PVB income up

The Philippine Veterans Bank (PVB) reported a net income of P260.6 million for 2004, up 14 percent from the previous year’s P227.9 million.

PVB president and chief executive officer Ricardo A. Balbido Jr. in statement said higher earnings from interest income from both corporate & retail loans, portfolio investments, securities trading and asset sales contributed to the stronger income. Total assets likewise moved up to P17.04 billion as of end December 2004 or 15 percent higher than the P14.88 billion posted in the same period in 2003 driven by a P2-billion increase in deposits. Total capital accounts were at a strong P3.6 billion. Veterans Bank’s capital-adequacy ratio (CAR), a measure of banks to shoulder risks, is at 36 percent – one of the highest in the industry and way above the BSP requirement of 10 percent. After three months into 2005, total assets stood at P21.08 billion or a 23.7-percent increase from the 2004 yearend figures.

PVB has been offering banking services that fit the growing needs of both government agencies and private businesses. It is a private bank, and an authorized depository of government funds.