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PHILIPPINE Savings Bank disclosed to the local bourse on Thursday
that it has completed its stock rights offering, raising money to
boost its capital, expand its loan and investment portfolio, and set
aside resources for potential acquisition of assets in line with its
core business.
The thrift-banking arm of the Metrobank Group
said it raised P2 billion from the sale of 38.31 million new shares
to existing stockholders. The shares were listed also on Thursday.
The bank held its offering from February 11 to 15, allowing existing
stockholders as of record date January 18, 2008, to buy one share
for every 5.27 shares they already have for P52.20 each.
First Metro Investment Corp., another
Metrobank unit, served as financial advisor, issue manager and underwriter
while Metrobank-Trust Banking served as stock transfer agent.
“The successful rights offer represents a vote
of confidence from its shareholders and will allow PSBank to keep
pace with changes in the environment,” Pascual M. Garcia 3rd, the
lender’s president, said.
Last year, PSBank’s profit reached P1.008
billion, 23-percent better than the previous year with net revenues
rising by 19 percent. This was driven by the increase in net
interest from loans and investment securities and non-interest
income.
The bank’s total lending portfolio grew 16
percent, pushing its outstanding loans to P36 billion with consumer
loans making up the bulk of its portfolio. Mortgage loans improved
by 26 percent, auto loans by 24 percent and personal loans by 30
percent.
PSBank’s total deposits also climbed by 12
percent to P57.8 billion over the previous year on the back of
higher deposit levels per branch as well as the addition of 13
branches to its 163-branch network. The bank’s capital adequacy
ratio of 15.7 percent is higher than industry average of around 11
percent.
Earlier Pascual said the bank’s profit may
grow by 15 percent this year, slightly lower than last year due to
pressure on margins brought about by competition from bigger banks
that have brought down costs of borrowing significantly. In
addition, funding costs have also come up because of the competition
with special depositary accounts, he said.
PSBank’s loan portfolio is expected to grow by
20 percent this year as the lender focuses on extending loans to consumers
and small- and medium-scale enterprises.
-- Likha C. Cuevas-Miel
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