PVB income up

The Philippine Veterans Bank (PVB) reported a net income of P227.9 million in 2003, or a 10 percent growth from the P207.1 million in 2002.

Bank officials attributed its gains to higher interest differential business, higher volume of fee-based transactions, higher income from ROPOA (real or other properties owned and acquired) sales and effective cost management.

The PVB provides 20 percent of its net income for programs and projects for the World War II veterans including widows and families.

Total assets stood at P15.1 billion, or a 6.3 percent increase from the previous year. Total capital fund stood at a strong P3.6 billion in end 2003, with a capital adequacy ratio (CAR) of 42 percent.

Major improvements were also registered for its bank-wide information technology (IT) systems. 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.

This year, the private commercial bank anticipates further difficult market conditions, which it prepares to make of the situation.

"Likewise, we will continue to attract both government and private sector markets by developing new product lines in convenience banking. With our advantage as an authorized depository of government funds, we are identifying new product lines for this market as we rationalize our branch banking & with the improvements in our IT systems," PVB president and chief executive officer Ricardo A. Balbido Jr.

The bank‚s profit motivation and prudent corporate governance is driven by its mandate to financially provide each year for the WW2 veterans.

"We are in this business for the World War 2 veterans. Some 300,000 WW2 veterans & their families own the bank, and we are primarily accountable to them," Balbido added.

Philippine Veterans Bank is a private, commercial bank with a total network of 43 branches and extension offices nationwide.

Recently, it’s bank product Oplan Beterano received the best customer service category in the prestigious Asian Banking Awards 2004. The annual awards was held during the Asia-Pacific Banking Congress held in Manila this year, with over 300 financial & banking leaders in attendance.

Over a 100 projects from 49 banks in 15 countries vied for the awards. The other winners this year include International Commercial Bank of China, Development Bank of the Philippines, PT Bank Mandiri, DBS Bank, OCBC Bank and Taiwan Business Bank.

PVB‚s customer program is designed to help the elderly war veterans & widows get their monthly pensions. PVB is one of the conduit banks of the veteran‚s monthly old-age pension from the Philippine government.

Oplan Beterano implemented process improvements such as improved number system, longer banking hours, more tellers and volunteers to help the elderly veterans fill-up their withdrawal forms. Amenities such as shuttle services, portalets and snacks were also instituted to help ease the clients‚ waiting time.