Philippine Veterans Bank nets P207-M in 2002

Philippine Veterans Bank (PVB) reported a net income of P207.1 million in 2002, posting a slight gain from 2001’s P204.1 million. PVB officials attributed the bank’s sustained gains to the improvement of portfolio quality, investments in prime debt instruments, increased fee-based business and active trading of government securities.

Bank resources grew to P14.3 billion as of Dec. 31, 2002, or an 8.9-percent increase from 2001. Deposits increased by 12.4 percent, reaching P9.5 billion in 2002 from P8.4 billion in the previous year.

Gross loans, excluding interbank and money market items, increased by 10.5 percent from P4.37 billion in 2001 to P4.83 billion in 2002, reflecting the bank’s cautious stance in building up its risk assets portfolio. The bank remained to be well-capitalized. Total capital fund stood at P3.6 billion as of Dec. 31, 2002.

Philippine Veterans bank is one of the steadily growing private commercial banks today. Over the years, the bank has maintained its traditional values of financial strength, high liquidity and sustained profitability and growth. Further, the bank is committed to ensuring that effective risk management policies and practices are incorporated as fundamental aspects of all its business operations.

For 2003, Philippine Veterans Bank President & CEO Ricardo A. Balbido Jr. said that the bank is setting its sights on both government and private sector markets and develop and market product lines in this area.

"Although we are a private commercial bank, we have this distinct advantage of accepting government funds unlike other private banks. We are therefore broadening our product lines and identifying new services for this market such as LGU financing, trust and other fee-based financial services," said Balbido.

"At the same time, we are also aiming to grow our retail financing mortgage market, as well as salary loans and attract the retail private sector market. We also intend to develop our trade business with rural, development & thrift banks this year, as well as expand our overseas remittance and foreign exchange businesses," added Balbido.