BDO declares cash dividend of P0.30

BDO Unibank Inc., the country’s largest lender controlled by the Sy family, on Monday announced the declaration of a regular cash dividend of P0.30 per common share in the fourth quarter.

BDO said in a disclosure to the stock exchange its board of directors approved the declaration of cash dividends in a meeting held on Dec. 5. The cash dividends would be payable on Dec. 29, 2020 to all stockholders of record as of Dec. 22, 2020.

It said the source of dividend payment would be the “surplus profits of the bank as of December 2019 [net of previously issued dividends less capital adjustments per relevant regulations].”

BDO posted a record net income of P44.2 billion last year on the back of strong core income sources. Net income in the first nine months of 2020, however, declined 48 percent to P16.6 billion from P32.1 billion a year ago because of the upfront provisions amounting to P23.8 billion in anticipation of potential delinquencies amid the COVID-19 pandemic.