Philippine Veterans Bank’s unaudited net profit for the first nine months rose to P425.4 million, 55% higher than the P275 million posted for the same period last year, and already surpassing the Bank’s 2006 audited net income of P415.07 million.
The increase resulted mainly from Treasury trading activities, trust fees and well contained operating costs. On a year-on-year basis, total income as of September 30, 2007 grew by 7% to P1.88 billion from P1.76 billion during the same period last year. On the other hand, Total expenses fell by 1.5% to P1.459 billion from P1.481 billion last year.
PVB’s total resources moved up to P31.73 billion as of the end of the 3rd Quarter, up by P3.86 billion or 13.9% from the P27.87 posted in September of last year driven mainly by P4 Billion higher deposits. Total capital funds were posted at P4.42 billion, up by 11% from the same period last year. The Bank’s Capital Adequacy Ratio as of September 30, 2007 was at 27.067% under Basel I vs. industry average of 18.0%. While under Basel II, it was at 23.519% vs. industry average of 15.0%
“Generally, we’re satisfied with the bank’s Performance and it looks like Veterans Bank will surpass the P500 million net income target for 2007, “ said Ricardo A. Balbido, Jr., PVB President & CEO.
In 2006, PVB posted a net income of P415.07 million and surpassed its annual net income target of P400 million.
“We’ve always aimed to generate substantial profits for the benefit of our shareholders, the WWII veterans & heroes and their heirs” , added Balbido.
Each year, twenty percent (20%) of its net profits is annually given to programs that benefit the WWI veterans’ welfare, managed by the Board of Trustees for the Veterans of WWII. A private commercial bank, PVB is owned by some 300,000 Filipino World War II veterans, widows & compulsory heirs.
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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