HDFC Bank’s board of directors has recommended a dividend of Rs 15.50 per share of shares for the 2021-22 fiscal year. The lender has set May 13 as the record date to determine members’ eligibility for stock dividends.
“The board of directors at its meeting (on April 23) recommended a dividend of Rs 15.50 per share of Re 1 share each fully paid up (i.e. 1,550 percent) of the net profit for the year ended March 31, 2022,” HDFC said. Bank Saturday in a BSE application.
However, it is subject to shareholder approval at the bank’s subsequent annual general meeting.
Dividend, if approved by the bank’s shareholders, will be paid after the annual general meeting (AGM) to those shareholders whose names appear in the bank’s membership register/register of beneficial owners maintained by the custodians namely National Securities Depository Limited and Central Depository Services (India) Ltd at the close of business hours on Friday, May 13, 2022,” it added.
The independent net profit of the largest private sector lender in the March 2022 quarter was Rs 10,055.18 crore, up 22.82 percent compared to Rs 8,186.51 crore a year ago. Total income rose eight percent to Rs 41,085.78 crore in January-March 2022, from Rs 38,017.50 in the same period a year ago.
HDFC Bank’s net interest income (NII), interest earned minus interest issued, grew 10.2 percent to Rs 18,872.7 crore in January-March 2022, compared to Rs 17,120.2 crore a year ago, according to a BSE report. application.
The bank’s total deposits as of March 31, 2022 stood at Rs 15,59,217 crore, a jump of 16.8 percent from the previous year. CASA deposits (checking accounts) were up 22 percent with savings account deposits of Rs 5,11,739 crore and current account deposits of Rs 2,39311 crore.
In terms of asset quality, the bank reported gross non-performing assets (GNPA) on Saturday at 1.17 percent of gross advances as of March 31, 2022, compared to 1.31 percent a year ago. GNPAs stood at 1.26 percent in the December 2021 quarter. In absolute terms, the bank GNPA’s gross non-performing assets rose to Rs 16,140.96 crore compared to Rs 15,086 crore a year ago.
Net NPAs, or bad loans, amounted to 0.32 percent of net advances at the end of the March 2022 quarter, compared to 0.40 percent a year ago. In absolute terms, it stood at Rs 4,407.68 crore against Rs 4,554.82 crore a year ago. “The liquidity coverage ratio was healthy at 112%, well above the regulatory requirement,” HDFC Bank said in a statement.
The bank’s total advances increased by 20.8 percent year-on-year to Rs 13,68,821 crore in the January-March 2022 period.
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