Metropolitan Bank & Trust Co.
(01-18-2018, 09:21 PM)isopropyl Wrote: Pero bakit may negative reaction na ang MBT pero ang BPI naman wala?

...meron yan, just wait for will come
Pls don't follow me....I'm lost too! hehe
GT Capital to subscribe in Metrobank’s SRO

GT CAPITAL Holdings, Inc. on Thursday told the stock exchange it plans to “fully subscribe” in the stock rights offering (SRO) of its banking arm Metropolitan Bank and Trust Co. (Metrobank).

At present, GT Capital owns 36.09% of Metrobank.

Metrobank on Wednesday said its board of directors approved to conduct an SRO to sell 819.83 million common shares, equivalent to the remaining unissued shares from the lender’s authorized capital stock.

Proceeds from the offer will be used to fund the Ty-led bank’s loans and fully acquire its credit card arm.

Metrobank said in October that it entered into an agreement with ANZ Funds Pty. Ltd. (ANZ) for the bank’s purchase of the latter’s 40% stake in credit card provider Metrobank Card Corp. (MCC).

MCC is a joint venture between Metrobank and ANZ formed in 2003, with the local lender holding the majority 60% stake.

“The capital raising exercise is expected to enable the bank to pursue these business prospects to sustain the loan growth momentum, leveraging on the bank’s sales and distribution network that has rapidly expanded in the preceding years,” Metrobank said. 

Pls don't follow me....I'm lost too! hehe

PSE approves Metrobank’s new shares offering

The Philippine Stock Exchange (PSE) has approved Metropolitan Bank and Trust Co. (Metrobank)’s plan to raise as much as P60 billion from the sale of new shares to existing investors, proceeds of which will further expand an already thriving loan book.

Based on the indicative offer term sheet, the bank plans to offer up to 819.827 million new shares to existing shareholders.

The bank has mandated UBS AG Hong Kong branch as the international underwriter and First Metro Investment Corp. as the domestic lead underwriter.

The offering will commence on March 22 and will run until April 4 this year. The entitlement ratio and pricing will be finalized on March 14.

The new shares will be listed on the PSE on April 12.

Metrobank said the expanding Philippine economy had helped it grow its loan book by over 20 percent in the last six quarters.

The capital-raising exercise is expected to enable the bank to sustain its loan growth momentum, leveraging on the bank’s sales and distribution network that has rapidly expanded in the last few years.


Metrobank sets SRO price at P75/share

Metropolitan Bank & Trust Company (Metrobank) has set the final terms for its P60-billion stock rights offering with the offer price pegged at P75 per share.

In a disclosure to the Philippine Stock Exchange, the bank said “the offer price is based on a 22 percent discount to the 10-day volume-weighted average price of Metrobank common shares.”

Metrobank is offering 799,84 million common shares and eligible shareholders as of the record date of March 21, 2018 are entitled to subscribe to one Rights Share for every 3.976 common shares held.

The stock rights offer will start at 9:00 a.m. on March 22, 2018 and end at 12:00 p.m. on April 4, 2018.

Metrobank said the P60 billion will enable it to pursue business prospects and sustain its strong growth trajectory, and to fund its acquisition of the 40 percent stake in Metrobank Card Corporation to increase its ownership to 100 percent.

“The Bank believes that the robust growth of the Philippines will continue to support the prospects for accelerated loan expansion across the various segments of the economy,” it said.

Metrobank added that it seeks to capitalize on the growth opportunities of large cap corporates and especially in its core franchise, the middle market and small to medium enterprises (SME) segments.

“Rising per capita levels also bode well for the potential in the growing consumer space, specifically in credit cards, auto loans and home mortgage,” the bank said.

GT Capital Holdings, Inc. (GTCAP), Metrobank’s controlling and majority shareholder, said it intends to subscribe to at least its full rights entitlement in Metrobank’s stock rights offer.

UBS AG, Hong Kong Branch is acting as Joint Global Coordinator, Joint Bookrunner and International Underwriter; First Metro Investment Corporation as Joint Global Coordinator, Joint Bookrunner, Issue Manager and Domestic Lead Underwriter; and DBS Bank Ltd. as Co- Manager and Co-Underwriter.


Metrobank to sustain mid-to high-teen loan growth

With its P60-billion fresh capital build-up program and a fast-growing domestic economy, Ty family-led Metropolitan Bank & Trust Co. expects to sustain a medium to high-teen growth in its lending activities in the years ahead.

For the stock rights offering (SRO), eligible shareholders are entitled to subscribe to one share for every 3.976 Metrobank common shares held as of the record date March 21. The ex-date is set for March 16 (Friday), which means that new investors have up to March 15 (Thursday) to buy Metrobank shares to be eligible for SRO entitlement.

