Veterans Bank reports P327M net income
PANGASINAN’S WW II veterans and their heirs have reason to be elated by the performance of their bank in this year’s third quarter.
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.
They also 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.
“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 Balbido Jr.
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) that manages programs for the benefit of the WWII veterans & their surviving families.
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