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MANILA – Sterling Bank of Asia said it has raised P500 million from the issuance of Tier 2 notes.
In a statement, the thrift lender said the debt papers will pay an interest of 6.125 percent payable every quarter over a 10-year period. Sterling Bank however can redeem the notes on the fifth year.
Lawyer Lamberto R. Villena, Sterling Bank chief executive, said proceeds of the notes issuance will be used to finance its loan expansion, as the lender wants to take advantage of “higher demand from businesses and consumers.”
Sterling Bank ended 2011 with earnings of P126.31 million. Net interest income -- which is derived from a bank’s lending business -- rose 20 percent to P1.7 billion last year from P1.42 billion in 2010. Trading income increased a faster 47 percent to P349 million from P237 million over the same period.
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