Taiwan-based Shanghai Commercial and Savings Bank (SCSB, 上海商業儲蓄銀行) on Saturday said its board of directors had approved a proposal to pay a cash dividend of NT$1.8 per share.
The board also voted to sell NT$3 billion (US$104.85 million) of subordinated debentures this year to increase SCSB’s working capital, the bank said in a Taiwan Stock Exchange (TWSE) filing.
SCSB is to have its annual general meeting on June 17, at which it would seek shareholders’ approval for the two proposals, it said.
Photo: Yang Kuo-wen, Taipei Times
The bank reported earnings per share of NT$3.19 for last year, up from NT$3.01 the previous year. The proposed dividend represents a payout ratio of 56.43 percent, flat from last year.
Based on SCSB’s closing price of NT$49.55 on Friday, the planned payout would translate into a dividend yield of 3.63 percent, higher than the interest rates on fixed-term deposits offered by local banks.
SCSB on Friday became the latest financial institution in Taiwan to announce dividend plans.
A day earlier, CTBC Financial Holding Co (中信金控) announced it would distribute a cash dividend of NT$1.25 per share, the highest in the company’s history.
With CTBC Financial’s closing share price of NT$29 on Friday, the proposed payout represents a dividend yield of 4.31 percent.
Four of the 15 financial firms that have announced dividends so far would have dividend yields of more than 5 percent, TWSE data showed.
These are Yuanta Financial Holding Co (元大金控), King’s Town Bank (京城銀行), Concord Securities Co (康和證券) and President Securities Corp (統一證券).
CTBC Financial, SinoPac Financial Holdings Co (永豐金控) and Shin Kong Financial Holding Co (新光金控) have announced dividends with yields of 4 to 5 percent, while IBF Financial Holdings Co (國票金控), Far Eastern International Bank (遠東商銀) and Taiwan Cooperative Financial Holding Co (合庫金控) have dividend yields of 3 to 4 percent, the data showed.
Most financial institutions this year adopted a balanced dividend policy by distributing earnings to their shareholders in both cash and stock dividends. Only four companies — CTBC Financial, SCSB, King’s Town and Shin Kong Financial — are planning all-cash dividends.
The nation’s two leading financial conglomerates, Cathay Financial Holding Co (國泰金控) and Fubon Financial Holding Co (富邦金控), have yet to announce their dividend policies.
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