China Bank declares P2.68B dividends

CHINA Banking Corp. has declared P2.68 billion in cash dividends, 14 percent higher than the previous year.

The announcement was made at the bank’s annual stockholders’ virtual meeting Friday, June 19, 2020. Stockholders on record as of July 3, 2020 are entitled to a cash dividend of P1 per share, equivalent to a cash dividend yield of 4.9 percent based on the bank’s closing price of P20.25 as of June 18. Payment will be on July 17.

China Bank’s net profits jumped 24 percent to P10.1 billion in 2019, and rose 19 percent to P2.2 billion in the first quarter of 2020.

Its total assets expanded 10 percent to P984 billion. Net loans grew 15 percent to P584 billion. Deposits rose nine percent to P785 billion. In April, the bank breached the P1 trillion mark in assets. (PR)