Veterans Bank achieves P10 billion capital target

MANILA, Philippines — Philippine Veterans Bank has completed its capital build-up program to P10 billion in end April, two months ahead of its June commitment to the Bangko Sentral ng Pilipinas (BSP).

The successful conduct of the bank’s stock subscription offer from 2023 to 2025 welcomed new investors from the private sector and from the veteran community including retirees of the Armed Forces of the Philippines.

Under Republic Act 11597 or the bank’s new charter, the private sector and investors from the veteran community are now allowed to become shareholders of Veterans Bank.

The increased capitalization will strengthen the bank’s core businesses, expand its services through digital channels and introduce new product offerings to both private and government clientele.

The infusion of fresh capital will also allow it to reach out to new markets and prospective clients nationwide, while strengthening relationships with its existing niche markets in the government and military sectors.

Aside from achieving the bank’s capitalization requirement, Veterans Bank president and CEO Eulogio Catabran III also reported to the stockholders that the bank’s net income reached P359 million in 2024.

The medium sized commercial lender primarily owned by Filipino veterans said its total operating income went up by 14 percent to P3.82 billion last year from P3.36 billion in 2023, driven mainly by interest income from securities investments and lending operations.

At the close of 2024, the bank’s total assets stood at P73.2 billion, which was 13.7 percent higher than the previous year. This was mostly driven by the 13.8-percent increase in deposits to P65.47 billion from P57.54 billion.

The loan portfolio of Veterans Bank went up by 18.2 percent to P27.72 billion from P23.46 billion.

The bank also reported that as of the first quarter of 2025, it had already achieved a net Income of P114.3 million, which is on track for its full year target of P734 million. Total Assets stood at P77.6 billion as of the same period.

Catabran also announced that Veterans Bank participated in the bidding for the UCPB Savings Bank with the intention of expanding its branch network.

Aside from Catabran, elected to the bank’s 15-man board of directors were Gerardo Manuel Luis Anonas, Marie Josephine Diana Calatrava, retired vice admiral Alberto Carlos, Renato Claravall, Jofel Kristine Marie Filamor, Emmanuel Herbosa, Carlos Alfonso Ocampo, retired chief justice Reynato Puno, Anthony Te, Jose Nuñez Jr., Alfredo Panlilio, Mel Georgie Racela, Cesar Rubio and retired police deputy director general Reynaldo Velasco.