Philippine Veterans Bank (PVB) reported an audited Net Income of P260.6 million for 2004, up 8% from the previous year's P240.7 million.

PVB President & CEO Ricardo A. Balbido, Jr. said higher earnings from interest income from both corporate and retail loans, portfolio investments and asset sales contributed to the stronger 2004 net income.

PVB Total Assets likewise moved up to P17.36 billion as of December 31, 2004 or 15% higher than the P15.11 billion posted as of December 31, 2003. Capital accounts stayed at a strong P3.6 billion. Veterans Bank's capital-adequacy ratio, a measure of banks to shoulder risks, is at 36% - one of the highest in the industry and way above the BSP requirement of 10%.

For 2005, PVB Pres. Balbido said he expects private sector credit demand to improve as the overall economy recovers. He said that the government's resolve to pass urgent tax measures to address the fiscal crisis has brought about renewed confidence in the economy. He noted that the Philippine Stock Exchange was the best performing bourse in Asia for January, Government Securities rates have fallen by more than 1% from the start of the year, and the Peso has appreciated by almost two Pesos. Balbido said that much of this can be attributed to the inflow of foreign portfolio investments into the country.

"Nonetheless, it will continue to be a challenging year for the banks as the pressure to grow both in terms of total assets and profitability will be coupled with the need to conform to new BSP regulations designed to bring the local banking industry closer to global standards." said Balbido.

Balbido also said that this year, PVB will be offering more innovative banking products that are tailor-fit for both the needs of government agencies and private businesses. PVB is a private bank that has the advantage of an authorized depository of government funds. Meantime, PVB is also looking at expanding it's branch network this 2005. PVB is a private, commercial bank with 43 branches and extension offices nationwide. Headed by Chairman Emmanuel V. de Ocampo, Veterans Bank is owned by some 300,000 Filipino World War II veterans, their widows and heirs.

Each year, PVB provides 20% of its net profits for programs that benefit the World War II veterans, their widows and families. Through the Board of Trustees for the Veterans of World War II (BTVWWII), the Bank supports the Veterans Federation of the Philippines (VFP) Out-Patient Center in Taguig: a modern medical facility that provides free medicine, medical services such as x-rays, laboratory services, physical therapy, eyeglasses and dental care to veterans. The other is the VFP Museum, Library and Archives, a repository of war memorabilia, books and documents. It also houses a state-of-the-art showcase of the veterans' heroism.

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