BY UNICAPITAL SECURITIES
Based on financial projections disclosed to the PSE in relation to its upcoming stock rights offering, Metropolitan Bank and Trust Company’s (MBT) was expecting its net interest income to rise to PHP 55.2 billion this year.
Including the share of minority interest, it sees 2015 net profit reaching PHP 22.86 billion.
This year, the bank expects non – interest income to reach PHP 23.14 billion, slower than the PHP 29.6 billion level last year and will rely more on core lending activities to support growth.
The PSE recently approved MBT’s plan to raise as much as PHP 32 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 PHP 20 per share.
The rights shares will be taken out of the unissued capital of the bank.