China Bank declares higher cash dividends of P4 billion

MANILA, Philippines — At its annual stockholders’ meeting held virtually last May 5, China Banking Corp. announced that the Board of Directors approved the declaration of P1.00/share regular dividend and an additional P0.50/share special dividend, reflecting China Bank’s confidence in its underlying strength and future prospects.

The total cash dividends of P4.04 billion is 50 percent higher compared to the P2.69 billion dividends paid last year and translates to a better cash dividend yield of 5.6 percent based on the bank’s closing price of P26.70 as of May 4.

The cash dividends represent 27 percent of the bank’s full year 2021 net income of P15.1 billion.

The dividends will be paid on June 3 to stockholders on record as of May 20.

At the same stockholders’ meeting, the incumbent members of the board were re-elected:  Hans Sy as chairman, Gilbert Dee as vice chairman; William Whang, Peter Dee, Joaquin Dee, Harley Sy, Herbert Sy, and Jose Sio as directors; and Margarita San Juan, Philip Tsai, Claire Ann Yap, and Genaro Lapez as independent directors. Ricardo Chua remains as advisor to the board.

In the first quarter of this year, China Bank’s net profits surged 37 percent to P4.9 billion on the back of sustained core business growth. All key metrics also increased: Total assets up 12 percent to P1.1 trillion, gross loans up 10 percent to P632 billion, total deposits up eight percent to P879 billion, and capital up 15 percent to P125 billion.