Metrobank raises P11.25B from new bond offer

FILE PHOTO

MANILA, Philippines–Local banking giant Metropolitan Bank & Trust Co. has raised P11.25 billion from a fresh offering of bonds to retail investors.

The two-year bonds carried a coupon of 5.5 percent per annum and were listed on the Philippine Dealing & Exchange Corp. on Wednesday.

This is the fourth issue out of Metrobank’s P100-billion bond and commercial paper program as approved by its board of directors last year.  The bank raised P56.75 billion from its peso-denominated bond offerings since November 2018.

“To accommodate robust demand from institutional, high net worth and retail clients, Metrobank’s initial target of P5 billion was upsized to P11.25 billion,” Metrobank said in a disclosure to the Philippine Stock Exchange on Wednesday.

Metrobank posted P6.8 billion in net income for the first quarter of 2019, representing a 15-percent growth year-on-year. This was driven by a double-digit growth in operating income on the back of consistent loan growth and margin expansion, higher fee-based income, and improvements in operational efficiencies.

As of end-March, Metrobank’s consolidated assets reached an all-time high of P2.3 trillion and equity of P289 billion.

Metrobank recently announced a brand reboot, which aims to deliver “meaningful banking” to customers. (Editor: Jonathan P. Vicente)