China Banking Corp., a member of the SM Group, declared P5.1 billion worth of cash dividends payable on May 18, 2023 to all stockholders on record as of May 5, 2023.
“At its special meeting yesterday, April 19, the board of directors of China Banking Corp. approved the declaration of P1.00 per share regular cash dividend and an additional P0.90 per share special cash dividend,” it said in a statement Thursday. The dividends are 28 percent higher than last year.
The dividends represent 27 percent of China Bank’s full year 2022 net income of P19.1 billion and translate to a cash dividend yield of 5.9 percent based on the bank’s closing price of P32.00 as of April 19, 2023.
“We are committed to distribute a fair share of the bank’s profits to our shareholders resulting in an attractive yield to their equity,” said China Bank president and chief executive Romeo Uyan Jr.
China Bank’s strong earnings, which more than doubled since 2018, enabled it to consistently pay cash dividends every year.
The bank paid a total of P4 billion in cash dividends in 2022.
China Bank is the fourth-largest in terms of assets among the private domestic banks in the country, and the only bank among the Five-Golden Arrow awardees of the Institute of Corporate Directors.