Banco de Oro sees 13% rise in 2008 net profit
Thomson Financial
First Posted 15:10:00 05/09/2008
Banco de Oro, a unit of conglomerate SM Investments Corp., expects net interest income to grow 27 percent to P27.3 billion.
But it sees trading gains from government securities and foreign exchange to drop 41 percent to P2.75 billion.
"We don't believe high trading gains will continue because of the high interest rate environment. (But) there's a room for us to grow in net interest income," Banco de Oro President Nestor Tan told reporters ahead of the bank's annual stockholders' meeting.
SM Investments, which also has interests in shopping malls and real estate development, and partly owns the smaller China Banking Corp., is owned by tycoon Henry Sy.
Banco de Oro reported on Thursday a 24 percent drop in first-quarter net profit to P1.34 billion due to weak trading gains.
Shares in Banco de Oro were unchanged at P48.00 at the close on Friday. SM
Investments rose 2.4 percent to P255.00.
($1 = P42.60)
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