ONB declares P357-M dividends

MANILA, Philippines - During its annual stockholders’ meeting last month, One Network Bank Inc. (A Rural Bank) declared, and paid, a 19.4-percent stock dividend valued at P357 million equivalent to 36 million common shares in favor of its 1,600 shareholders. The figure is 130 percent higher than the P155-million stock dividends declared in the same period last year. The stock dividend represents 64 percent of ONB’s 2012 net income of P556 million. Meanwhile, Victor A. Consunji and Antonio P. Avelino were re-elected chairman and vice chairman of the board, respectively. The rest of the board members were Alex V. Buenaventura, who was also re-elected president; Antonio R. Cabreira and Luz Consuelo A. Consunji, directors; and Rev. Fr. Agustin L. Nazareno and Evelyn T. Ang as independent directors. For the first four months of 2013, ONB posted P232 million in its net operating income or an increment of 43 percent from the same period in 2012. Total resources grew by 37 percent to P21.6 billion. The bank’s equity also reached P3.5 billion end April.  The Mindanao-based rural bank continues to operate as the country’s widest and most modern rural banking network with 90 branches and micro-branches in Mindanao, five branches in Iloilo, a branch in Makati City, and a total of 135 automated teller machines (ATMs).