• Metrobank raising P5B from LTNCDs

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    METROPOLITAN Bank & Trust Company (Metrobank) is raising P5 billion of fresh funds from long-term negotiable certificates of time deposit (LTNCDs) with an option to upsize depending on demand.

    In a disclosure to the Philippine Stock Exchange, Metrobank said the seven-year LTNCDs carry a 3.87 percent annual yield rate payable quarterly. The offer will run from July 3 to July 14.

    As an investment, LTNCDs are tax-exempt for qualified individuals or institutions if held for at least five years, and are insured by the Philippine Deposit Insurance Corp. for up to P500,000.

    ING Bank was appointed the sole arranger, bookrunner, and selling agent for Metrobank’s LTNCDs.
    Last August, Metrobank offered P5 billion worth of LTNCDs.

    The country’s second largest bank reported a 6 percent growth in unaudited consolidated net income to P5.6 billion in the first quarter of 2017, from P5.25 billion a year earlier.

    Revenue in the quarter amounted to P19.9 billion while operating expenses rose by 6 percent to P11.1 billion.
    Metrobank is the banking arm of businessman George Ty’s umbrella conglomerate GT Capital Holdings Inc.

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