Yuchengco-owned Rizal Commercial Banking Corp. (RCBC) is spending approximately P2.2 billion to reward holders of common shares and preferred shares with cash dividends.
The listed bank said its board of directors approved the declaration of cash dividend on both common and convertible preferred shares.
The dividend amounting to P1.08 per share covers holders of preferred and common class shares as of the close of the 10th trading day from Board approval and payable within 10 trading days from record date.
The actual and final amount of cash dividends may change for new or additional issuance of shares and if there are conversions of preferred shares to common shares prior to and up to record date.
The earnings of the Yuchengco-led bank jumped by 71 percent to an all-time high of P12.1 billion last year from P7.1 billion in 2021, supported by the double-digit increase in core business income.
RCBC kept its capital ratios well above regulatory requirements, with a capital adequacy ratio (CAR) of 15.29 percent and common equity tier (CET) 1 ratio of 12.33 percent.
With an upcoming P 27 billion capital injection from Japan’s Sumitomo Mitsui Banking Corp. (SMBC), RCBC could reinforce its asset growth trajectory to become one of the biggest banks in the country.
With P1.2 trillion in total resources as of end 2022, RCBC said it is now the fifth biggest privately owned bank in the country.
The Yuchengco-led bank had a total consolidated network of 462 branches, 1,352 ATMs, and 1,559 ATM Go terminals strategically located nationwide in end 2022.
