ChinaBank declares ₱2.68-B cash dividend

China Banking Corporation (ChinaBank) has declared cash dividends worth a total of ₱2.68 billion, 14 percent higher than its cash bonus last year.

In an announcement during its virtual annual stockholders’ meeting, the bank said stockholders on record as of July 3, 2020 are entitled to a cash dividend of ₱1.00 per share.

This is equivalent to a cash dividend yield of 4.9 percent based on the bank’s closing price of ₱20.25 as of June 18, 2020. Payment will be on July 17, 2020.

Since its stock rights offer in 2014, the bank’s total cash dividend payments would be in excess of ₱14 billion, including this year’s cash dividends.

“We are pleased that China Bank’s sustained financial strength allowed us to once again return earnings to our shareholders,” said China Bank President William C.

Whang.

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 ₱10.1 billion in 2019, and rose 19 percent to ₱2.2 billion in the first quarter of 2020.

Throughout the various states of community quarantine, China Bank focused on business continuity while ensuring the safety and wellbeing of employees and customers.

Despite the scaled-down operations during the Luzonwide enhanced community quarantine, total assets expanded 10 percent to ₱984 billion. Net loans grew 15 percent to ₱584 billion while deposits rose 9 percent to ₱785 billion.

In April, the Bank breached the ₱1-trillion mark in assets. (James A. Loyola)