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HomeSHARE MARKET60 Thousand Crore Fundraising Approval In The Next 12 Months; Know Share...

60 Thousand Crore Fundraising Approval In The Next 12 Months; Know Share Target

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HDFC Bank Ltd (NSE: HDFCBANK): HDFC Bank Ltd has approved the plan to raise Rs 60 thousand crore through bond private placement. The bank released its results on Saturday and along with these results, it has also informed the stock markets about its fundraising plan. 

According to the results released earlier, the bank’s profit has increased limited compared to the December quarter. However, a sharp jump has been seen in the provision. Asset quality has remained stable on a quarter-on-quarter basis.

What Information Has Been Given On Raising Funds?

The bank has informed the public that its board of directors has approved the renewal each year of long-term bonds as well as perpetual debt instruments with a maximum of Rs 60 crore for the next 12 months. 

In the information sent to the stock exchanges, the bank said that the bank’s board has approved the issuance of long-term bonds for infrastructure and affordable housing projects, perpetual debt instruments for additional Tier 1 capital, and renewal of Tier 2 capital bonds through private placement mode. 

How Was The Bank Results?

The bank’s profit in the quarter ending March stood at Rs 16511.9 crore. Profit has increased by 0.9 percent on a quarter-on-quarter basis. 

With this, the bank’s net interest income has increased from Rs 28471.3 crore to Rs 29076.9 crore as compared to the December quarter. That means it has seen an increase of 2.1 percent on quarter to quarter basis. 

There has been a sharp jump in the provisioning of the bank as compared to the December quarter and in the March quarter, this figure has increased from Rs 4216.6 crore to Rs 13511.6 crore as compared to the December quarter.

On a quarter-to-quarter basis, gross NPA has been 1.24 percent as against 1.26 percent. 

At the same time, net NPA remained at 0.33 percent as against 0.31 percent. The bank has made a public announcement of the payment of a dividend amounting to the amount of Rs 19.5 per share for its shareholders.

The ex-date for the dividend has been kept as 10 May 2024.

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