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Tuesday, November 18, 2003
PVB profit up by 30%
THE Philippine Veterans Bank (PVB) reported a net income of P160 million, or a 30 percent increase for the first nine months of this year, compared to the P123 million of the same period last year.
Ricardo A. Balbido Jr., PVB president and Chief Executive Officer, said the increase in income was due to the continuing growth in loans and higher fee-based income, sustained trading gains, and the effectiveness of the management.
He added that the bank managed to increase its share of the government sector businesses through a competitive pricing strategy and a superior client relationship.
He also said that he is optimistic that PVB will surpass last year's net income of P207 million and will meet the full-year annual income targets.
The total assets of PVB stood at P14 billion as of September 30, which already equals the amount posted as of December 31 last year.
PVB still manages to be adequately capitalized with a total capital fund of P3.6 billion.
Its bank adequacy ratio remained high at 39 percent, way above the BSP's minimum requirement of 10 percent.
Currently, PVB is intensifying its branch development program aiming to put branches in key cities and provincial capitals to reach out and provide quality banking services to the government and private sectors.
Furthermore, the bank has made major improvements on its banking wide technology systems. There are about 300,000 World War veterans and their heirs that are registered owners of the bank.
Twenty percent of profits is given to yearly programs and projects that benefit the veterans and their families.
(November 18, 2003 issue)
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