Veterans Bank declares 8% cash dividend

The Philippine Veterans Bank (PVB) has declared an eight-percent cash dividend for preferred shares and a one-percent cash dividend for common shares during its stockholders’ meeting last May 20. Some 3,000 World War II veterans or their heirs attended the one-of-a-kind stockholders‚ meeting held at the Veterans Federation of the Philippines (VFP) compound at Arroceros St., Manila. In his president’s report, PVB president Ricardo A. Balbido Jr. reported that the bank’s total assets moved up to P17.04 billion as of December last year or 15 percent higher than the P14.88 billion in end 2003, mostly due to a P2-billion increase in deposits.

Total capital accounts stood at P3.6 billion. Its capital-adequacy ratio (CAR), a measure of banks to shoulder risks, remained at 36 percent – one of the highest in the industry and way above the BSP requirement of 10 percent. As of the 1st quarter of 2005, total assets grew to P21.08 billion or a 23.7 – percent increase from the 2004 yearend figures. The growth was also attributed to growth in deposits.

PVB chairman Emmanuel V. De Ocampo announced the newly elected 11-member board of directors, which are Peregrino M. Andres, Ricardo A. Balbido Jr., Antonio A. Balgos, Vicente R. Buenaventura, Andres C. Bustamante, Democrito T. Mendoza, Eduardo P. Pilapil, Umberto A. Rodriguez, Romeo G. Roxas, Percianita G. Racho, and himself.

PVB is also looking at expanding it’s branch network this 2005. The Teachers Development Bank (TDB), its wholly-owned subsidiary, is presently being integrated into the mother unit. TDB is a thrift bank with two branches while PVB operates 43 branches nationwide. It is a private commercial bank, with the distinct advantage of being an authorized depository of government funds. PVB has been offering banking services that fit the growing needs of both government agencies and private businesses.

As part of its charter, PVB provides 20 percent of its net income yearly to programs for the benefit and welfare of its shareholders. These are being wisely made to support two major initiatives, to address the pressing needs of our WW2 veterans today.

Among these are the Veterans Federation of the Philippines (VFP) Out-Patient Center and VFP War Museum, Library and Archives, a repository of war memorabilia and a state-of-the-art showcase of the veterans‚ heroism for today’s generation.