China Banking Corp. on Thursday declared total cash dividend of P5.9 billion after registering a record high profit in 2023.Chinabank said in a stock exchange filing its board of directors approved the declaration of P1.20 per share regular cash dividend and an additional P1.00 per share special cash dividend, payable on May 16, 2024 to all stockholders on record as of May 3, 2024.The total cash dividends represent 27 percent of the bank’s 2023 net income of P22 billion, up 15 percent from 2022.
“The dividend declaration reflects Chinabank’s commitment to consistently providing good shareholder returns while investing in the continued growth of its business,” the bank said. The bank’s strong 2023 financial performance was boosted by higher core business revenues. Net interest income rose 17 percent to P53.5 billion as the strong growth in loans and investments offset the significantly higher interest expense.
Gross loans grew 10 percent to P791 billion, with the share of consumer loans to the total loan portfolio reached 23 percent. Total deposits rose 11 percent to P1.2 trillion.
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