Philippine Veterans Bank (PVB) announced the election of its Board of Directors in the recent annual stockholders’ meeting held at the SMX Convention Center , Pasay City where some 5,000 stockholders, Filipino World War II veterans, widows and heirs were in attendance.Re-elected for another one-year term to the PVB Board were Col. Emmanuel V. de Ocampo, Atty. Democrito T. Mendoza, Ricardo A. Balbido, Jr., Engr. Antonio A. Balgos, Commo. Vicente R. Buenaventura, Atty. Eduardo P. Pilapil, Gen. Umberto A. Rodriguez, Atty. Ramon P. Miranda, Percianita G. Racho and Col. Francisco T. San Miguel. Completing the 11-member PVB board is new-comer Laurito E. Serrano, a son of a World War II veteran from Bulacan.
In his report to the stockholders, PVB President & CEO Ricardo A. Balbido, Jr. said that PVB was able to produce an audited net income of P519.07 million in 2011, about the same level as the net income of P519.59 million last 2010. Balbido cited gains in its core businesses of corporate deposits and lending, trading gains and strategic management of its foreign exchange & investment portfolio as the main drivers behind the bank’s continued profitability.
Balbido also reported that Veterans Bank’s total resources were pegged at P57.38 billion while capital funds stood at P5.68 billion as of end 2011, based on audited financial statements. Total resources slightly dipped by 3% from P58.24 billion in 2010 to P57.38 billion in 2011. Capital however moved up slightly by 5.5% to P5.68 billion from the previous year’s P5.465 billion. The Bank’s capital adequacy ratio (CAR), a measure to determine a bank’s capability to shoulder risks, stood at 16.15% under Basel II. This is still well above the 10% minimum requirement of the Bangko Sentral ng Pilipinas.
As of April 30, 2012, the Bank reported that it grew its total assets by P2.80 billion to P60.18 billion from the end of 2011 figure. Total deposits as of the same date was at P48 billion. Net income as of April 2012 was at P218.69 million. As a result, capital funds grew to P5.7 billion with a slightly improved Capital Adequacy Ratio (Basel II) of 16.85% compared to the 2011 yearend figure. Veterans Bank maintains a total of 60 branches nationwide.
PVB is a private bank, but it has the advantage of an authorized depository of government funds as stated in Section 6 of R.A. 7169. PVB officials said that they have been offering banking services that fit the growing needs of both government agencies and private businesses.
Philippine Veterans Bank is owned by some 400,000 Filipino World War II veterans and their designated heirs. As part of its mandate, it is committed to provide 20% of its annual net income to the Board of Trustees of the Veterans of World War II, which in turn manages programs for the benefit of the veterans, their widows, orphans and heirs. These include the VFP Museum and the VFP Out-patient Center where veterans and widows get free medicines & medical services such as consultations, blood tests, x-rays and physical therapy.