By LEE C. CHIPONGIAN
Manila Bulletin
MANILA, Philippines — Banco de Oro Unibank Inc. (BDO), the country's biggest in asset size, expects to raise its net income by 19 percent this year to P10.5 billion, boosted by continued growth in net interest income and lower funding costs.
BDO chair Teresita Sy-Coson said in a statement, "we had good growth momentum and we hope to continue with that in 2011 and again produce a credible performance despite the challenges we see both internally and from outside the Philippines."
BDO President Nestor V. Tan said the bank is also raising P3 billion to P5 billion lower Tier 2 capital in the next weeks, the first tranche of the P15-billion 10-year unsecured subordinated debt the bank is issuing to fund business expansion plans. "(We're) raising the funds to finance our growth (and) to have good medium term funding for our balanced sheet," said Tan.
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Manila Bulletin
MANILA, Philippines — Banco de Oro Unibank Inc. (BDO), the country's biggest in asset size, expects to raise its net income by 19 percent this year to P10.5 billion, boosted by continued growth in net interest income and lower funding costs.
BDO chair Teresita Sy-Coson said in a statement, "we had good growth momentum and we hope to continue with that in 2011 and again produce a credible performance despite the challenges we see both internally and from outside the Philippines."
BDO President Nestor V. Tan said the bank is also raising P3 billion to P5 billion lower Tier 2 capital in the next weeks, the first tranche of the P15-billion 10-year unsecured subordinated debt the bank is issuing to fund business expansion plans. "(We're) raising the funds to finance our growth (and) to have good medium term funding for our balanced sheet," said Tan.
Read here
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