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March 01, 2024

EastWest Bank gifts shareholders with P0.40 per share cash dividend

East West Banking Corp. headed by bankero Tony Moncupa gifted shareholders with a P0.40 per share cash dividend despite the decline in the bank’s earnings last year.

The Board of Directors of the Gotianun-led bank approved the declaration of regular cash dividends amounting to P903 million in its special meeting held today.

The dividends payable on May 31 to all stockholders of record as of May 11 account for 20 percent of the net income booked by EastWest Bank last year.

The bank’s net income fell by 31 percent to P4.5 billion in 2021 from P6.5 billion in 2020 as the COVID-19 pandemic hit EastWest Bank’s profitability rather hard.

EastWest Bank’s total revenues declined by 19 percent to P27 billion from P33.4 billion.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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