Queenbank declares cash dividend

Despite the looming economic crisis, Queen City Development Bank during its board meeting on March 30, 2001 at its head office Skycity Tower, Mapa Street, Iloilo City, declared a P10-million cash dividends for stockholders of record as of Dec. 31, 2000.

The amount represents P2.50 earnings per share. Said amount was set aside its total free surplus of P29,739,102 as of Dec. 31, 2000 after restricting possible loan loss provisioning and for future expansion plans.

SGV’s annual audit report for 2000 recorded the bank’s net income before and after tax at P12,539,484 and P8,803,658 respectively, or an after tax return on equity (ROE) of P2.20 per share. The ROE defied the Chamber of Thrift Bank’s industry trend which reported a negative ROE of P2.30 per share.

On Jan. 2, 2001, the bank successfully completed its capital build-up program, improving its paid-in capital to P400 million, by far exceeding the P64-million Bangko Sentral ng Pilipinas-mandated capital requirement for provincial-based thrift banks. It is one of the highly capitalized thrift banks outside of Metro Manila.

In view of this development, the bank has projected a 100 percent increase in net profits for the year 2001.

With the advent of electronic banking (e-banking) through information technology, Queenbank has set aside funds to develop its e-banking services to better serve its clients and be at par with banks outside its category.