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

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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Stock News 2012: EastWest Bank gains in market debut, sets P2-B capex

Gotianun-led lender East West Banking Corp. is setting aside P2 billion to more than double its branch network to 350 by 2014, in line with its bid to become one of the largest banks in the country.

EastWest Bank bucked the broader market’s downward trend yesterday and ended higher on its first day of trade. The stock hit an intra-day high of P20.70 prior to closing at P19.78, up 6.9 percent over its initial public offering (IPO) price of P18.50 each share.

In a briefing following the listing of the bank’s shares, EastWest Bank chairman Jonathan Gotianun said the bank has mapped out an ambitious growth plan aimed at further widening its customer base and geographical footprint.

From the existing 150 branches, EastWest Bank intends to add another 100 branches this year and further increase this to 350 by 2014.

Funding will come from the recently concluded maiden offering of shares, which generated P5.22 billion in total proceeds, inclusive of the greenshoe option.

Gotianun said the IPO underwriters decided to exercise the overallotment option due to strong demand from institutional investors. The offer shares account for about a quarter of the company.

“Our IPO and our listing today will give us growth capital to bring EastWest Bank to the next level of its development. We are very happy for the enthusiastic and positive response to our IPO, both here and abroad,” Gotianun said.

The IPO was the second biggest this year after banking tycoon George S.K. Ty’s GT Capital Holdings Inc.’s P21.6-billion share sale.

“We have undertaken this exercise to enable the bank to grow. We want to be a more relevant and significant player and one that contributes significantly to the country’s growth,” Gotianun said.

Gotianun said EastWest Bank prefers to grow organically first before considering further acquisitions.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=804637

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Stock News 2012: GT Capital IPO raised to P24.4 B

UBS Investment Bank's Offices at 299 Park Avenue in New York City (Photo credit: Wikipedia)
GT Capital Holdings Inc., the listed flagship firm of taipan George S.K. Ty, announced yesterday that UBS, the global coordinator for its recently completed initial public offering exercised in full its option to purchase an additional 6.182 million shares to meet the strong demand from global investors.

This would generate an additional P2.8 billion, raising total proceeds to $505 million or P24.4 billion.

The stock has performed strongly since listing on April 20, rising 13 percent to P513/share as of April 25.

“We are pleased with the overwhelming response to GT Capital’s IPO in the aftermarket performance such that we are able to exercise the over allotment option within three days after the listing,” said company president Carmelo Bautista.

The foreign tranche of the IPO was more than five times oversubscribed, attracting prestigious long-term institutional investors and sovereign wealth funds.

GT Capital is the primary vehicle for the management of the various interests of the Ty family in banking (Metropolitan Bank & Trust Co.), real estate (Federal Land), power generation (Global Business Power), automotive (Toyota Motor Philippines) and insurance (Phil AXA Life Insurance Corp.). Proceeds from the offering will be used to fund the expansion of various units such as the hotel and residential projects of its real estate arm Federal Land and power businesses under Global Business Power.

The IPO is the first on the Philippine Stock Exchange this year and the biggest in more than a year since Cebu Air raised $611 million in October 2010.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=801013

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Stock News 2012: Arthur Ty is new Metrobank chairman

Metropolitan Bank and Trust Company (Photo credit: Wikipedia)
The Metropolitan Bank and Trust Co. (Metrobank) has a new board chairman in Arthur Ty, erstwhile bank president. He replaces his father, Dr. George S.K. Ty as bank chairman.

The new bank president is Fabian S. Dee, erstwhile senior vice president while Francis C. Sebastian was retained as vice chairman.

The new board is still in a meeting as of presstime, as they were still deciding on management positions.

Likewise, the present board decided to expand the 2012 board to 14 seats from the present 12.

The new members of the board are Fabian S. Dee, Antonio Viray, Amelia Cabal and Vy Tonne So. Out of the new board are Antonio S. Abacan Jr. and Jose P. de Jesus (independent director).

Abacan was named Metrobank Group chairman.

Sources said that the patriach of the Ty conglomerate would remain as the guiding light of the Metrobank Group as it has been expanding its corporate reach to new ventures such as energy generation.

The change was expected as Arthur Ty has agreed to be bank president only for a five-year period.

Younger brother Alfred remains at the board as corporate secretary. He is also the president of Federal Land Inc., Toyota Motor Philippines Corp., and an independent director of the Philippine Long Distance Telephone Co. (PLDT).

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=800777

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Stock News 2012: GT Capital sets price range for IPO

Three keys logo by Warja Honegger-Lavater. (Photo credit: Wikipedia)
GT Capital, the flagship investment firm of taipan George S.K. Ty, has set the price range for its initial public offering at P415-P470 each share to raise as much as P23 billion.

The maximum offer price is 10.6 to 25 percent lower than the original price indicated in the company’s prospectus.

GT Capital is selling up to 41.217 million shares to raise between P17.1 billion and P19.37 billion.

In case of strong demand, GT Capital has allotted 6.182 million common shares worth P2.9 billion for the greenshoe option.

Including the overallotment option, GT Capital is expected to raise up to P22.28 billion.

As much as 33 million will be sold via an initial public offering while up to 8.217 million shares will be sold by the company’s shareholders Ausan Resources Corp., Grand Titan Capital Holdings and Titan Resources.

The selling shareholders are expected to generate a maximum P3.86 billion from the share sale.

GT Capital is the main vehicle for the management of the various interests of the Ty family in banking, real estate, power generation, automotive and life insurance.

The pricing and allocation of shares for the international offer will be on April 3.

The domestic roadshow kicked off yesterday while the the international roadshow commences today with Singapore as the first leg.

The domestic offer period will run from April 10 to 16.

Listing has been tentatively scheduled on April 20.

Post-IPO, the holding firm will have a market capitalization of P74.26 billion.

Around 60 to 70 percent of the offer shares will be sold overseas while the balance will be offered to local investors.

UBS is the sole global coordinator and international bookrunner for the share sale while First Metro Investment Corp. is the sole domestic underwriter.

Proceeds from the IPO will be used to accelerate key growth projects of the group’s property unit and acquisition of additional stakes in property and power businesses.

http://www.philstar.com/Article.aspx?articleId=789516&publicationSubCategoryId=66

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