Philippines' Banco de Oro sees 2008 net up 13 pct
MANILA, May 9 (Reuters) - Banco de Oro Unibank Inc (BDO) (BDO.PS), the Philippines' second largest bank, said on Friday it expects net income to rise 13 percent to 7.4 billion pesos ($174 million) this year due to strong loan and deposit growth.
BDO, a unit of holding firm SM Investment Corp (SM.PS) owned by one of the country's richest men, Henry Sy, plans to raise up to 15 billion pesos in unsecured subordinated debt this year to boost capital and pay debts early.
The issue would be done in tranches, with the first tranche of 5 billion pesos to be used to refinance an existing $200 million Tier II issue callable in July.
Shares in BDO were flat at 48 pesos on Friday.
The bank also said its net interest income is projected to increase by 27 percent to 27.27 billion pesos this year because of strong demand for loans.
But it expects non-interest income to fall 9 percent to 15.3 billion pesos due to lower trading gains.
BDO had a net income of 1.34 billion pesos in the first quarter, down 24 percent from a year earlier due to weak trading gains despite higher net interest income and non-trading income for the period. (Reporting by Karen Lema; Editing by Anshuman Daga)
