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Sunday, March 31, 2013

Stock News 2013: PAL plans to build Philippines’ biggest airport

English: Photo of the Centennial terminal area...
English: Photo of the Centennial terminal area at the Ninoy Aquino International Airport. (Photo credit: Wikipedia)


Shortly after signing a multibillion-dollar deal to acquire 50 new planes—the biggest aircraft order in the country’s history—flag carrier Philippine Airlines (PAL) on Thursday disclosed plans to build what could be the largest airport in the Philippines.

The planned airport would be able to handle four times as many flights per hour as the congested Ninoy Aquino International Airport (Naia) in Pasay City. Naia, built in the 1950s, has been criticized as obsolete with decrepit facilities. It can handle 36 flights per hour.

PAL president Ramon S. Ang said investments in infrastructure was part of the company’s aggressive expansion program, which could include rehiring some of the 2,600 employees PAL retrenched in October of last year.

“We have a plan for our own terminal and runway. We still have to clear this with the government but we are hoping they will support us,” Ang told reporters at the sidelines of the firm’s annual shareholders’ meeting.

He said the new airport would be closer to Manila than the Clark International Airport in Pampanga, which the government is grooming to replace Naia.

Ang, who also serves as president of PAL’s controlling shareholder San Miguel Corp., declined to disclose the prospective location for the new facility, but said the company would need at least 2,000 hectares of land for the project.

The new airport, which will be exclusive to PAL and sister firm PAL Express (formerly Air Philippines), would have two parallel runways when it opens, with the option of having two more. Parallel runways mean two planes can take off and land at the same time—now impossible at Naia’s perpendicular runways.

Ang said the government’s plan to turn Clark into the country’s premier gateway might be ill-advised, given the facility’s distance from Manila. “If you want to fly [from] Clark, how long will it take you to get to the airport? Two hours if you are coming from Makati. Then you have to wait two more hours for your flight,” Ang said.

He said plans to build a new high-speed railway between Metro Manila and Clark—at an estimated cost of $10 billion—would be too heavy a burden for the government to carry.

Ang said the company would shell out about $500 million in equity for the airport project. The rest of the project cost would be financed using loans from foreign or local banks.

Once approved by the government, he said PAL could complete the project in three years. “We plan to pitch this to President Aquino in January or February. Hopefully, this is aligned with the government’s plans,” he said.



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Saturday, March 30, 2013

Stock News 2013: PH gets P23-B loan from Japan for LRT, airport

Edmonton LRT
Edmonton LRT (Photo credit: Pommie)

The Japanese government has provided the Philippines with a fresh P23.19 billion in loans for critical transport infrastructure, including the upgrading of two metro railways and the construction of a higher-capacity airport in Bohol.

Japanese Ambassador Toshinao Urabe and Foreign Secretary Albert del Rosario on Monday signed loan agreements on the P18.56-billion extension of Light Rail Transit (LRT) lines 1 and 2 and the construction of a P4.63-billion airport in Panglao.

The signing formalized an announcement of the loans by Japanese Foreign Minister Fumio Kishida during his visit to Manila in January. The Department of Foreign Affairs (DFA) said the Department of Transportation and Communication will implement the projects.

“As you know, Japanese development aid emphasizes the importance of infrastructure. Better infrastructure creates business opportunities for private investment and more jobs. More income means more consumption and more tax input,” said Urabe on Monday afternoon.

“Improved government finance will lead to more public investment in better welfare programs. In short, economic growth becomes sustainable,” he said at the signing rites at DFA headquarters in Pasay City.

Details of the projects have yet to be released, but the DFA said the Panglao airport project would upgrade the existing Bohol airport to international standards.

Urabe said he himself experienced less than ideal conditions at the Bohol airport during a trip in November, when his flights coming in and out of the province were each delayed an hour. He noted that a delay had a ripple effect on other flights.

Apart from the loans, the Philippine and Japanese sides announced the awarding of a grant in aid totaling P443.33 million for the construction of hydropower projects in Ifugao and Isabela.

The DFA said the two “mini hydropower projects” were part of the Department of Energy’s program “to develop renewable energy resources for energy sustainability, stability and security.”

Urabe said the projects would apply Japanese technology that “use small amounts of water to generate cheap and clean electricity.” The hydropower system will also have minimal negative effect on agriculture, he said.

