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Monday, July 31, 2006
Veterans' bank reports P235M 1st half net income
PHILIPPINE Veterans Bank (PVB) recently reported an unaudited net income of P235.88 million for the first half of 2006. This represents a 42 percent increase, year-on-year, with last year's reported 1st half net income at P166.15 million.
PVB President and CEO Ricardo A. Balbido Jr. said the income rise was again due to the good performance of its businesses in corporate and retail loans, portfolio investments, securities trading and fee-based transactions.
Balbido said he was confident that the bank would likely meet its income targets. PVB earlier targeted a net income of P400 million for 2006. Last year, PVB posted a net income of P353 million.
PVB's total resources were recorded at P26.5 billion as of the same period.
Total capital accounts meanwhile stood at P3.8 billion, PVB's capital adequacy ratio, a measure of banks to shoulder risks, still remained at a high 31 percent. The BSP minimum capital adequacy ratio for banks is 10 percent.
The Bank's deposit levels continued to rise on account of aggressive sales and marketing efforts. This drove the increase in PVB's total assets. PVB deposits were reported at P21billion as of June 30, 2006; an increase of 31.6 percent from P15.97 billion at 2005 yearend.
Low-cost or current & savings accounts were maintained at 39 percent of total deposits.
PVB is a private, commercial bank with 45 branches nationwide catering to both private and government markets. The latest branch was opened recently in Sual, Western Pangasinan, the first commercial bank in the municipality. Balbido also revealed that PVB was hopeful that the Bangko Sentral ng Pilipinas would approved its application for an additional five new branch licenses within this year.
Owned by some 300,000 World War II veterans and their compulsory heirs, Philippine Veterans Bank is led by PVB Chairman Emmanuel V. de Ocampo, also a decorated WWII veteran. The bank also provides 20 percent of its net income each year for programs and projects that benefit the veterans, their widows and families through the Board of Trustees for the Veterans of World War II.
For Bisaya stories from Davao. Click here. (July 31, 2006 issue)
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