The board of HDFC Bank Ltd on Saturday approved a final dividend of Rs 19 a share for the financial year ended March 31. This is the highest dividend the lender has paid since listing, according to the data available on the exchanges.
For FY22, the lender had paid a final dividend of Rs 15.5 a share. The bank has set the record date as May 16 to determine those shareholders eligible to receive the dividend.
The dividend will be subject to approval by the shareholders at the next annual general meeting, the bank said in a release.
The bank reported strong earnings for the quarter ended March. HDFC Bank reported a nearly 20% year-on-year (YoY) rise in net profit for the quarter to Rs 12,047 crore. Total income grew 31% on year to Rs 53,851 crore.
Net interest income, which is the difference between interest earned and interest expended, grew by 24% on year to Rs 23,352 crore for the quarter ended March. The core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets.
On Thursday, shares of the bank ended 0.5% higher at Rs 1,692.45 on the National Stock Exchange. On Friday, the stock market was closed for Baba Ambedkar Jayanti.