HDFC Bank Recommends 1900% Dividend From Net Profits Of FY23

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.

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.