China Banking Corp. led by bankero William Whang gifted shareholders with P1.50 per share combined regular and special dividends, reflecting the bank’s confidence in its underlying strength and future prospects.
The Board of Directors of the Sy-led bank approved the declaration of a P1 per share regular dividend and an additional P0.50 per share special dividend.
No less than China Bank chairman Hans Sy announced the good news during the virtual annual stockholders meeting of the listed bank.
The bankero said the total cash dividends of P4.04 billion is 50 percent higher compared to the P2.69 billion dividends paid last year.
This translates to a better cash dividend yield of 5.6 percent based on the bank’s closing price of P26.70 as of May 4, 2022.
The cash dividends represent 27 percent of China Bank’s net income of P15.1 billion in 2021.
The dividends will be paid on June 3, 2022 to stockholders on record as of May 20, 2022.
For the first quarter of the year, the bank owned by the family of the late retail and banking magnate Henry Sy recorded a 37 percent jump in net income to P4.9 billion from P3.6 billion in the same quarter last year.