Philippine Veterans Bank (PVB) posted an unaudited net income of P275 million as of September 2006, 27% higher than the P216.6 million of the same period last year. As before, interest income, securities trading gain and fee-based services were the main drivers behind the income growth.

Veterans Bank’s total assets also grew by 28.4% to P27.9 billion as of September 30, 2006 from P21.7 Billion as at the same period last year, already surpassing the 2006 year end target of P27.6 Billion. Over the years, PVB has been growing steadily and is now the 22nd largest commercial bank in the country in terms of total assets, rising from the 31st spot in 2003. The growth was led by a substantial increase in deposits.

Meanwhile, PVB’s total capital funds stood at a strong P3.98 billion. Its Capital adequacy ratio, a measure of the bank’s capability to shoulder risks, remained high at 30.3%, way above the BSP’s 10% minimum requirement.

Philippine Veterans Bank is owned by some 300,000 Filipino World War II veterans, their widows and heirs. The Bank’s Board of Directors is headed by Chairman Emmanuel V. de Ocampo, also a decorated World War II veteran.

As provided in its charter, PVB provides 20% of its net income each year to programs for the benefit and welfare of its veteran-shareholders through the Board of Trustees for the Veterans of World War II (BTVWWII).


For any questions or clarifications, please call:
Mike Villa-Real
Vice-President
Corporate Communications & Marketing Services Dept.
Tel 751-8578; Fax 751-8577
Email: mcvillareal@veteransbank.com.ph


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