EastWest Bank has announced a significant milestone, with its board of directors approving a cash dividend of P1.8 billion following a 21% jump in net profit for the past year.
The bank's strong financial performance underscores its robust growth trajectory, driven by higher lending activities and improved asset quality. The dividend declaration reflects the management's confidence in sustaining profitability and rewarding shareholders.
For the fiscal year, EastWest Bank reported a net income of P8.5 billion, up from P7.0 billion in the previous year. The earnings surge was fueled by a 15% expansion in net interest income and a notable decline in loan loss provisions.
"Our consistent focus on customer-centric innovation and prudent risk management has yielded solid results," said the bank's president. "We remain committed to delivering long-term value to our shareholders while supporting the Philippine economy's growth."
The dividend of P0.80 per share will be paid to stockholders of record as of March 15, with the payout date set for April 5. This marks the bank's highest dividend distribution in its history.
Analysts view the dividend declaration as a positive signal for the banking sector, highlighting EastWest Bank's resilient performance amid a challenging economic environment.