Veterans Bank nets P519 M in 2011
PHILIPPINE Veterans Bank (PVB) reported an audited net income of P519.07 million for the year 2011.
According to the PVB branch in Dagupan City, the net income was mainly derived from interest income from lending, trading gains and strategic management of its foreign exchange and investment portfolio. The 2011 yearend income is about the same than the reported net income of P519.59 million in 2010.
Based on audited financial statements, Veterans Bank’s total resources were pegged at P57.38 billion while capital funds stood at P5.68 billion. Total resources slightly dipped by 3% from P58.24 billion in 2010 to P57.38 billion in 2011.
Capital, however, moved up by 5.5% to P5.68 billion from the previous year’s P5.465 billion. The Bank’s capital adequacy ratio (CAR) stood at 16.15% under Basel II, well above the 10% minimum requirement of the Bangko Sentral ng Pilipinas.
PVB President Ricardo A. Balbido Jr. said “the bank was able to generate substantial results in 2011 in spite of the historical low interest rates and intense industry competition brought about by the excess liquidity in the system.”
PVB is a private bank, but it has the advantage of an authorized depository of government funds.
In Pangasinan, PVB has two (2) branches in Dagupan and Sual and an off-site ATM at the Sual Municipal Bldg.
Philippine Veterans Bank is a private commercial bank owned by some 400,000 World War II veterans, widows & their heirs. The Bank provides 20% of its annual net income to the Board of Trustees for the Veterans of World War II (BTVWWII) that manages programs for the benefit of the WWII veterans, widows & their surviving families.
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