At its special meeting today, April 19, the Board of Directors of China Banking Corporation (China Bank, stock symbol: CHIB) approved the declaration of P1.00 per share regular cash dividend and an additional P0.90 per share special cash dividend, payable on May 18, 2023 to all stockholders on record as of May 5, 2023.
The cash dividends, totalling P5.1 billion, is 28% higher vs. 2022. The dividends represent 27% of China Bank’s full year 2022 net income of P19.1 billion and translate to a cash dividend yield of 5.9% 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 & CEO Romeo D. Uyan, Jr.
China Bank’s strong earnings, which more than doubled since 2018, enabled it to consistently pay cash dividends every year. In 2022, the Bank paid a total of P4 billion in cash dividends consisting of P1.00/share regular dividend and P0.50/share special dividend.
China Bank is the 4th 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 Governance.