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The
Securities and Exchange Commission (SEC) has approved
the 20-percent stock dividend declared by the Bank of
the Philippine Islands (BPI), the bank said in a
disclosure to the Philippine Stock Exchange.
The bank
has fixed July 30 as the payment date for the dividend
and payable to holders of common stock as of July 15,
2008.
The SEC
has also approved an increase in the bank’s authorized
capital stock from P29.6 billion to P49.6 billion.
BPI, the
country’s largest bank in terms of capitalization,
posted an 11-percent increase in net income to P10
billion last year, from P9 billion a year earlier, on
higher noninterest income which grew 28 percent.
However,
it reported a 53-percent drop in net income for the
first quarter of the year after rising interest rates
tempered its growth for the first three months of the
year. Its first-quarter net income dropped to P1.5
billion from P3.2 billion a year earlier.
First-quarter revenue fell 26 percent as both interest
income and noninterest income retreated.
BPI said
its first-quarter profit last year benefited from a
nonrecurring gain of P416 million due to a property sale
arranged by its insurance units.
The
bank, however, is sustaining its growth momentum in
housing loans, which remain the main growth driver in
its consumer loan. This type of loan helped boost its
loan portfolio by 26 percent. |
