Local banking giant Metropolitan Bank and Trust Co. sees net profit reaching P20 billion this year, matching last year’s level, on the back of sustained growth in core earnings.
Based on financial projections disclosed to the Philippine Stock Exchange on Wednesday in relation to its upcoming stock rights offering, Metrobank was expecting its net interest income to rise to P55.2 billion this year.
Including the share of minority interest, Metrobank—the banking arm of the George Ty family—sees 2015 net profit reaching P22.86 billion.
The bank’s outlook for this year assumes at least a 6.4-percent economic growth and an inflation rate of 2.8 percent. The exchange rate was assumed at an average of P44 to $1.
The bank does not usually give a full-year guidance but 2015 was an exception because the bank is embarking on a P32-billion stock rights offering to prepare for future growth.
This year, the bank expects non-interest income to reach P23.14 billion, slower than the P29.6 billion level last year. This suggests that the bank will rely more on core lending activities to support growth.
Loan book is projected to rise to P973.54 billion or about 28 percent higher than the P759.5 billion level last year. This suggests an expansion rate faster than the 24 percent growth last year.
The bank also expects to boost its deposit base to P1.43 trillion or about 19.2 percent higher than the previous year.
Total resources are seen to end this year at a new high of P1.88 trillion compared to P1.6 trillion last year.
The PSE recently approved Metrobank’s plan to raise as much as P32 billion from the sale of new shares to existing shareholders. The stock rights offering will run from March 23 to 27 this year. The offering will be priced on March 10 while tentative listing date was set for April 7.
Based on the indicative offer sheet, Metrobank plans to sell as much as 500 million shares with a par value of P20 per share. The rights shares will be taken out of the unissued capital of the bank. Doris C. Dumlao
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