Nifty Bank Stock Turns 140% Ex-Dividend Today, Payment Details?

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Nifty Bank Stock Turns 140% Ex-Dividend Today, Payment Details?
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the private sector lender IndusInd Bank (NS: INBK ) began trading ex-dividend on Thursday for a dividend of 140% for the financial year ended March 31, 2023.

The Board of Directors of the private bank declared a dividend of Rs 14 per equity share of Rs 10 each for the financial year 2022-23, translating to a dividend of 140%.

IndusInd Bank’s Board has set the record date for determining the eligibility of shareholders entitled to receive the corporate benefit as June 2, 2023, and the said dividend will be paid to those eligible on Wednesday, June 14, 2023.

The dividend will be paid to those members whose names shall appear in the bank’s Register of Members as of the close of June 2.

This dividend declared by IndusInd Bank in FY23 is higher than that of Rs 8.5/share announced last year in FY22.

The Mumbai-based lender is a key constituent stock on Nifty50 as well as Nifty Bank .

For the March quarter, the bank’s standalone net profit jumped almost 50% to Rs 2,040.51 crore on a YoY basis, and net interest income (NII) rose 17% YoY to Rs 4,669 crore.

Read Also: IndusInd Bank Q4 Review: Bottomline Exceeds Estimates, Asset Quality Improves

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