Japan is the Philippines’ largest donor of loans and grants with $593.3 million (P24 billion) in aid disbursements in 2011, according to the Organization for Economic Cooperation and Development. This accounts for 40 percent of the total official development aid disbursements that year, ahead of aid from the United States at $541.3 million (P22 billion).


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Thursday, March 21, 2013

Stock News 2013: PSEi rebounds after 8-day decline

Meralco's franchise area.
Meralco's franchise area. (Photo credit: Wikipedia)

The local stock market found relief after an eight-day bloodbath on Thursday while investors across the region took heart from US Federal Reserve’s vow to maintain its easy monetary policy.

After pulling back by 6.5 percent since hitting successive record highs earlier this month, the Philippine Stock Exchange index clawed back 53.36 points or 0.83 percent to close at 6,472.98 on Thursday.

Fund managers said the decline in the last eight days was a good opportunity to allow investors to reenter the market after locking up gains from recent highs.

All counters bounced but the biggest rise was posted by the services (+2.31 percent) and mining/oil (+1.93 percent) counters.

Value turnover amounted to P9.5 billion. There were twice as many advancers (103) for every decliner (50).

Semirara Mining was an outperformer for the day (+7.09 percent) on reports its coal mining operation may resume operations by April.


http://business.inquirer.net/113477/psei-rebounds-after-8-day-decline
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Saturday, March 16, 2013

Stock News 2013: Tan-Sia property firm ventures into Metro Manila

De La Salle University
De La Salle University (Photo credit: Wikipedia)

DoubleDragon Properties Corp., a property venture of fast food magnates Tony Tan Caktiong and Edgar “Injap” Sia II, is breaking into Metro Manila’s competitive property market by bringing P1.52 billion worth of residential inventory in a skyscraper rising beside the De La Salle University in Taft Avenue.

W.H. Taft Residences, DoubleDragon’s first offering in Metro Manila, is a 30-story residential condominium that will have 562 “education-inspired” units, said Sia, who is the company chairman and CEO.

It will rise on a 1,200-square-meter lot right beside the main gate of DLSU and will have a back access to the campus.

This also boosts DoubleDragon’s visibility in the metropolis especially as the company plans to debut on the Philippine Stock Exchange soon. The initial public offering may happen by the third quarter of this year, Sia said.

Being a relatively new player in the property market especially in Metro Manila, Sia said DoubleDragon was picky on its projects and it preferred those that required shorter completion period. The company has committed to turn over to buyers residential units in W.H. Taft Residences by the fourth quarter of 2014.

“Other major property developers are also constructing in the area but the location of WH Taft Residences is far more superior, plus the completion date of WH Taft Residences is already next year, compared to the big players. The others are still in the substructure phase and turnover will be two to three years later,” Sia said in an e-mail.

Sia said 64 percent of this project was already taken up as of end-February. “We just relaunched it. We target to sell the remaining 36 percent, or 198 units, before the project is completed,” he said.

The residential units have floor areas ranging from 15.5 to 35 square meters. They sell for P98,000 and P100,000 per sqm.

The ground and second floors of the building will have commercial retail areas for lease.

DoubleDragon’s earlier projects and landholdings were in Iloilo and Roxas.

“DoubleDragon Properties will continue looking at acquiring existing projects or property companies that will accelerate its growth. It aims to create prime retail sites not just for the Jollibee Group brands (Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King) but also for other major anchor tenants,” Sia said.

http://business.inquirer.net/111565/tan-sia-property-firm-ventures-into-metro-manila-market

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Friday, March 15, 2013

Stock News 2013: AirAsia acquires 49 percent of Zest Air

English: Zest Air logo
English: Zest Air logo (Photo credit: Wikipedia)

PhilippinesAirAsia (PAA) Incorporated on Monday said that it has acquired 49 percent of local budget carrier Zest Airways, Incorporated in a strategic alliance envisioned to strengthen their operations in both Clark International Airport and Ninoy Aquino International Airport.

In a statement, Philippines’ AirAsia CEO Marianne Hontiveros said that the “strategic alliance” between the two budget carriers would “complement the strategies for future growth of PAA (Philippines’ AirAsia), which currently operates out of Clark.”

PAA entered into a strategic alliance agreement with Ambassador Alfredo Yao, the majority shareholder of Zest Airways Inc. And Asiawide Airways Incorporated.

