Manila's Banco de Oro sees 2009 profit more than double

MANILA, May 29 (Reuters) - Banco de Oro Unibank Inc (BDO.PS), the Philippines' largest bank by assets, expects net profit to more than double to 5.5 billion pesos ($116 million) in 2009, aided by loan growth, its president said on Friday.

The banking arm of SM Investments Corp (SM.PS) posted a net income of 2.2 billion pesos in 2008, down sharply from 6.5 billion pesos in 2007, due to losses from its exposure to Lehman Brothers (LEHMQ.PK), which filed for bankruptcy in September.

Bank President Nestor Tan told reporters the bank expects net interest income to rise 38 percent to 32.77 billion pesos, with loan growth "in the low teens."

"Moderate growth for loans and deposits will boost net income and fee-based income will remain strong," he said. ($1=47.48 pesos) (Reporting by Manolo Serapio Jr.)