Psbank declares Q1 cash dividend

PHILIPPINE Savings Bank (Psbank) said it recently approved the declaration of a 7.5-percent regular cash dividend amounting to P320.14 million for the first quarter.

The subsidiary of Metropolitan Bank & Trust Co. (Metrobank), in a disclosure on Wednesday, said that its board of directors greenlighted the distribution of the P0.75-pershare dividend to common stockholders during a meeting on April 21.

The dividends, which are sourced from Psbank’s surplus, will be paid no later than May 21.

In the previous quarter, the listed bank declared cash dividends worth P287.33 million, or P0.75 per share. The common stockholders received the payment on February 17.

Psbank saw its net earnings surge by 13.8 percent to P3.03 billion last year, from P2.66 billion in 2018 on the back of robust core net interest margin and operating income, among others.

Its revenue for the period rose by an annualized 2.8 percent to P14.60 billion. Expenses, excluding provision for impairment and credit losses, dropped by 2.8 percent to P8.91 billion.

“We had big wins during the year as we were able to focus on operational efficiency and sustained cost discipline across the organization,” Psbank President Jose Vicente L. Alde said in an earlier statement. “We are looking forward to an exciting 2020, empowered with the same passion and commitment.”

Supported by consumer loan business, its total loan portfolio rose by 4.7 percent to P164.11 billion last year.

As of end-2019, Psbank’s total assets, liabilities and stockholders' equity stood at P224.91 billion, P190.45 billion and P34.46 billion, respectively.

The Metrobank subsidiary also raised P6.3 billion via a two-year maiden fixed-rate bond issuance and completed P8-billion stock rights offer in 2019.

Following the announcement of a Luzon-wide lockdown in midmarch, Psbank has activated its business continuity plan to ensure maintained operations.

Psbank shares dropped by P1, or 2.38 percent, to close at P41 apiece on Wednesday.