Hontiveros said that the investment in the Zest Group will allow Philippines’ AirAsia to “leverage on our respective strengths, which in the case of Zest Air, include its operations out of the Ninoy Aquino International Airport.”

Zest Air will get a 15 percent stake in Philippines’ Air Asia.

Zest Air operates 11 aircraft on 10 domestic and 10 international routes. It has hubs in Manila, Kalibo and Cebu in the central Philippines, which are major tourist destinations.

Malaysia-based AirAsia started operations in the Philippines in 2012 from Clark airport, a 2-3 hour drive from the capital, while Zest Air operates from Ninoy Aquino International Airport in Manila. AirAsia’s routes from Clark include Kuala Lumpur, Hong Kong, Singapore, Taipei and Kalibo and Davao in the Philippines.

http://business.inquirer.net/111699/airasia-expands-in-philippines-buys-into-zest-air
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Thursday, March 14, 2013

Stock News 2013: PLDT to expand fiber optic network

The PLDT Logo
The PLDT Logo (Photo credit: Wikipedia)

Philippine Long Distance Telephone Co. is rolling out over 5,000 kilometers of new fiber optic cable this year to support both wireless and fixed-line services across the country.

In a statement, PLDT said it would spend P2.5 billion to push its fiber optic network to over 60,000 kilometers this year.

The fiber expansion program for 2013 will cover the domestic fiber optic network (DFON) used for long-haul applications, fiber-to-the home (FTTH), fiber-in the-loop (FITL) and other inter-office fibering projects.

The FTTH project, for example, will make PLDT’s high-speed internet services available to about two million homes in different parts of the country, incuding Metro Manila, the regions of Central Luzon, Southern Tagalog, and the provinces of Panay, Negros Occidental, Cebu, and Davao.

“With this expansion program, we are bolstering our already formidable fiber advantage,” PLDT president and CEO Napoleon Nazareno said.

“Fiber is key to having the capacity to deliver next-generation, large-bandwidth data services,” he added.

Additional fiber links include submarine cables that will boost the data connectivity of the islands of Palawan, Bohol and Panay where the demand for resilient data services is rising due to the booming tourism and business process outsourcing industries in these areas.

Last month, PLDT announced the completion of the Hong Kong FOC extension project as part of the 7,800-km undersea Asia Submarine-cable Express system that links the Philippines to Japan, Malaysia, Singapore, and Hong Kong through PLDT’s new landing station in Daet, Camarines Norte.

http://business.inquirer.net/111709/pldt-to-expand-fiber-optic-network

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Wednesday, March 13, 2013

Stock News 2013: Metrobank nets P15.4 B in 2012

Metropolitan Bank and Trust Company
Metropolitan Bank and Trust Company (Photo credit: Wikipedia)

Local banking giant Metropolitan Bank and Trust Co. increased its net profit last year by 40 percent to a record-high P15.4 billion on higher interest and non-interest earnings.

Metrobank, the banking arm of tycoon George Ty, also announced that its balance sheet had exceeded the P1-trillion mark for the first time. Total assets increased by 9 percent to total P1.04 trillion by the end of the year. It is the second Philippine bank to breach this milestone after Banco de Oro Unibank.

The increase in balance sheet was fueled by a 15-percent rise in its loan book to P525.7 billion, with the consumer and commercial middle market leading the growth. The expansion in earning assets was supported by an 8-percent growth in deposits to P738.7 billion.

Total operating income improved by 16 percent to P58.7 billion on the back of a 5-percent growth in net interest income to P30.8 billion. Non-interest income also increased by 33 percent.

Despite intensified market competition, Metrobank noted that its net interest margin improved to 3.6 percent from last year’s 3.5 percent supported by a more favorable deposit mix.

http://business.inquirer.net/111051/metrobank-nets-p15-4-b-in-2012

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Tuesday, March 12, 2013

Stock News 2013: Aboitiz group reports 2012 net income of almost P24 B

English: A logo for the Union Bank of the Phil...
English: A logo for the Union Bank of the Philippines (Photo credit: Wikipedia)

Aboitiz Equity Ventures Inc. increased its net profit last year by 13 percent to P23.9 billion on higher earnings from its power, banking and food-related businesses.

