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 lender 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.
Dalal Street is likely to rejoice the strong numbers as well as the dividend payout on Monday. 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.
In the run-up to the results, shares of the lender hit a 1-month high of Rs 1,697.05. The stock has outperformed both Nifty Bank and Nifty 50 in 2023.
HDFC Bank shares have given nearly 4% positive returns year-to-date, whereas both Nifty Bank and Nifty 50 have lost more than 1% each in the same period.
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