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HDFC Q4 profits rises 27% to Rs 2,862 cr

Tuesday, May 14, 2019

Mortgage lender HDFC yesterday posted a 26.8% rise in its standalone net profit at Rs 2,862 cr for the fourth quarter ended March 2019. The company had reported a net profit of Rs 2,257 cr in the Jan-March quarter of the previous fiscal.

Total income during the quarter rose to Rs 11,586.58 crore as against Rs 9,322.36 crore in the year-ago period.

During the quarter, the net interest income improved to Rs 3,161 cr compared to Rs 2,650 cr in the corresponding quarter of the previous year, representing a growth of 19%.

The board has proposed a final dividend of Rs 17.50 per share and the proposed final dividend is in addition to the interim dividend of Rs 3.50 per share declared by the board of directors on March 6, 2019, it said.

The total dividend for the year is Rs 21 as against Rs 20 per share for the previous year.

Besides, the board has also approved issuance of redeemable non-convertible debentures or any other hybrid instruments not in nature of equity shares up to Rs 1.25 lakh crore on private placement basis to fund its business growth.

The company has also approved re-appointment of Nasser Munjee and J J Irani as independent directors for a term of two consecutive years each with effect from July 21, 2019.

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