Friday, November 02, 2007 Veterans Bank's 3rd quarter net income jumps to P425M
PHILIPPINE Veterans Bank's unaudited net profit for the first nine months rose to P425.4 million, 55 percent higher than the P275 million posted for the same period last year and already surpassing the bank's 2006 audited net income of P415.07 million.
The increase resulted mainly from Treasury trading activities, trust fees, and well contained operating costs.
On a year-on-year basis, total income as of September 30, 2007 grew by 7 percent to P1.88 billion from P1.76 billion during the same period last year.
On the other hand, total expenses fell by 1.5 percent to P1.459 billion from P1.481 billion last year.
Veteran bank's total resources moved up to P31.73 billion as of the end of the 3rd quarter, up by P3.86 billion or 13.9 percent from the P27.87 posted in September of last year driven mainly by P4 billion higher deposits.
Total capital funds were posted at P4.42 billion, up by 11 percent from the same period last year. The Bank's Capital Adequacy Ratio as of September 30, 2007 was at 27.067 percent under Basel I vs. industry average of 18.0 percent. While under Basel II, it was at 23.519 percent vs. industry average of 15.0 percent.
"Generally, we're satisfied with the bank’s performance and it looks like Veterans Bank will surpass the P500 million net income target for 2007," said Ricardo A. Balbido Jr., Philippine Veterans Bank (PVB) president and CEO.
In 2006, PVB posted a net income of P415.07 million and surpassed its annual net income target of P400 million.
"We've always aimed to generate substantial profits for the benefit of our shareholders, the WWII veterans and heroes and their heirs," added Balbido.
Each year, 20 percent of its net profits is annually given to programs that benefit the WWI veterans' welfare, managed by the Board of Trustees for the Veterans of WWII.
A private commercial bank, PVB, is owned by some 300,000 Filipino World War II veterans, widows, and compulsory heirs.
