcoming annual general meeting (AGM), the shareholders will need to approve the dividends.

Also, the bank has fixed May 16, 2023 as the record date to identify members who are eligible to receive the dividend on equity shares.

If approved by shareholders, the bank intends to distribute dividends to investors whose names appear in the bank's register of members and register of beneficial owners, both of which are kept by the depositories National Securities Depository Limited and Central Depository Services (India) Limited, as of Tuesday, May 16, 2023, the end of business hours.

In the previous fiscal year FY22, HDFC Bank distributed a dividend to shareholders equal to 15.50 per equity share (1550 per cent).