THE Philippine Veterans Bank (PVB) reported a strong third quarter net income of P504.6 million, a 28.44 percent return on equity—one of the highest in the banking industry.

The net income figure has already exceeded the bank’s full year target of P500 million and is the highest recorded third quarter net income level since the bank reopened in 1992.

The results showed a complete financial turnaround from a net loss of P574 million for the full year of 2018.

The robust net income results were driven mostly by the bank’s lending business from both corporate and retail loans. (PR)