PVB net income soars

The Philippine Veterans Bank (PVB), a private commercial bank, reported a net consolidated income of P110.72 million in the first half of 2003.

This represented a 32.3-percent increase on a year-on-year basis with last year’s first semester net income at P83.7 million.

Total assets stood at P13.5 billion while total capital accounts at P3.6 billion, resulting in a capital adequacy ratio of 39 percent, way above the Bangko Sentral ng Pilipinas‚ (BSP)’s minimum requirement of 10 percent.

Total deposits were reported at P8.5 billion, of which current and savings accounts were maintained at 60.2 percent of total deposits, among the highest in the industry.

PVB president and chief executive officer Ricardo A. Balbido Jr. attributed the increase in net income to fee-based earnings, active trading of government securities, lower cost of funds and remedial management.

"The bank’s first semester performance is on target, despite the prevailing slow pace of business." Balbido said, adding that the bank will likely meet its annual net income target of P224 million. Last year, the bank posted a net income of P207 million.