Metrobank Group – Maniolas

PSBank income jumps 82%

Economy

Nov 152013

MANILA, Philippines – Philippine Savings Bank, the thrif unit of the Metrobank Group, posted a record P3.2-billion net income in the first nine months of the year, up 82 percent from P1.8-billion net income in the same period last year, due to the continued expansion of its loan portfolio and gains from its investment portfolio.

In a statement, PSBank said net interest income grew 16 percent to P4.9 billion. Interest income from loans rose 15 percent amidst lower margins as the bank continued to expand its asset base.

The bank’s gross loan portfolio went up 17 percent to P83.7 billion on strong consumer demand.

Even with the increase in loans, the bank said its net non-performing loan (NPL) ratio fell to 0.1 percent and its NPL coverage ratio was in excess of 100 percent.

The bank’s total deposits reached P100 billion, up 14 percent from last year, with the growth driven by excess system liquidity and an increase in new retail clients.

“We are pleased with the strong growth posted not only by our auto and mortgage loans, but also of our retail deposits.” PSBank president Vicente Cuna said.

Business ( Article MRec ), pagematch: 1, sectionmatch: 1

The bank’s equity was 21 percent higher at P17.6 billion. This translates to a capital adequacy ratio of 18.4 percent and Tier 1 capital ratio of 15.2 percent, well above the 10-percent regulatory minimum and the Basel 3 requirements set for implementation in 2014.

PSBank’s distribution network includes 222 branches and 537 onsite and offsite ATMs all over the country.

PSBank and Metrobank are the first Philippine banks to be certified compliant with EMV-enabled MasterCard chip cards. The EMV technology significantly improves ATM security for its cardholders.

FMIC unit first to offer ETFs

Economy

Oct 182013

MANILA, Philippines – The Securities and Exchange Commission (SEC) has allowed First Metro Philippine Equity ETF Inc. of the Metrobank Group to register and offer shares to the public, making it the first firm to offer the new investment vehicle called exchange-traded funds (ETF). Specifically, First Metro Philippine ETF, a subsidiary of Metrobank’s investment banking arm First Metro Investment Corp. (FMIC), can now offer its entire authorized capital stock of P3 billion consisting of 30 million common shares at a par value of P100 apiece. ETFs are securities and investment instruments that monitor a commodity of assets like an index fund but trades like a normal stock in an exchange. “First Metro Philippine ETF aims to provide returns that would reflect the performance of the Philippine equities market by investing in a basket of securities included in the Philippine Stock Exchange index (PSEi),” the company said. “The portfolio of the fund is to be rebalanced and reconstituted every six months in order to adjust to the current composition of the PSE,” it added. Under its business plan, the fund will at all times invest at least 80 percent of its assets in the highest 15 to 20 weighted securities of the PSEi. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The fund may invest the remainder of its assets in liquid investments, including cash, cash equivalents, money market instruments and shares of money market funds advised by First Metro Asset Management Inc. (FAMI),” the firm said. Shares of the Read More …

Federal Land raises P5B via corporate notes

Economy

Jul 052013

Federal Land raises P5B via corporate notes

MANILA, Philippines – Federal Land Inc., the property development arm of tycoon George Ty’s GT Capital Holdings Inc., has raised P5 billion through the issuance of corporate notes. The additional cash from the coompany’s second fundraising in the capital markets will help in the construction of existing projects, it said. In a disclosure, Federal Land said it signed a P5-billion corporate notes facility deal with a syndicate of institutional lenders composed of banks, insurance companies, pension funds and trust institutions. “Proceeds of the facility, which consists of seven- and 10-year fixed-rate notes, will be used for ongoing projects, working capital and general corporate purposes,” Federal Land said. The property firm initially planned to issue P3 billion in corporate notes but robust institutional demand prompted the company to exercise the P2-billion over allotment option. “The timing of this debt raising is excellent, as it enables Federal Land to capitalize on robust real estate demand fueled by the strong economic wave currently enjoyed by our country,” said Federal Land president Alfred Ty. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It is the second time Federal Land has tapped the capital markets. In April 2011, the property firm raised P6.6 billion through a similar issuance of fixed-rate corporate notes. Both transactions were facilitated by sole arranger and bookrunner First Metro Investment Corp., the investment banking arm of the Metrobank Group. Given the property boom, Federal Land said it is enjoying strong growth. “Against the backdrop of a strong economy, we have Read More …

