Veterans Bank net earnings up 30%

The Philippine Veterans Bank (PVB), a medium-sized commercial bank, reported a net income of P160.32 million for the nine months ended Sept. 30. This represents a 30.15-percent increase compared with P123.18 million for the same period last year.

PVB president and chief executive Ricardo A. Balbido Jr. attributed the increase in income to continued growth in loans, higher fee-based income, sustained trading gains, and effective cost management. He added that the bank managed to increase its share of the government sector business through competitive pricing and superior client relationships.

"I am optimistic that PVB will surpass last year’s net income of P207 million and will meet the full-year annual income targets," Balbido said.

Total assets of the bank stood at P14.47 billion higher than the P14.22 billion posted as of Dec. 31, 2002. It remained adequately capitalized with a total capital fund of P3.6 billion. The capital adequacy ratio (CAR) remained high at 39 percent, way above the industry’s minimum requirement of 10 percent.

The PVB is currently intensifying its branch development program aimed at putting branches in key cities and provincial capitals to reach out and provide quality banking services to government and private sectors. Further, the bank has made major improvements in its bank-wide technology systems necessary to make it more responsive to the growing needs of its clients.

The bank is unique in its ownership and corporate mandate with about 300,000 war veterans and their heirs as the bank’s registered owners. Also, 20percent of its net profits is given yearly to programs and projects that benefit the veterans, their widows & families.