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Senior vice president Bernard Lapuz said the first quarter performance was driven by increased consolidated interest income on loans, which improved 14.5 percent or P837 million. Interest expense, meanwhile, grew 8.4 percent due to more aggressive funds generation, raising consolidated deposit levels by P34.0 billion.
Other income generated from exchange profits, commissions, trading and investment securities gains surged by 47.5 percent or P1.4 billion from last year’s P3.0 billion.
Coming from a recent management reorganization, Metrobank has approved the issuance of up to 203,605,263 in new shares out of its authorized but unissued capital stock through a domestic and international equity placement. In addition, certain shareholders may decide to sell secondary shares as part of the offering.
The bank’s plan is to use the net proceeds from the issue to further strengthen its capital adequacy ratio in response to recent adjustments following its adoption of International Accounting Standards and in anticipation of Basel II requirements, which would be effective in 2007.
The proceeds would also be used by the bank for general corporate purposes, including, but not limited to, working capital and investments.
Metrobank has appointed UBS AG, acting through its business group, UBS Investment Bank, as the sole international underwriter and bookrunner while First Metro Investment Corp. has been appointed as the domestic coordinator.
Controlled by businessman George Ty, Metrobank ended 2005 with a net income of P4.275 billion.
Despite the double-digit growth in first-quarter earnings, Metrobank shares dropped 3.8 percent Thursday to P38.50.
http://www.businessmirror.com.ph/0519/comp01.php
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