The unaudited income of Philippine Veterans Bank (PVB) for the first quarter of 2013 was reported at P484 million, surpassing the 2013 target of P353 million and 2012 year-end net income figure of P355 million.
PVB officials said that substantial gains from securities trading activities augmented the interest income on the loan side, which was affected by the prevailing historical low interest rates.
In terms of total assets, PVB’s total resources were at P56.93 billion as of the same period, P1.98 billion higher than the P54.95 billion level as of December 2012. Bank officials cited the growth to the increase in the bank’s deposits, which found their way to incremental loans and marketable securities.
“We’re very satisfied with the bank’s performance this early in the year, thanks to the support of our clients. We are optimistic that the bank will meet or even surpass its growth target of P60 billion total assets by year-end. On the income side, we have already surpassed last year’s annual net income of P355 million,” said PVB President and Chief Executive Officer Ricardo Balbido Jr.
PVB’s capital also increased to P9.5 billion, up by 34 percent from P7.1 billion as of 2012 year-end, mostly from retained earnings and net unrealized gains on available for sale financial assets. Its latest capital adequacy ratio was at 19.03 percent, much higher than the minimum requirement of 10 percent set by the Bangko Sentral ng Pilipinas.
PVB is owned by some 384,000 Filipino World War II veterans, widows and heirs. Twenty percent of the private bank’s net income is annually given to the Board of Trustees for the Veterans of World War II, which manages programs for the benefit of the was veterans and their surviving families.