The offer price of P75 per share was based on a 22-percent discount to the 10-day volume-weighted average price of Metrobank common shares listed on the Philippine Stock Exchange. The offer period is from March 22 to April 4.

“Metrobank will use the SRO proceeds for growth and ROE (return on equity) enhancement. The new capital will allow Metrobank to sustain its loan growth momentum across various segments – top corporates, mid-market and small and medium enterprises,” Metrobank head of investor relations Juan Placido Mapa III said in a text message on Thursday.

In addition, a portion of the proceeds will be used to increase Metrobank’s ownership in Metrobank Card corporation.

Last year, Metrobank grew its loan book by 19 percent, outpacing the average industry growth of 17 percent.

Mapa said Metrobank would likely sustain a mid- to high-teen loan growth over the medium term assuming that the domestic economy would grow by 6-7 percent a year.

Assuming the full subscription of its P60-billion stock rights offering, leading online stock brokerage COL Financial estimated that the bank’s core or tier 1 capital adequacy ratio would increase by 3 percentage points to 14 percent of risk assets, well above the minimum of 11 percent 2019 CET1 (common equity tier 1) ratio required by the Bangko Sentral ng Pilipinas.

“Based on our estimates, this should allow the bank to support its asset growth for the next three years,” COL said.

With the larger capital base, COL said this would dilute the bank’s 2018 ROE from 11 percent to 10 percent, but the brokerage is maintaining its “buy” rating with a fair value estimate of P112 per share. Post-SRO, COL’s fair value estimate on Metrobank is P104.50 per share.

“We continue to like Metrobank as it is expected to be one of the major beneficiaries of the growing demand for loans given its size, and highly liquid and healthy balance sheet,” COL said.


Metrobank raises P60B from stock rights offering

Metropolitan Bank and Trust Co. raised P60 billion from a stock rights offering.

The bank informed the Philippine Stock Exchange the results of the stock rights offering after the offer period closed on April 4, through a regulatory filing submitted by Metrobank vice president and head of investor relations Juan Placido Mapa on Thursday.

Metrobank said the rights shares are expected to be listed on April 12. The offer period ran from March 22 to April 4.

The bank offered 799,842,250 common shares to eligible shareholders on record as of March 21 at P75 per share.

“The offer was taken up entirely by the bank’s existing shareholders, with broad support seen across the shareholder base resulting in a substantial oversubscription,” Metrobank said.

“The bank believes that the success of the offer represents a strong vote of confidence from investors in the bank and its strategy,” is said.
The proceeds of the share sale enable the bank to pursue business prospects and sustain its growth trajectory.

It will also use the money to fund the acquisition of a 40-percent stake in Metrobank Card Corporation to increase its ownership to 100 percent, the final tranche of which is set to be completed by the third quarter of 2018.

“Metrobank seeks to capitalize on the growth opportunities of large cap corporates and especially in its core franchise, the middle market and small to medium enterprises segments. Rising per capita levels also bode well for the potential in the growing consumer space, specifically in credit cards, auto loans and home mortgage,” the bank said.
The share sale was led by UBS as joint global coordinator, joint bookrunner and international underwriter with First Metro Investment Corp. as joint global coordinator, joint bookrunner, issue manager and domestic lead underwriter. DBS Bank Ltd. acted as co-manager and co-underwriter. 


Metrobank nets P5.9B

Ty family-led Metropolitan Bank & Trust Company (Metrobank) grew its first quarter net profit by 5.3 percent to P5.9 billion as the bank expanded core lending activities and improved its margins.

This performance translated to a return on equity for the group at 11.26 percent compared to 11.26 percent in the same period last year.

“We have started the year on the right direction and we are moving forward as planned. Our recently completed capital raise (P60 billion) reflects our continued optimism on the prospects of the economy. This positive backdrop together with our growth strategy should allow us to achieve our targets for the year and sustain our momentum in the medium term,” Metrobank president Fabian Dee said in a press statement on Friday.

Metrobank attributed its first quarter performance to sustained growth in core business, as double-digit growth in loans and low-cost deposits contributed to better margins, while recurring expense growth was kept at a manageable level.

Despite the volatile market conditions, loans grew by 14 percent year- on-year to P1.3 trillion. The consumer portfolio maintained its growth of 17 percent, while the commercial segment grew by 14 percent year-on-year with key contributions from middle market and small and medium enterprises as well as top corporate accounts.

Net interest margin for the period was at 3.8 percent, which is 7 basis points higher compared to the first quarter 2017. As a result, Metrobank booked P16.1 billion in net interest income, up by around 11 percent year-on-year. Net interest income accounted for 73 percent of the bank’s total revenue of P22.1 billion.

