The Yuchengco Group’s Rizal Commercial Commercial Banking Corporation has declared cash dividends amounting to P2.45 billionn to shareholders as of the record date of April 12, 2024.

In a disclosure to the Philippine Stock Exchange, the bank said the cash dividend is equivalent to P1.014 per common share for its outstanding capital of 2.42 billion shares and will be payable on April 26, 2024.

RCBC said the cash dividend is being sourced from its unrestricted retained earnings as of the end of calendar year 2023.

The bank reported that its consolidated net income inched up one percent to an all-time high of P12.22 billion last year as customer loans rose by 15 percent year on year, faster than the industry average. 

CASA (current account savings accounts) deposits increased by 19 percent, likewise outpacing the industry’s three percent growth.

Year-on-year, customer loans reached P622 billion, led by a 29 percent increase in consumer loans, primarily credit cards and housing.

Meanwhile, the Board of Directors of D.M. Wenceslao & Associates, Inc. has also declared cash dividends amounting to P0.078971515 per share or a total of P268.18 million. The cash dividends will be payable on April 25, 2024 to all stockholders on record as of April 12, 2024.

This marks DMW's sixth consecutive annual cash dividend payout since publicly listing in 2018, and its highest thus far. 

DMW’s consistently growing earnings and its robust financial position enabled it to sustain continuous cash dividend growth while simultaneously executing on all its expansion initiatives.

“2023 witnessed pivotal milestones for DMW, notably the opening our flagship mixed-use project Parqal, which now is enjoyed by tens of thousands of visitors every day,” said DMW Chief Executive Officer Delfin Angelo Wenceslao.

He added that, “We remain steadfast in our commitment to improving shareholder value, recognizing with gratitude, the shareholders’ pivotal role in all our milestones and accolades. 

“As we continue to propel our strategic expansion plans forward, we will simultaneously ensure consistent and growing dividends for our valued shareholders.”