Cabangon Chua-led Citystate Savings Bank is declaring cash dividends of P1.9 million after obtaining approval from the Bangko Sentral ng Pilipinas.

In a statement, the bank also said it was issuing stock dividends equivalent to 10% of its total issued and outstanding capital stock. The payment date will be on Dec. 21. The listed firm said it had obtained the central bank’s nod for the payment of stock dividends on common shares to stockholders as of Nov. 24.

Citystate shares were being traded at the Philippine Stock Exchange at P20.5 per share. The bank is operated by a consortium that includes the Fortune Insurance Group and the Citystate Management Group Holdings Pte Ltd of Singapore.

The bank is looking at opening six new branches this year to reach a total of about 21 branches before yearend. It has 11 branches in Metro Manila and four in the provinces. For the first quarter, Citystate posted a net income of P7.01 million a 288% jump from P1.8 million a year earlier.

.

Source: BUSINESS WORLD

Return to List of News Items