Veterans Bank nets P505 million in 9 months

MANILA, Philippines — The net income of Philippine Veterans Bank (PVB) reached P505 million in January to September, reversing the P574 million net loss incurred in 2018.

PVB chairman and chief executive officer Roberto de Ocampo said the bank is finally reaping the benefits of the major reforms in the areas of operations, compliance and risk management.

“Now that many of these reforms are in place, the bank has directed its efforts on business development, enhancing and developing new products and services. The third quarter results show not only a significant rise in net income but the highest levels in deposits and loans ever for the bank,” De Ocampo said.

PVB has already exceeded its full year target of P500 million and its nine-month profit was already the highest on record since it reopened in 1992.

This translated on a return on equity (ROE) of 28.44 percent, one of the highest in the banking industry.

“This year’s unprecedented growth levels show that all the hard work and sacrifice were worth it. Our primary mission is to give value to our shareholders - the families of Filipino WWII veterans. And the best way to give value is to deliver above market ROE,” PVB president Renato Claravall said.

The bank’s lending business from both corporate and retail loans fueled the robust net income results from January to September this year.

PVB’s loan book went up by 13.6 percent to P21.29 billion in the first nine months while its deposit base grew 11 percent to P50.6 billion.

 The bank’s assets rose 12.3 percent to P57.03 billion and its capital adequacy ratio (CAR) stood at 10.63 percent.

PVB is owned by some 384,000 Filipino World War II veterans and their designated heirs. It provides assistance in WWII veteran’s endeavors.