China Bank declares ₧2.68B cash dividends; total assets expanded 10% despite ECQ

China Banking Corp. (China Bank) announced it has declared P2.68billion cash dividends, 14-percent higher than the previous year. The announcement was made at the bank’s annual stockholders’ meeting last Thursday conducted virtually.

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, 2020, China Bank said. Payment will be on July 17, 2020, it added in a statement. “We are pleased that China Bank’s sustained financial strength allowed us to once again return earnings to our shareholders,” President William C. Whang was quoted in a statement as saying. Since its stock rights offer in 2014, the bank said its total cash dividend payments would be in excess of P14 billion, including this year’s cash dividends. in his report to stockholders, Whang emphasized that China Bank continues to be liquid, well capitalized and profitable. On the back of robust core business growth, 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.

Throughout the various states of community quarantine, China Bank said it focused on business continuity while ensuring the safety and well-being of employees and customers.

“Despite the scaled down operations during the Luzon-wide enhanced community quarantine, total assets expanded 10 percent to P984 billion,” the bank’s statement said. “net loans grew 15 percent to P584 billion.”