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September 24, 2023

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.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

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