BSP approves ONB dividend

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has approved the 15.85-percent stock dividend declared by One Network Bank, A Rural Bank (ONB). The dividend is worth P230 million for the 23 million common shares in favor of its 1,400 shareholders distributable from the available paid-in surplus as of Sept. 30, 2011. The stock dividend raised ONB’s paid-up capital from P1.45 billion last year to P1.68 billion. ONB reflected a total net comprehensive income of P428 million at the end of 2011, including the result of operations from January-August 2011 before consolidation, for a 38-percent increase over the P311 million booked in 2010. Total resources reached P15.7 billion for a 33-percent increase over the P11.8-billion level in 2010. It operates 83 branches and 116 PeraAgad ATMs.