HDFC Bank, India’s largest private sector lender, on Saturday declared a dividend of Rs 19 per equity share, or 1,900 per cent, for the financial year 2022-23. It is higher as compared with the Rs 15.5 dividend announced for the previous year.

The record date for determining the eligibility of members entitled to receive dividend on equity shares is Tuesday, May 16, 2023.

“The board of directors, at its meeting held today, has recommended a dividend of Rs 19 per equity share of Re 1 each fully paid-up (i.e. 1,900 per cent) out of the net profits for the year ended March 31, 2023, subject to the approval of the shareholders at the ensuing annual general meeting of the bank,” HDFC Bank said in a regulatory filing.

It added that the dividend, if approved by the shareholders of the bank, shall be paid after the AGM to those shareholders, whose names appear in the bank’s register of members/ register of beneficial owners maintained by the depositories — NSDL and CDSL as at the close of business hours on Tuesday, May 16, 2023.

The bank on Saturday reported a 16.53 per cent jump in its standalone net profit to Rs 12,047 crore for January-March 2023 (Q4 FY23). Its net interest income (interest earned less interest expended) for the quarter ended March 31, 2023, grew 23.7 per cent to Rs 23,351.8 crore, from Rs 18,872.7 crore a year ago.

On a consolidated basis, its net profit stood at Rs 12,594.47 crore, up 20.6 per cent over the quarter ended March 31, 2022, according to a BSE filing.

Its CASA (current account saving account) deposits grew 11.3 per cent with

savings account deposits at Rs 5,62,493 crore and current account deposits at Rs 2,73,496 crore.

For the full financial year 2022-23, HDFC Bank’s net profit stood at Rs 44,108.7 crore, up 19.3 per cent over the year ended March 31, 2022.

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