Excluding non-recurring items, AEV’s core earnings for 2012 totalled P23.4 billion, up by 12 percent.  One-time items were booked from the following: A gain of P541 million from its power business, including a one-time gain from the revaluation of dollar-denominated liabilities and placements;  non-recurring net loss brought about by the higher fuel cost booked by its geothermal plants due to reimbursements made to its steam supplier;  the downward revenue adjustment of a wholly owned subsidiary as a result of an Energy Regulatory Commission ruling regarding its ancillary services contract; and -the debt prepayment cost incurred at parent level.

The full-year net profit last year translated to P4.33 in earnings per share for AEV. Power continued to account for the lion’s share of earnings at 78 percent while the banking and food units contributed 16 percent and 5 percent, respectively.

For the fourth quarter alone, AEV’s consolidated net income amounted to P5.9 billion, 15 percent higher year-on-year. Adjusting for non-recurring items, AEV closed the quarter with an 8 percent year-on-year growth in core net income to P5.7 billion.

Flagship unit Aboitiz Power Corp. ended the year with an income contribution of P18.8 biliion versus last year’s P16.5 billion. Excluding non-recurring items, the power unit recorded a 13 percent increase in its earnings share to P18.2 billion.

In 2012, the power generation business contributed P17.5 billion in earnings, recording a 12 percent growth due to the higher average selling price (+3 percent) and net generation recorded for the period. Meanwhile, improved sales volumes and margin expansions supported a 19 percent increase in the power distribution group’s income contribution to P2.2 billion.

Income contribution from banking grew by 12 percent to P3.9 billion. Union Bank of the Philippines (UnionBank) ended the period with an earnings contribution of P3.3 billion, up by 14 percent on the back of higher net interest income and hefty trading gains. Non-listed thrift bank unit City Savings Bank, Inc. (CitySavings), contributed earnings of P520 million in 2012, which was lower by 2 percent year-on-year mainly attributed to the bank’s ongoing expansion program which led to a 28 percent increase in operating expenses.

http://business.inquirer.net/110917/aboitiz-group-reports-2012-net-income-of-almost-p24-b

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Monday, March 11, 2013

Stock News 2013: Aboitiz Power nets P24.4 B

electricity
electricity (Photo credit: Terry Freedman)

Aboitiz Power Corp. posted a 13-percent hike in its consolidated net income last year to P24.4 billion from P21.6 billion in 2011, due largely to an increase in electricity sales, the company announced Wednesday.

In a statement issued, APC reported that it registered a non-recurring gain of P705 million last year. A major contributor to this gain were the foreign exchange gains resulting from the revaluation of consolidated dollar-denominated loans and placements amounting to P1.5 billion, which was then offset by the recognition of one-time expenses.

When adjusted for these one-offs, APC still posted a 12 pecent increase in its core net income to P23.7 billion last year.

“2012 was another good year for Aboitiz Power, with both distribution and generation segments experiencing strong electricity growth on the back of a vibrant economy. We believe that we have the right strategy and initiatives in place to sustain our growth over the long term. We are confident we have the required management team in place to ensure successful execution of these plans,” said APC president and CEO Erramon Aboitiz.

APC explained that its power generation business accounted for 89 percent of its earnings, with an income share of P22.8 billion for in 2012, reflecting an 11-percent year-on-year growth. In terms of core earnings, APC’s generation business contributed a total of P21.7 billion in 2012.

According to the power giant, its average price for its power rose by 3 percent last year due mainly to a tight supply situation, brought about by higher outage levels, and due to an increase in demand given the hotter climate and increased economic activity.

Its net generation for 2012 registered a 13 percent year-on-year increase to 10,660 gigawatt-hours last year from 9,422 gWh in 2011. The increase can be attributed to the 17-percent expansion in power sales through its bilateral contracts.

As of end-2012, APC’s attributable capacity stood at 2,353 megawatts, which saw a marginal increase given the partial completion of the rehabilitation of the Binga (2 of 4 units) hydropower plant and the commercial operation of the 4-MW Irisan greenfield hydropower plan, which were the main contributing factors to this growth.

“We have a number of greenfield and brownfield projects that are currently in various phases of development and construction that will continue to mold our portfolio of renewable and non-renewable assets into what we think will be the right-mix of base load, intermediate and peaking facilities. We expect to add another 1,700 MW of capacity over the next four years, which should keep us busy over this period,” Aboitiz said.

Meanwhile, the power distribution group registered a 16 percent year-on-year earnings expansion to P2.8 billion last year from P2.4 billion a year ago, on the back of increased electricity sales and improved average gross margin.

