PVB 2009 income up

MANILA, Philippines - The Philippine Veterans Bank (PVB) reported an unaudited net income of P416.2 million for 2009, slightly higher than the 2008 results of P406.3 million. Its branch network has reached 60 branches nationwide.

Total resources grew from P45.1 billion in 2008 to P51.8 billion. Deposit base rose to P43 billion. Capital position improved to P5.1 billion as of December 2009, from P4.74 billion in December 2008. Capital adequacy ratio (CAR) remained high at 18.36 percent despite the bank’s continued growth.

The CAR is a measure to determine a bank’s capability to shoulder risks.