Philippine Veterans Bank (PVB) reported a net consolidated income of P166.15 million in the first half of 2005, representing a 54.7% increase on a year-on-year basis with last year's 1st half net income at P107.39 million. PVB total assets stood at P21 billion as of the same period. Total capital accounts meanwhile stood at P3.99 billion, PVB's capital adequacy ratio, a measure of banks to shoulder risks, still remained at a high 33%. The BSP minimum capital adequacy ratio is 10%.

PVB President & CEO Ricardo A. Balbido Jr., attributed the increase in net income to earnings from both corporate and retail loans, portfolio investments, higher gains from securities trading and higher fee-based transactions. He said that the bank's first semester performance and figures were "on target, despite the prevailing slow pace of business and investments." Balbido said he was optimistic that the bank will likely meet its annual net income target of P300M by year-end. Last year, PVB posted a net income of P260 million.

PVB increased deposits accounted for the rise in total resources. PVB deposits were reported at P15.75 billion, an increase of 34.69% from P11.56 billion at 2004 yearend. Low-cost or current and savings accounts were maintained at 48.9% of total deposits.

PVB is a private, commercial bank with 44 branches nationwide catering to both private and government markets. PVB is still looking at expanding its branch network.

PVB recently inaugurated its Imus, Cavite branch last Monday, August 1, 2005. Said branch came from its recent merger with its subsidiary, Teachers Development Bank where PVB would be the surviving entity. The merger was approved by the Bangko Sentral ng Pilipinas (BSP), the Philippine Deposit Insurance Corporation (PDIC) and the Securities and Exchange Commission (SEC).

Philippine Veterans Bank is owned by some 300,000 World War II veterans and their compulsory heirs. Led by PVB Chairman Emmanuel V. de Ocampo, the bank provides 20% of its net income each year for programs and projects that benefit the veterans, their widows and families. De Ocaampo said that the Bank's continued growth in size and assets continue to reflect the bank's conservative banking stance and administration.

"We have to remember that the bank is owned by some 300,000 World War II veterans and their families. We are accountable to them." says De Ocampo.


For any questions or clarifications, please call:
Mike Villa-Real, Asst. Vice-President
Corporate Communications Dept.
Tel 751-8578; Fax 751-8577


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