Metrobank gets SEC nod to double capital

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The Securities and Exchange Commission (SEC) has given its go-signal for Metropolitan Bank and Trust Co. (Metrobank) to double its capital by as high as P100 billion.

In a filing with the Philippine Stock Exchange, Metrobank disclosed that it has secured the approval of SEC regarding its application to increase its capital.

Metrobank earlier sought for regulatory approval to increase its authorized capital stock from P50-billion divided into 2.5 billion common shares with a par value of P20 to P100-billion divided into 4 billion common shares and 1 billion preferred shares, each with a par value of also P20.

The bank has more than doubled its net profit during the first half of this year, after registering steady growth in its core revenues, among other drivers.

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In July, Metrobank said that it got the approval from the Bangko Sentral ng Pilipinas to double its authorized capital stock to P100 billion, as it gears up for a stricter regulatory environment under the Basel 3 framework.

In its previous announcement, Metrobank said that the BSP had approved an amendment to its bylaws to increase its authorized capital from P50 billion to P100 billion.

Metrobank recently reported an unaudited consolidated net income of P18.1 billion for the first-half 2013, more than doubling the P7.4 billion it earned in the same period in 2012.

This increase in net income even exceeded Metrobank’s full-year 2012 net income of P15.4 billion.

According to the bank, the key performance drivers to its net income increase include the steady growth in its core revenues, robust expansion in treasury and investment activities, and increase in miscellaneous income.

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