Philippine Veterans Bank (PVB) Philippine Veterans Bank (PVB) reported a net income of P114.64 for the first half of 2004. An increase of 3.54% compared with the P110.72 for the same period last year.
PVB President & CEO Ricardo A. Balbido, Jr. attributed the increase in income to higher interest from loans, and investments in Government Securities and higher gains from disposal of foreclosed properties. “I am optimistic that PVB will surpass last year’s net income of P227.9 Mn. and will meet the full-year annual income targets,” Mr. Balbido also said.” The bank also managed to increase its business with the private and government sectors”, he added.
Total assets were at P15.79Bn as of June 30, 2004, higher than the P 15.11Bn posted as of December 31, 2003. Total capital accounts stood at P3.74Bn, resulting in a capital adequacy ratio of 36.98%, still way above the BSP’s 10% minimum requirement.
As of the same period, PVB maintained an NPL ratio of 8.3%, one the lowest among local banks, and an NPL coverage ratio of almost 70%.
PVB recently opened its Mandaluyong branch and will soon open its C. M. Recto branch in Davao City. With a total network of 43 branches and extension offices nationwide, PVB is currently intensifying its branch development program to further reach out to government and private sectors. PVB continuously enhances its bank-wide technology systems necessary to provide quality banking services to the growing needs of its clients.
For the second half of 2004, PVB President Balbido said that the Bank projects a moderate movement in market conditions. “However, there is a strong possibility that the economy will grow faster next year”, said Balbido. “It is our advantage that although we are a private commercial bank, we are authorized to accept government funds.” “We are broadening our product lines and offer a more competitive rates in order to adequately capture both the private and government markets. We intend to advance our trade business with rural, development & thrift banks as well”, added Balbido.
Headed by Chairman Emmanuel V. De Ocampo, Philippine Veterans Bank is uniquely owned by some 300,000 WW2 veterans and their heirs and 20% of its net profit is given yearly to projects and programs which benefits them and their families.
For any questions or clarifications, please call:
Philippine Veterans Bank – Corporate Communications Dept.