MANILA, Philippines—Leading lender Banco de Oro Unibank plans to issue P15 billion in debt notes qualifying as tier 2 or supplementary capital over a one-year period.
In a disclosure to the Philippine Stock Exchange on Monday, BDO said the proposed notes offering had been approved by the Bangko Sentral ng Pilipinas.
“Appropriate disclosures will be made when these final terms and issue dates are fixed,” the bank said.
BDO posted an unaudited net profit of P2.44 billion in the first quarter of 2011, up by 18 percent from a year ago. This was attributed by the bank to a diversified revenue stream and tempered growth in operating expenses and conservative provisioning.
Net interest income expanded alongside trading and foreign exchange gains as well as other non-interest income.
Capital Adequacy Ratio ended the quarter at 14 percent while the annualized return on average common equity settled at 11.4 percent.