PVB earnings remain unchanged

MANILA, Philippines - The Philippine Veterans Bank (PVB) has reported last year an audited net income of P519.07 million.

In a press statement, bank officials said the net income was mainly derived from interest income from lending, trading gains and strategic management of its foreign exchange and investment portfolio.

“The 2011 yearend income is about the same than the reported net income of P519.59 million in 2010,” it added.

Based on audited financial statements, PVB’s total resources were pegged at P57.38 billion while capital funds stood at P5.68 billion.

Total resources slightly dipped by three percent from P58.24 billion in 2010 to P57.38 billion in 2011.

Capital however moved up slightly by 5.5 percent to P5.68 billion from the previous year’s P5.465 billion.

Capital adequacy ratio (CAR) stood at 16.15 percent under Basel II.

PVB president Ricardo A. Balbido Jr. said that the bank was able to generate substantial results in 2011 despite the historical low interest rates and intense industry competition brought about by the excess liquidity in the system.

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