PSE drums up interest in ETFs

Economy

Jun 172013

MANILA, Philippines – The Philippine Stock Exchange (PSE) is drumming up the market’s interest in its new investment product – the exchange-traded funds (ETF) – set for launching this year. In a memorandum, the operator of the country’s sole stock exchange said it will hold a seminar about ETFs on June 28. “The forum is intended to bring together participants, fund managers, investors and other stakeholders in order to introduce investing in ETFs and to discuss the latest updates in the product,” PSE said. “It also aims to inform the participants on the rules and regulations relevant to ETFs,” it added. Industry experts will discuss how ETFs differ from other types of investments and how stakeholders can take advantage of the new investment scheme, PSE said. Late in March, the Securities and Exchange Commission (SEC) gave its partial nod to the guidelines that will allow the launching of ETFs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 ETFs are securities and investment instruments that monitor a commodity of assets like an index fund but trades like a normal stock in an exchange. PSE president and CEO Hans B. Sicat earlier said the new product will allow investors to go beyond just cash equities. So far, PSE has 254 listed firms and 134 active trading participants. ETFs are seen to offer several advantages and investment options to investors, including liquidity especially for those who cannot directly access specific sectors in the market due to a country’s specific regulatory environment. At Read More …

Cuna named PSBank prexy

Economy

Apr 182013

MANILA, Philippines – Philippine Savings Bank (PSBank), the thrift unit of the Metrobank Group, has appointed Vicente Cuna Jr. as its new president following the retirement of Pascual M. Garcia III effective today. Garcia, however, will take on another position within the Metrobank Group, consistent with its policy on cross-posting. The turnover to Cuna, who is currently Metrobank senior executive vice president, would be held in an organizational meeting, after the bank’s annual stockholders’ meeting today. Garcia, PSBank president since 2001, has been instrumental in rallying the bank to become one of the key players in the consumer banking market. With his vision and leadership, the bank has become the second-largest savings bank in the country. With Garcia’s departure, PSBank said the operation of the bank would be turned over to the equally capable hands of Cuna. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Cuna has been privy to the strengths of the bank as its former vice chairman and director from 2009 to 2011. He previously served as the head of institutional and corporate banking at Metrobank. He was chairman of Metro Remittance (Canada) Inc. He also held the position of adviser of Metrobank and Philippine Charter Insurance Corp., and director at SMBC Metro Investment Corp. Cuna held previous positions in Citibank Manila, Citibank New York and JP Morgan New York.

Exchange-traded funds await SEC approval

Economy

Feb 072013

Exchange-traded funds await SEC approval

MANILA, Philippines – The Securities and Exchange Commission (SEC) has yet to approve the rules that will govern the listing of exchange-traded funds (ETFs). “Still under discussion,” SEC commissioner Ma. Juanita E. Cueto said in a text message when asked if corporate regulators have approved the guidelines. The SEC was scheduled to meet on Feb. 6 to deliberate on the proposed listing rules for the new investment instrument. An ETF is defined as a security that monitors the index, a commodity of assets like an index fund, but trades like a normal stock in an exchange. Late last month, the Philippine Stock Exchange (PSE) submitted to the SEC its proposed rules that will govern the listing and trading of ETFs after it gathered public comments. At least three firms, First Metro Investment Corp. of the Metrobank Group, Sy-led BDO Unibank Inc. and Bank of the Philippine Islands of the Ayala conglomerate have expressed plans to offer ETFs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PSE president and CEO Hans B. Sicat earlier said ETFs will provide several advantages and investment options to investors including liquidity, especially for those who cannot directly access specific sectors in the market due to a country’s specific regulatory environment. The creation of an ETF would allow investors more investment options aside from the existing stocks in the market. The proposed ETF listing rules, which is governed by the general ETF guidelines issued by the SEC in October, provides for transparency and investor safeguards Read More …