HDFC Bank has declared a 1550% dividend to its shareholders 

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HDFC Bank has declared a 1550% dividend to its shareholders for the financial year 2021-22. HDFC Bank paid a 1550 percent dividend to its shareholders for the financial year 2021-22 on Saturday (April 24). HDFC investors appear to be perplexed at the moment by the huge amount in big bold headlines. They must, however, comprehend what it truly entails.

The board of directors of HDFC Bank recommended a dividend of Rs 15.50 per equity share of Re 1 (1550%) from net profits for the year ending March 31, 2022, according to a regulatory filing.

This means that for the fiscal year 2021-22, owners will earn 15.50 in dividends for each share they own. However, the bank stated in its statement that the proposed dividend is subject to shareholder approval at the upcoming Annual General Meeting.

The filing stated that the record date for evaluating the eligibility of members entitled to dividends on equity shares is May 13, 2022.

HDFC Bank announced a 23% increase in standalone net profit to Rs.10,055.20 crore for the quarter ended March 2022 on Saturday.

High demand for loans across all categories drove the country’s largest private sector lender’s growth, as did decreased provisioning as problematic loans were slashed. The net profit of HDFC bank for the same time of the previous fiscal year was Rs.8,186.51 crore.

In addition, the bank said earlier this month that its parent firm, HDFC Ltd, will be amalgamated into HDFC Bank in roughly 18 months, bringing the total balance sheet to Rs. 17.87 lakh crore.

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