INTRODUCTION

Dividend policy involves the balancing of the shareholders

desire for current dividends and the firms needs for funds for
growth.
The term dividend policy refers to the practice that management
follows in making dividend payout decisions or, in other words, the
size and pattern of cash distributions over time to shareholders. This
issue of dividend policy is one that has engaged managers since the
birth of the modern commercial corporation. Surprisingly then
dividend policy remains one of the most contested issues in finance.
The study of dividend policy has captured the attention of finance
scholars since the middle of the last century. They have attempted to
solve several issues pertaining to dividends and formulate theories
and models to explain corporate dividend behaviour.
The dividend enigma has not only been an enduring issue in finance,
it also remains unresolved. Almost three decades ago Black (1976)
described it as a puzzle, and since then an enormous amount of
research has occurred trying to solve the dividend puzzle. Allen,
Bernardo and Welch (2000, p.2499) summarised the current
consensus view when they concluded Although a number of theories
have been put forward in the literature to explain their pervasive
presence,
Dividends remain one of the thorniest puzzles in corporate finance.
The enduring nature and extensive range of the debate about dividend
policy has spawned a vast amount of literature that grows by the day.








Issues in Dividend Policy
Earnings to be distributed High vs. Low Payout.
Objective Maximize Shareholders Return.
Effects Taxes, Investment and Financing Decision.



HDFC Bank Ltd.

HDFC Bank Limited is an Indian financial services company based
in Mumbai, Maharashtra. It was incorporated in 1994. HDFC Bank is
the fifth largest bank in India by assets. It is the largest bank in India
by market capitalization as of 24 February 2014. As on Jan 2 2014,
the market cap value of HDFC was around USD 26.88B, as compared
to Credit Suisse Group with USD 47.63B.The bank was promoted by
the Housing Development Finance Corporation, a premier housing
finance company (set up in 1977) of India.

HDFC Bank Limited was incorporated in August 1994. It was
promoted by Housing Development Finance Corporation Limited
(HDFC), India's largest housing finance company. It was among the
first companies to receive an 'in principle' approval from the Reserve
Bank of India (RBI) to set up a bank in the private sector. The Bank
started operations as a scheduled commercial bank in January 1995
under the RBI's liberalization policies

Dividends Declared
Announcement Date Effective Date Dividend Date Dividend(%) Remarks

22/04/2014 05/06/2014 Final 342.5% Rs.6.8500 per share(342.5%)Dividend

23/04/2013 13/06/2013 Final 275% Rs.5.5000 per share(275%)Dividend

18/04/2012 28/06/2012 Final 215%


18/04/2011 02/06/2011 Final 165%


26/04/2010 10/06/2010 Final 120%


23/04/2009 22/06/2009 Final 100%


















Axis Bank Ltd.
Axis Bank Limited (formerly UTI Bank) is the third largest private
sector bank in India. It offers financial services to customer segments
covering Large and Mid-Corporates, MSME, Agriculture and Retail
Businesses. Axis Bank has its headquarters in Mumbai, Maharashtra.


Axis Bank began its operations in 1994, after the Government of
India allowed new private banks to be established. The Bank was
promoted in 1993 jointly by the Administrator of the Unit Trust of
India (UTI-I), Life Insurance Corporation of India(LIC), General
Insurance Corporation Ltd., National Insurance Company Ltd., The
New India Assurance Company, The Oriental Insurance Corporation
and United India Insurance Company. The Unit Trust of India holds a
special position in the Indian capital markets and has promoted many
leading financial institutions in the country.



Dividends Declared
Announcement Date Effective Date Dividend Date Dividend(%) Remarks

25/04/2014 12/06/2014 Final 200% Rs.20.0000 per share(200%)Dividend

25/04/2013 05/07/2013 Final 180% Rs.18.0000 per share(180%)Dividend

27/04/2012 14/06/2012 Final 160%


22/04/2011 08/06/2011 Final 140%


20/04/2010 20/05/2010 Final 120%


20/04/2009 14/05/2009 Final 100%







HSBC BANK LTD
HSBC Holdings plc is a British multinational banking and financial
services company headquartered in London, United Kingdom. It is
one of the world's largest banks. It was founded in London in 1991
by the Hongkong and Shanghai Banking Corporation to act as a new
group holding company. The origins of the bank lie in Hong Kong
and Shanghai, where branches were first opened in 1865. The HSBC
name is derived from the initials of the Hongkong and Shanghai
Banking Corporation. As such, the company refers to both the United
Kingdom and Hong Kong as its "home markets".

