HDFC Bank, the largest private sector bank in the country, is going to give huge profits to its investors. After the board meeting held on Friday, the bank has announced a dividend of Rs 1550 per cent (15.50) on the face value of Re 1 share to its shareholders.
In the information given to the stock market on behalf of HDFC Bank, it was said that the board of the bank has recommended a dividend of Rs 15.50 per share out of the net profit of the bank at the end of the financial year 2021-22. However, this decision is yet to be approved by the shareholders at the upcoming Annual General Meeting (AGM).
In this way you can take advantage of: The record date for giving dividend by the bank’s board has been set as May 13. The record date is the date by which it is determined whether the shareholder is eligible for dividend or not. The shares should be held in your demat account on the record date to get the dividend.
Biggest dividend in 11 yearsHDFC Bank had earlier declared a dividend of Rs 16.5 in June 2011, which is the second highest dividend ever since 2001. HDFC Bank has declared dividend 22 times since 2001, out of which 21 is final dividend and one is special dividend.
Bank’s profit up 23 per cent: The fourth quarter results were announced by the bank on April 16, in which the bank’s profit increased by 22.8 percent. The bank had made a profit of Rs 10,055 crore during this period. At the same time, the income of the bank increased by 8 per cent to Rs 41,085 crore on an annual basis.
HDFC Bank and HDFC Ltd Merger: The merger of HDFC Bank and HDFC Ltd was announced earlier this month on April 4. Giving information about this merger, HDFC Bank had said that the process of merger will be completed in 18 months. It is considered to be the biggest merger of India’s financial sector so far.