“We expect 2013 to be another exciting year for our distribution business. The growth in electricity demand follows the Philippine economy. We have therefore been gearing up our distribution networks and services to make sure we don’t fall behind. We have improvements in our systems, processes, infrastructure, and services scheduled,” Aboitiz explained.

http://business.inquirer.net/110913/aboitiz-power-nets-p24-4-b

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Sunday, March 10, 2013

Stock News 2013: SM Investments reports 2012 net income of P24.7 B

SM Investments Corporation
SM Investments Corporation (Photo credit: Wikipedia)

Henry Sy’s SM Investments Corp. boosted its net profit last year by 16.3 percent to P24.7 billion on a double-digit rise in earnings across its banking, retailing, shopping mall and residential development businesses.

Revenues increased by 12 percent to P223.9 billion while cash flow as measured by earnings before interest, taxes, depreciation and amortization (Ebitda) went up by 24.2 percent to P54.9 billion, for an Ebitda margin of 24.5 percent, SMIC disclosed to the Philippine Stock Exchange on Wednesday.

This resulted in a return on equity of 14.3 percent for SMIC, the country’s most valuable conglomerate.

“SM’s strong full-year results were anchored not only on very favorable economic conditions, but also on the ability of our businesses to efficiently and effectively address the needs of our customers, who have grown increasingly more discerning,” SMIC president Harley Sy said in a press statement.

“Our performance during the year is testament to the hard work, focus, and dedication of the whole SM organization. With the positive economic outlook for 2013, we are confident of sustaining SM’s expansion and growth moving forward,” Sy said.

Banks accounted for the largest share of SM’s consolidated net income, contributing 34.4 percent of total. Retail operations accounted for 28.1 percent, followed by mall operations with 22.9 percent and property development, with 14.6 percent.

The group’s high-volume retailing business under SM Retail reported a net income of P6.6 billion last year, up by 12.5 percent.  Net margin stood at 4.1 percent.

Retail sales rose by 7.6 percent to P159.5 billion, while Ebitda grew by 13.5 percent to P11.8 billion, for an Ebitda margin of 7.4 percent.

SM Retail expanded last year by a total of 34 stores, consisting of five department stores, four SM Supermarkets, seven SM Hypermarkets and 18 SaveMore stores. At the end of the year, SM Retail had a total of 202 stores, consisting of 46 department stores, 37 SM Supermarkets, 37 SM Hypermarkets, and 82 SaveMore stores.

http://business.inquirer.net/110939/sm-investments-reports-2012-net-income-of-p24-7-b

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Saturday, March 9, 2013

Stock News 2013: Petron plans to raise more funds

Petron Corporation
Petron Corporation (Photo credit: Wikipedia)

Petron Corp., the country’s largest oil refiner and distributor, is set to issue dollar-denominated securities to raise additional funds, on top of the $500 million it raised in February this year.

In a disclosure to the Philippine Stock Exchange on Wednesday, Petron said it “expects to offer additional securities which, upon issuance, will be fungible and consolidated with the securities issued by the company on Feb. 6, 2013, to form a single series.”

Petron was able to raise $500 million from the sale of perpetual bonds. It priced the hybrid capital notes at 7.5 percent a year after a “well-received” road show in Asia and the United Kingdom.

To serve as joint bookrunners and lead managers for the new issuance will be HSBC, Deutsche Bank, Standard Chartered Bank and UBS.

In a text message, Petron chairman Ramon S. Ang said the proceeds from the issuance would be used for the company’s expansion program. He, however, did not indicate the amount the oil company was planning to raise from the reopening of the dollar securities.

For this year, Petron has earmarked P51.9 billion for its consolidated capital expenditures, as it moves to further strengthen its foothold in the local and Malaysian oil markets.

Of the planned capital spending, 72 percent, or P37.37 billion, would be allocated for the implementation of the Refinery Master Plan 2 (RMP-2), which is aimed at upgrading the oil firm’s 180,000-barrel-per-day refinery in Limay, Bataan.

Another 13 percent, or P6.75 billion, will be used for the company’s cogeneration power plant project, which will generate 140 megawatts by 2014.