HSBC HOLDINGS (00005.HK) Dividend History
Dividend Policy Trend



Dividend History
Announce Date Year End Event Paricular Type Ex-Date Book Close Date Payable Date
2014/05/07 2014/12 Interim D:USD 0.1000 Cash/Scrip 2014/05/21 2014/05/22 - 2014/07/10
2014/02/24 2013/12 Interim 4
D:USD 0.1900(equivalent to
HKD1.473034 or GBP 0.112919)
Cash/Scrip 2014/03/12 2014/03/13 - 2014/04/30
2013/10/07 2013/12 Interim 3
D:USD 0.1000(equivalent to
HKD0.775237 or GBP 0.061016)
Cash/Scrip 2013/10/23 2013/10/24 - 2013/12/11
2013/08/05 2013/12 Interim 2 D:USD 0.1000(equivalent to Cash/Scrip 2013/08/21 2013/08/22 - 2013/10/09
HKD0.775453 or GBP 0.061912)
2013/05/07 2013/12 Interim
D:USD 0.1000(equivalent to
HKD0.775485 or GBP 0.065801)
Cash/Scrip 2013/05/22 2013/05/23 - 2013/07/11
2013/03/04 2012/12 Interim 4
D:USD 0.1800(equivalent to
HKD1.397286 or GBP 0.115875)
Cash/Scrip 2013/03/20 2013/03/21 - 2013/05/08
2012/10/09 2012/12 Interim 3 D:USD 0.0900 Cash/Scrip 2012/10/24 2012/10/25 - 2012/12/12
2012/07/30 2012/12 Interim 2 D:USD 0.0900 Cash/Scrip 2012/08/15
2012/08/17 -
2012/08/17
2012/10/04
2012/04/30 2012/12 Interim D:USD 0.0900 Cash/Scrip 2012/05/16 - 2012/07/05
2012/02/27 2011/12 Interim 4 D:USD 0.1400 Cash/Scrip 2012/03/14
2012/03/16 -
2012/03/16
2012/05/02
2011/11/07 2011/12 Interim 3 D:USD 0.0900 Cash/Scrip 2011/11/23
2011/11/25 -
2011/11/25
2012/01/18
2011/08/01 2011/12 Interim 2 D:USD 0.0900 Cash/Scrip 2011/08/17
2011/08/19 -
2011/08/19
2011/10/06
2011/05/03 2011/12 Interim D:USD 0.0900 Cash/Scrip 2011/05/18
2011/05/20 -
2011/05/20
2011/07/06
2011/02/28 2010/12 Final D:USD 0.1200 Cash/Scrip 2011/03/16
2011/03/18 -
2011/03/18
2011/05/05
2010/11/01 2010/12 Interim D:USD 0.0800 Cash/Scrip 2010/11/17
2010/11/19 -
2010/11/19
2011/01/12
2010/08/02 2010/12 Interim 2 D:USD 0.0800 Cash/Scrip 2010/08/18
2010/08/20 -
2010/08/20
2010/10/06
2010/05/04 2010/12 Interim D:USD 0.0800 Cash/Scrip 2010/05/19
2010/05/21 -
2010/05/21
2010/07/07
2010/03/01 2009/12 Final D:USD 0.1000 Cash/Scrip 2010/03/17
2010/03/19 -
2010/03/19
2010/05/05
2009/11/02 2009/12 Interim 3 D:USD 0.0800 Cash/Scrip 2009/11/18
2009/11/20 -
2009/11/20
2010/01/13
2009/08/03 2009/12 Interim 2 D:USD 0.0800 Cash/Scrip 2009/08/19
2009/08/21 -
2009/08/21
2009/10/07
2009/05/05 2009/12 Interim D:USD 0.0800 Cash/Scrip 2009/05/20
2009/05/22 -
2009/05/22
2009/07/08
2009/03/02 2008/12 Final D:USD 0.1000 Cash/Scrip 2009/03/18
2009/03/20 -
2009/03/20
2009/05/06
2009/03/02 2008/12 Special R:5 -for- 12@HKD 28.0000

2009/03/12
2009/03/14 -
2009/03/14
2009/04/03





ICICI Bank Ltd.

ICICI Bank is an Indian multinational banking and financial services
company headquartered in Mumbai. It is the second largest bank in
India by assets and by market capitalization, as of 2014. It offers a
wide range of banking products and financial services to corporate
and retail customers through a variety of delivery channels and
through its specialized subsidiaries in the areas of investment
banking, life, non-life insurance, venture capital and asset
management. The Bank has a network of 3,539 branches and
11,162 ATMs in India, and has a presence in 19 countries.

ICICI Bank was established by the Industrial Credit and
Investment Corporation of India (ICICI),an Indian financial
institution, as a wholly owned subsidiary in 1955. The parent
company was formed in 1955 as a joint-venture of the World Bank,
India's public-sector banks and public-sector insurance companies to
provide project financing to Indian industry. The bank was initially
known as the Industrial Credit and Investment Corporation of India
Bank, before it changed its name to the abbreviated ICICI Bank. The
parent company was later merged with the bank.
Dividends Declared
Announcement Date Effective Date Dividend Date Dividend(%) Remarks

25/04/2014 05/06/2014 Final 230% Rs.23.0000 per share(230%)Dividend

26/04/2013 30/05/2013 Final 200% Rs.20.0000 per share(200%)Dividend

27/04/2012 31/05/2012 Final 165%


28/04/2011 02/06/2011 Final 140%


26/04/2010 10/06/2010 Final 120%


27/04/2009 11/06/2009 Final 110%



State Bank of India

State Bank of India (SBI) is a multinational banking and financial
services company based in India. It is a government-owned
corporation with its headquarters in Mumbai, Maharashtra. As of
December 2013, it had assets of US$388 billion and 17,000 branches,
including 190 foreign offices, making it the largest banking and
financial services company in India by assets.

The roots of the State Bank of India lie in the first decade of the 18th
century, when the Bank of Calcutta, later renamed the Bank of
Bengal, was established on 2 June 1806. The Bank of Bengal was one
of three Presidency banks, the other two being the Bank of Bombay
(incorporated on 15 April 1840) and the Bank of Madras
(incorporated on 1 July 1843).
Dividends Declared
Announcement Date Effective Date Dividend Date Dividend(%) Remarks

14/05/2014 29/05/2014 Final 150% Rs.15.0000 per share(150%)Dividend

04/03/2014 11/03/2014 Interim 150% Rs.15.0000 per share(150%)Interim Dividend

14/05/2013 28/05/2013 Final 415% Rs.41.5000 per share(415%)Dividend

12/05/2012 24/05/2012 Final 350%


11/05/2011 20/05/2011 Final 300%


11/05/2010 09/06/2010 Final 200%


25/01/2010 05/02/2010 Interim 100%


11/05/2009 10/06/2009 Final 290%