14 Jun , 2022 By : Kanchan Joshi
Dividend paying stock: Indian Bank is going to turn ex-dividend today as the board of directors of the public sector undertaking (PSU) bank has fixed record date for dividend payment on 15th June 2022. The board of directors of the bank in its meeting held on 11th May 2022 had fixed record date for dividend payment of Rs6.50 per equity share for the financial year 2021-22. The PSU bank informed about the developments in regard to dividend payments via exchange communications.
While informing about the dividend payment Indian Bank's exchange communication says, "In terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we have to inform you that the Board of Directors of the Bank in its meeting held on date i.e. Wednesday, 11th May, 2022, inter-alia, considered and recommended dividend of Rs6.50 per equity share i.e @ 65% of paid up equity capital of the bank for the financial year 2021-22."
Later on, Indian Bank further informed Indian bourses about the record date for dividend payment citing, "The Record Date for payment of dividend will be Wednesday, the 151h June, 2022 (closure of Business Hours). The payment of dividend is subject to the approval of Shareholders at the ensuing Annual General Meeting of the Bank."
Indian Bank Q4FY22 result
The state-owned bank reported 42.4 per cent fall in net profit from Rs1709 crore in Q4FY21 to Rs984 crore in Q4FY22. Operating profit of the Indian Bank in Q4FY22 stood at Rs2738 crore, which stood at Rs2386 crore in Q4FY21, around 15 per cent higher against the corresponding period. This could become possible on higher income and lower expenses. Indian Bank's total income grew 9 per cent at Rs11,405 crore in Q4FY22. In Q4FY21, state-owned bank's total income stood at Rs10,485 crore. On account of loan growth in retail, MSME and agriculture sector, the PSU bank's advanced grew 6 per cent at Rs4.16 lakh crore.
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