MANILA, Philippines - The Philippine Veterans Bank (PVB) has declared cash dividends of eight percent for preferred and two percent for common shareholders. PVB president Ricardo A. Balbido Jr., reported an audited net income of P416.2 million in 2009, slightly higher than the 2008 results of P406.3 million.
In terms of total resources, PVB grew from P45.1 billion in 2008 to P51.8 billion last year. The increase in deposit base to P43 billion from P37 billion was the main contributor to asset growth. Meanwhile, cash management solutions were the primary products that drove growth of deposits while the loans to LGUs dominated the growth in the asset side.
The bank opened 15 new branches expanding its branch network to a total of 60 branches nationwide. Capital position improved to P4.99 billion as of December 2009, from P4.74 billion in 2008. Capital adequacy ratio (CAR) remained high at 18.36 percent despite the bank’s continued growth, still way above the BSP’s minimum of 10 percent.
The CAR is a measure to determine a bank’s capability to shoulder risks.