Veterans Bank Nets P359M in 2024; Achieves P10B Capitalization Target

PASAY CITY – Some 3,000 stockholders attended the Annual Stockholders’ Meeting (ASM) of the Philippine Veterans Bank last Friday. Simultaneous with the meeting was the elections for the Bank’s Board of Directors as well as for the members of the Board of Trustees for the Veterans (BTV).

Mr. Eulogio Catabran III, President & CEO, reported to the stockholders the 2024 net income of P359 million and announced that it has already achieved the target PHP 10 billion capitalization requirement as of May 2025, ahead of its June 2025 commitment to the BSP.

The medium sized commercial lender primarily owned by Filipino veterans explained that its total operating income for 2024 was P3.82 billion, 13.78% higher than the P3.36 billion it garnered the year before and was driven mainly by interest income from the Bank’s securities investments and lending operations. At the close of 2024, the Bank’s total assets were at P73.20 billion which was 13.93% higher than the previous year. This was mostly driven by Deposits which grew 13.78% to P65.47 billion from P57.54 billion in 2023. Total loans reached P27.72 billion or an 18.16% increase from P23.46 billion year on year.

The Bank also reported that as of the first quarter of 2025, it had already achieved a Net Income of P114.3 million, which is on track for its full year target of P734 million. Total Assets stood at P77.6 billion as of the same period.

President Catabran also announced to the Stockholders that Veterans Bank participated in the bidding for the UCPB Savings Bank with the intention of expanding its branch network.

At the end of May 2025, Veterans Bank also completed its capital build-up program and raised its capital to P10 billion as mandated by Republic Act 11597 which is also the Bank’s charter. The successful conduct of the Bank’s Stock Subscription Offer from 2023 to 2025 welcomed new investors from the private sector and from the veteran community including AFP retirees who, as stated in the Bank’s new charter, are now allowed to become shareholders of Veterans Bank.

The Bank said that the increased capitalization will strengthen its core businesses, expand its services through digital channels and introduce new product offerings to both private and government clientele. The infusion of fresh capital will also allow it to reach out to new markets and prospective clients nationwide while strengthening relationships with its existing niche markets in the government and military sectors.

Elected to the 15-man Veterans Bank Board of Directors are the following: Gerardo Manuel Luis Anonas, Ms. Marie Josephine Diana Calatrava, Retired Vice Admiral Alberto Carlos, Eulogio Catabran III, Renato Claravall, Jofel Kristine Marie Filamor, Emmanuel Herbosa, Atty. Carlos Alfonso Ocampo, Retired Chief Justice Hon. Reynato Puno, Anthony Te, Jose Nuñez, Jr., Alfredo Panlilio, Mel Georgie Racela, Cesar Rubio and Retired Police Deputy Director General Reynaldo Velasco.

In the Photo: Veterans Bank President & CEO Eulogio Catabran III addresses the attending 3,000 stockholders at the recent Annual Stockholders Meeting last June 20, 2025 at the SMX Convention Center.