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HDFC Bank declares dividend of Rs6.50 for FY21

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Private lender HDFC Bank on Friday announced that the board has declared a dividend of ₹6.50 per share for the year ended 31 March 2021.

“A dividend of ₹6.50 per equity share ( 650 percent on the face value of Re 1) out of internet profits for the year ended March 31, 2021, has been recommended, subject to the approval of the shareholders of the bank at its ensuing Annual General Meeting (AGM),” HDFC Bank said during a regulatory filing.

If approved at the AGM, the expected date for payment of dividend in electronic form and for dispatch of physical dividend warrants would be August 2, 2021, onwards, it added.

The AGM of the bank is scheduled for July 17, 2021, through video conferencing and other audio-visual means.

Besides, the board approved revising the re-appointment of Umesh Chandra Sarangi as an independent director from March 1, 2021, till leap day, 2024.

Earlier, the board had okayed his tenure from March 2021 till February 5, 2022.

Also, the board sought to appoint M M Nissim & Co LLP, an accounting firm, as its first preferred firm to act as joint statutory auditors for 3 years till FY2023-24. this is often subject to RBI approval.

MSKA & Associates is its statutory auditor at the present.

As per RBI guidelines, banks with asset size of ₹15,000 crores and more at the top of the previous year, got to appoint a minimum of two joint statutory auditors.

The stock of HDFC Bank closed at Rs 1,479.85 apiece on BSE, up 0.95 percent from the previous close.

HDFC Bank had announced that its net income rose 18.1% to ₹8,186.51 crores for the quarter ended 31 March 2021. The Bank had posted a net income of ₹6,927.69 crores within the year-ago period.

The Net Interest Income (NII) rose 12.6% to ₹17,120 crores during this quarter. it had been ₹15,204 crores within the quarter ended 31 March 2020.

HDFC Bank’s gross non-performing assets (NPAs) rose 1.32% year-on-year as against 1.26%. internet NPAs stood at 0.40% against 0.36% within the year-ago period.

The lender’s net interest margin for Q4FY21 stood at 4.2% against 4.3% on March 31, 2020 quarter. Moreover, the deposits are up 16.3% YoY while advances are up 14% YoY.

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