The $500-million facility will serve the oil refinery’s current and expected future electricity and steam requirements and is expected to reduce the company’s refining costs.

http://business.inquirer.net/110991/petron-plans-to-raise-more-funds-via-securities-issuance

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Friday, March 8, 2013

Stock News 2013: SMC puts airport plan on hold

English: Termainl 3 at Manila Airport
English: Termainl 3 at Manila Airport (Photo credit: Wikipedia)

San Miguel Corp. (SMC) is putting on hold its proposal to build a new airport in Metro Manila in reaction to the government’s evolving policies that have delayed the implementation of key projects three years into President Aquino’s term.

SMC president Ramon S. Ang on Wednesday told reporters that the government should open up projects to all bidders instead of introducing restrictions that would hamper the participation of certain major players.

He was referring to the Department of Transportation and Communication’s (DOTC) inclusion of restrictions on the participation of airline companies or owners from bidding for the P17.5-billion Mactan Cebu International Airport (MCIA) project.

The policy was later relaxed to allow airline owners to have a 33-percent stake in a consortium interested in the project. This was included in the pre-qualification requirements for interested parties to avert possible conflicts of interest, with the airport operator giving more favorable terms to its affiliates over rivals.

“I don’t understand that 33-percent restriction. If the government really wants to get the best deal, then they should open up the bidding. That’s real transparency,” Ang said. “If you want the best deal, you have to let everyone join. It will maximize the potential of the project.”

SMC earlier said it would build a new 2,000-hectare international airport near Manila to complement the existing Ninoy Aquino International Airport (Naia).

He said the new airport could co-exist with both Naia and the Clark International Airport in Pampanga, which the government wants to develop into a major hub for Northern and Central Luzon.

Ang said that SMC has lost its enthusiasm to participate in the MCIA bid because of the government restrictions.

http://business.inquirer.net/111015/smc-puts-airport-plan-on-hold

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Thursday, March 7, 2013

Stock News 2013: China Bank’s 2012 profit flat at P5 B

y2cary3n6mng-qwfl07-net-profit-formula
y2cary3n6mng-qwfl07-net-profit-formula (Photo credit: NVarchitect)

The Sy family-led China Banking Corp. chalked up a consolidated net profit of P5 billion last year, flat compared to the previous year as its thrift bank subsidiary gnawed at overall profitability.

But China Bank sustained a return on equity of 12.39 percent and return on assets of 1.72 percent for the year.

Last year’s earnings were fueled by a 29 percent increase in loans to P198 billion, which grew 50 percent faster than the industry. Lending grew across all market segments—up 36 percent in commercial, 28 percent in consumer and 27 percent in corporate loans—cushioning the impact of lower yields and thinning margins.

Profits were also boosted by hefty trading and securities gains, expanding by 98.6 percent to P2.92 billion.

http://business.inquirer.net/111057/china-banks-2012-profit-flat-at-p5-b

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Wednesday, March 6, 2013

Stock News 2013: RCBC raises $150 M

Rcbc plaza
Rcbc plaza (Photo credit: Wikipedia)

Rizal Commercial Banking Corp. has completed a $150-million equity deal meant to boost capital adequacy ahead of the implementation of the Basel 3 framework.

The $150 million worth of RCBC shares were sold at a price per share of P64 in an overnight deal that was 3.2 times oversubscribed, RCBC head of strategic initiatives John Deveras said on Thursday morning.

The deal was priced at a 4.5 percent discount to RCBC’s closing price of P67 per share on Wednesday.

Of the total issue, $100 million consisted of primary shares while $50 million were secondary shares, Deveras said.

This follow-on equity deal is part of the bank’s $430-million capital-raising strategy to prepare for stringent capital adequacy requirements under the Basel 3 framework, which introduces a complex package of reforms designed to improve the ability of banks to absorb losses, extend the coverage of financial risks and have stronger firewalls against periods of stress.

The equity deal was arranged by Credit Suisse, Deutsche Bank, Macquarie Capital and Maybank ATR Kim Eng Financial Corp.

RCBC earlier signed a fresh $100-million equity infusion deal with International Finance Corp. and likewise unveiled plans to issue $130 million worth of Basel 3-compliant hybrid notes by the third quarter.

The bank grew its net profit last year by 24 percent to P6.21 billion on higher interest and fee-based income, and hefty treasury gains. This translated to a return on equity of 15.52 percent and a return on assets of 1.77 percent.

http://business.inquirer.net/111067/rcbc-raises-150-m-to-improve-capital-adequacy

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