The latest quarterly results from two of India’s largest private lenders – HDFC Bank and ICICI Bank have brought dividends back into focus. The key question for investors is how they are returning cash to shareholders.
With final dividends now announced, let’s take a look at the 4 key factors every investor must know before betting on the post-Q4 payout.
HDFC Bank vs ICICI Bank: Dividend payout – Who is offering what
HDFC Bank has announced a final dividend of Rs 13 per share for FY26. Along with an earlier interim dividend of Rs 2.50, the total payout for the year stands at Rs 15.50 per share.
HDFC Bank, through an exchange filing said, “The Bank paid a special interim dividend of Rs 2.50 per equity share of Rs 1 each (adjusted for bonus) on August 11, 2025. The Board of Directors have now recommended a final dividend of Rs 13.00 per equity share of Rs 1 for the year ended March 31, 2026.”
It further noted, “This would be subject to approval of the shareholders at the forthcoming annual general meeting. With this, the total dividend for the year ended March 31, 2026 would be Rs 15.50 per equity share of Rs 1 each for the year ended March 31, 2026.”
ICICI Bank, on the other hand, has recommended a final dividend of Rs 12 per share for FY26, higher than Rs 11 in the previous year.
ICICI Bank, in its regulatory filing said, “the Board of Directors of ICICI Bank Limited (“the Bank”), at its meeting held today, recommended a dividend of Rs 12/- (Rupees Twelve only) per equity share of face value of Rs 2/- each, subject to requisite approvals. The dividend on equity shares, will be paid after the same is approved by the Members at the ensuing Annual General Meeting of the Bank”
HDFC Bank vs ICICI Bank: Record date and eligibility
For HDFC Bank shareholders, the record date is already fixed. The bank has fixed June 19, 2026 as the record date. This means the company will check its shareholder list on that day. If you own the shares on June 19, you will be eligible for the dividend.
For ICICI Bank, the dividend will be paid after shareholder approval. Furthermore, the record date is expected to be announced separately.
HDFC Bank vs ICICI Bank: Q4FY26 performance recap
HDFC Bank in its Q4FY26 earnings reported a net profit of Rs 19,221.05 crore in Q4FY26. This is up 9.11% from Rs 17,616.14 crore a year ago.
Furthermore, the net interest income (the core income from lending) rose 3.8% year-on-year to Rs 33,281.5 crore.
ICICI Bank reported a net profit of Rs 13,701.68 crore in Q4 FY26, up 8.5% from Rs 12,629.58 crore last year.
On a sequential basis, profit rose 21%. Net interest income increased 8.4% year-on-year.
HDFC Bank vs ICICI Bank: Share price performance
In the last five days, the share price of HDFC Bank has risen about 1%, and over the past month, it is up around 2.5%.
However, looking at a longer time frame, the share price of the company was down about 20% over six months and 17% over one year. So far in 2026, it has declined around 19%.
ICICI Bank share price has gained around 4% in the last five days. It surged about 8% over the past month.
Over a longer period, it is down about 3% in six months and 4% in one year. So far in 2026, it has edged up by around 1%.