Meanwhile, the non-interest income of P6.0 billion was comprised of P3.2 billion in service fees and commissions and income from trust operations, which went up by 9 percent. The bank also booked P679 million in net trading and foreign exchange gains alongside P2.1 billion in miscellaneous income, in turn coming from asset sales, leasing and dividend earnings.

On the funding side, total deposits increased by 9 percent to P1.6 trillion, driven by the 11-percent growth in the low-cost component. Low-cost deposits accounted for 62 percent of the bank’s deposit base.

Operating expenses, excluding taxes and licenses, were kept at single-digit growth, up by 9 percent to P10.0 billion. Manpower-related costs grew relatively slower at 7 percent to P4.8 billion. Taxes and licenses were reported at P2.2 billion, inclusive of tax related adjustments.

Metrobank ended the first quarter with consolidated assets of P2.1 trillion, and equity of P206.9 billion. Total capital adequacy ratio was at 14.5 percent with common equity tier 1 ratio at 12 percent.


Metrobank raises P8.68 billion

METROPOLITAN Bank & Trust Co. (Metrobank) has raised P8.68 billion from the first tranche of its P25-billion long-term negotiable certificates of deposit (LTNCD) program meant to diversify its funding sources.

According to the Web site of the Philippine Dealing & Exchange Corp. (PDEx), the Ty-controlled Metrobank has raised P8.68 billion from the peso-denominated issue, more than the P5 billion it originally intended to raise.

The notes will mature in 5.5 years and carry a 5.375% rate to be paid quarterly.

The LTNCDs issued make up the first tranche of Metrobank’s P25-billion program approved by the central bank last July 19.

Standard Chartered Bank served as the sole lead arranger of the offer and was also a bookrunner alongside Metrobank. The banks also served as selling agents along with First Metro Investment Corp.

Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”

In a text message in September, Metrobank said the proceeds of the fund-raising activity will be used to “diversify the maturity profile of…funding sources and support business expansion plans.”

To date, Metrobank has outstanding securities amounting to P35.33 billion listed on the PDEx, with the latest offer in July last year, where it raised P3.75 billion.

Prior to this, Metrobank completed a stock rights offering in April, raising P60 billion to fund its business operations and expansion.

A number of banks have been tapping the capital markets in recent months to raise more funds ahead of tighter risk management measures that will take effect on Jan. 1, 2019 under the international Basel 3 standards.

Last week, Rizal Commercial Banking Corp. raised P3.58 billion worth of LTNCDs which will also mature in five years and six months.

Philippine Savings Bank, Robinsons Bank Corp. and China Banking Corp. also recently issued LTNCDs to support its funding needs.

Metrobank posted a P5.3-billion income in the second quarter, up 31% from the P3.9 billion tallied the previous year on the back of its robust core business.

Pls don't follow me....I'm lost too! hehe

...foreign funds would surely pick this up as soon as they return back

OUTLIER: Metropolitan Bank & Trust Co. (MBT)

MACROECONOMIC CONCERNS dragged stocks, including that of Metropolitan Bank & Trust Co. (MBT), in the first trading week of October.

Data from the Philippine Stock Exchange showed the Ty-controlled Metrobank trading P739.440 million worth of 11.009 million shares from Oct. 1 to 5, making it the seventh most actively traded stock last week.

On a week-on-week basis, its share price was down by 1.19% to P66.2 apiece last Friday from its closing share price of P67 on Sept. 28. Year-to-date, the bank’s share price was down by 36.71%.

For Papa Securities Corp. deputy research head Arabelle C. Maghirang, concerns over the Philippine economy continue to adversely impact stock prices.

AP Securities, Inc. research analyst Rachelle C. Cruz attributed overall stock performance last week to the interest rate hikes.

“This is because in a rising rates environment and tightening system liquidity, banks are affected by higher funding costs,” she said.

Ms. Cruz noted that for MBT in particular, “[i]ntense market competition, especially in the corporate segment, resulted to sticky lending rates in the first half of 2018.”

“This will likely be the story also for the second half of 2018. In contrast, deposit rates have been adjusting faster — thus, NIM (net interest margin) upside will be limited,” she added.

Papa Securities’ Ms. Maghirang concurred: “The intact ratios of MBT… might not matter if the macroeconomic concerns would still persist in the market.”

According to its unaudited report, Metrobank’s net interest margin — the difference between interest income earned and interest paid — on their average earning assets for the first half of 2018 was at 3.77%, slightly higher than 3.72% of last year’s comparable period and 2017’s recorded 3.75%.

Investors continued to be cautious as Bangko Sentral ng Pilipinas in its Sept. 27 meeting fired off another 50-basis point (bp) increase in benchmark rates to demonstrate its commitment to temper price pressures and quell inflation expectations.

