Philippine Veterans Bank (PVB) reported an unaudited net income of P327.43 million for the first nine months of 2010, 11.75% higher than the P293 million as of the same period last year. Bank officials said that higher revenues from investments and interest income loans as well as trading gains were the main factors behind the increase in the first three quarters for the commercial bank owned by the World War II veterans.
In terms of total assets, PVB's total resources were at P56.2 billion as of the same period, P2.7 billion higher than the P53.43 billion level as of September 2009. Bank officials cited the growth to the increase in the Bank's deposits and increase in new Bank branches. PVB opened 10 new branches last January in key locations all over the country.
"We're satisfied with the Bank's performance so far this year, thanks to the support of our clients. We also remain optimistic that the Bank will meet its growth target of P59B by yearend and surpass last year's net income of P425 million." said PVB President & CEO Ricardo A. Balbido Jr.
PVB's capital also increased to P5.34 billion, up by 6.89% from P4.99 billion as of the same period last year, mostly due to retained earnings. Its latest Capital Adequacy Ratio was at 17.74%, still higher than the BSP's minimum requirement of 10%.
PVB is owned by over 300,000 Filipino WWII veterans, widows & heirs. Twenty percent (20%) of the private bank's net income is annually given to the Board of Trustees for the Veterans of World War II (BTVWWII) which manages programs for the benefit of the WWII veterans & their surviving families.
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