RCBC to pay out P2.45B in dividends

YUCHENGCO-LED Rizal Commercial Banking Corp. (RCBC) on Tuesday said it would reward its shareholders with regular cash dividends amounting to approximately P2.45 billion, payable on April 26.

The RCBC board, in a meeting on Monday, approved the declaration of cash dividends of P1.014 per share to holders of preferred and common shares as of April 12, to be sourced from unrestricted retained earnings as of December 2023.

“The actual and final amount ... may change for new or additional issuance of shares and if there are conversions of preferred shares to common shares prior to and up to the record date. The bank’s preferred shares are unlisted preferred shares,” it noted.

RCBC also proceeded with the process of surrendering its trust license in relation to the spin-off of its trust and investments unit into a stand-alone RCBC Trust Corp. The entity will engage in trust, fiduciary business, and investment management activities.

RCBC Trust secured an authority to operate from the Bangko Sentral ng Pilipinas last October 10. In December 2022, RCBC announced plans to establish a stand-alone trust corporation, with its affiliate House of Investments Inc. co-investing in the venture.

The board on Monday also greenlit a change in the Yuchengco-led bank’s stock transfer agent from RCBC Trust and Investments Group to RCBC Trust, effective March 27.

The bank earlier reported that it delivered a “record high profit” of P12.22 billion last year on the back of above-industry growth in its customer loans and deposits.

“RCBC saw another breakthrough year in our financial performance, complemented [by] more recognitions in digital banking and customer service,” RCBC President and Chief Executive Officer Eugene Acevedo said.

RCBC shares closed 50 centavos, or 2.22 percent, higher to P23 apiece on Tuesday.