The central bank has hiked benchmark yields by a cumulative 150 bp since May. Further, latest inflation data show a 6.7% inflation rate in September — its highest in over nine years.

Prior to Friday’s inflation report, the Philippine Stock Exchange index entered bear market territory for the fourth time this year after closing at 7,132.36 last Tuesday, 21.3% below this year’s peak of 9,058.62 on Jan. 9.

Looking forward, Papa Securities’ Ms. Maghirang hopes for the next inflation report to be a “catalyst for positive sentiments” to help the equities market’s recovery.

For AP Securities’ Ms. Cruz, MBT’s stock price is expected to trade within the P64 support and P69 resistance levels this week “as there is no major catalyst to push the price higher.”

“For the year, I am looking at an earnings growth of 9% to P23 billion — driven mainly by its core lending business, as well as recovery of its fee-income segment,” she added.

According to its unaudited financial statements, Metrobank had already posted an P11.926-billion net income from January to June, up by 9.97% from 2017’s P10.845 billion.

Pls don't follow me....I'm lost too! hehe

...should be picked up by foreign funds when they return...first on their list

Metrobank Q3 income up on core business’ strength

METROPOLITAN Bank & Trust Co. (Metrobank) saw its net income grow in the third quarter on the back of the strong performance of its core businesses.

In a regulatory filing on Wednesday, the Ty-led Metrobank said it posted P5.7 billion in net earnings in the July-September period, 55% higher than the P3.7 billion recorded in the same period last year.

This brought Metrobank’s nine-month income to P16.8 billion, up 27% year-on-year.

The bank attributed the robust growth to the “solid performance of the core business” as margins were lifted higher by the double-digit growth in loans and current and savings account (CASA) ratio, while keeping the increase in operating expenses at a manageable level.

Metrobank’s net interest income was at P51 billion in the first nine months of the year, accounting for bulk of the bank’s total revenue of P68.4 billion.

Its loan portfolio stood at P1.3 trillion as of end-September, growing by 15% from the year-ago level. This was led by the commercial segment at 17%, driven by the “consistent” performance by its corporate accounts, middle market and small business segments.

“Demand continues to be positive in the manufacturing, wholesale and retail trade and real estate sectors,” according the bank’s disclosure to the local bourse.

On the funding side, total deposits grew to P1.5 trillion as of end-September, inching up by 5%. Meanwhile, the bank’s CASA ratio was maintained at 62%.

Meanwhile, non-interest income rose 4% to P17.4 billion, supported mainly by the P10.2 billion in service fees and commissions as well as income from trust operations, up 11%.

Net trading and foreign exchange gains as well as miscellaneous income also contributed to Metrobank’s non-interest income at P2.1 billion and P5.1 billion, respectively.

“Fee-related revenues benefitted from steady customer-driven flows and boosted by the large corporate deals that were booked in the early part of the year,” Metrobank noted.

Operating expenses was kept within the bank’s guidance at P33 billion, up 10%. Manpower-related costs grew 12% to P16 billion, while the balance was spent for Metrobank’s continuous efforts to improve its system and processes.

Meanwhile, expenses for taxes and licenses stood at P6.3 billion, which included the new requirements under the new tax regime implemented this year.

Asset quality metrics remained healthy and above industry average, as Metrobank’s non-performing loans (NPL) ratio was “relatively flat” at 1.2% from 1.1% in the previous quarter, with NPL cover maintained at 110%.

The bank also set aside P5.2 billion in provisions for credit and impairment losses due to the impact of Philippine Financial Reporting Standards 9 adopted this year.

Metrobank’s net interest margin for the nine-month period stood at 3.88%, higher by nine basis points than the year-ago level. It was also higher than the 3.77% recorded in the first half of the year.

The bank’s assets totalled P2.1 trillion, with equity at P277.5 billion. Total capital adequacy ratio was at 17.8%, while its common equity Tier 1 ratio at 15.2%.

In the statement, Metrobank Chairman Arthur V. Ty said the lender’s strong performance during the nine-month period is “very encouraging” amid inflation concerns and rising interest rates.

“Credit demand remains healthy and the bank continues to grow cautiously its consumer, business and infrastructure-related loan portfolio without incurring unnecessary risks to asset quality and profitability,” Mr. Ty was quoted as saying. “We will continue to be a key player in the country’s economic development, anchored on our long-term strategy of growth, good governance and sustainability.”

Last week, the bank raised P10 billion in fresh funds through fixed-rate bonds, which is part of its P100-billion bond and commercial paper program.

The issuance, which carry an interest rate of 7.15% and a two-year tenor, was the first by a local bank since the monetary authority allowed lenders to tap the capital market as a funding source without having to secure its approval.

Pls don't follow me....I'm lost too! hehe

Forum Jump:

Users browsing this thread: 3 Guest(s)