Kotak Bank fixes record date to determine eligible shareholders for FY22 dividend
2 min read 23 Jul 2022, 02:41 PM ISTIn May, Kotak Bank's board recommended a dividend of ₹1.10 per equity share having a face value of ₹5 each out of the net profits for the year ended March 31, 2022.
PremiumKotak Mahindra Bank fixes the record date to determine eligible shareholders for an interim dividend of ₹1.10 per equity share for the financial year FY22. The announcement was made on Saturday when the bank presented its financial performance for the quarter ending June 30, 2022 (Q1FY23). Further, Kotak plans to pay the dividend to these shareholders on August 29 and September 2 this year.
As per the regulatory filing, Kotak Bank said, "August 12, 2022, has been fixed as the 'Record Date', for the purpose of determining the Members eligible to receive dividend on the equity shares, for the financial year ended March 31, 2022, as recommended by the Board of Directors of the Bank at its Meeting held on May 4, 2022."
Further, Kotak said that the dividend, if declared at the AGM, will be paid between Monday, August 29, 2022, and Friday, September 2, 2022 (both days inclusive).
On May 4, Kotak Bank's board recommended a dividend of ₹1.10 per equity share having a face value of ₹5 each out of the net profits for the year ended March 31, 2022. It said, "The Bank is obliged to pay dividend to those shareholders whose names are appearing in the register of members as on the book closure date. The dividend will be paid after the approval of the shareholders at the Annual General Meeting."
Generally, when a company earns profit they share a portion of the surplus with shareholders who have a portion of their stocks and that is called a "dividend".
As per the BSE FAQs, the company provides the facility of direct credit of the Dividend to the member’s bank account. Listing Regulations also mandate Companies to credit the Dividend to the members electronically. Members are therefore urged to avail of this facility to ensure safe and speedy credit of their dividend into their Bank account.
In the first quarter of FY23, Kotak Bank reported a 26% growth in net profit to ₹2,071 crore from ₹1,642 crore in Q1FY22. Net Interest Income (NII) in the quarter under review stood at ₹4,697 crore, from ₹3,942 crore in Q1FY22 - registering a rise of 19%. Net Interest Margin (NIM) was at 4.92% for Q1FY23.
As of June 30, 2022, GNPA was at 2.24% and NNPA at 0.62%. The provision coverage ratio stood at 72.6%.
On BSE, Kotak Bank shares closed at ₹1,826.40 apiece up by ₹25.60 or 1.42%. Its market cap is around ₹3,62,619.72 crore.
