Veterans Bank’s income up in ‘09
Tuesday, March 9, 2010
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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.
Bank officials cited gains in its core businesses, deposits and lending, as the main drivers behind the bank’s profitability, but said this was tempered by the slowdown in securities trading income.
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In terms of total resources, PVB grew from P45.1 billion in 2008 to P51.8 billion as of December 2009. The increase in PVB’s deposit base to P43 billion from P37 billion was the main contributor to asset growth, the bank said in a press statement.
PVB President and CEO Ricardo Balbido Jr. said PVB’s cash management solutions were the primary products that drove growth of deposits, while the loans to local governments dominated growth in the asset side.
Capital position likewise improved to P5.1 billion as of December 2009, from P4.74 billion in December 2008. PVB’s 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.
“For 2010, we foresee a better year and project improved earnings as the economy picks up, especially after the May elections,” said Balbido. (PR)
