PVB total resources hits P55.6 B in 2013

Philippine Veterans Bank (PVB) has reported that its total resources grew to P55.59 billion in 2013 from P54.93 billion in 2012 despite a lower income.

During the bank’s annual stockholders meeting PVB president and CEO Joey Bermudez said their capital funds remained strong at P6.61 billion.

The bank’s capital adequacy ratio (CAR), a measure to determine a bank’s capability to shoulder risks, stood at 20.24 percent under Basel II.

This is still well above the 10 percent minimum requirement of the Bangko Sentral ng Pilipinas.

Also at the meeting, re-elected for a one-year term to the PVB board were Roberto de Ocampo, Guillermo Parayno Jr., Bermudez, Ma. Nieves Confesor, Alfonso Cruz Jr., Judith Lopez, Percianita Racho, Umberto Rodriguez, Romeo Roxas, Laurito Serrano and Pablito Yap.

In terms of audited net income, the bank was able to generate earnings of P142.7 million, lower than the 2012 figure of P356.82 million mainly due to the sustained drop in asset yields given the excess liquidity in the market.

Over 4,000 stockholders which consisted of Filipino World War II veterans, widows, and their heirs attended the meeting.

PVB is a private bank, but it has the advantage of an authorized depository of government funds as stated in Section 6 of RA 7169.

As part of its mandate, PVB is committed to provide 20 percent of its annual net income to the Board of Trustees of the Veterans of World War II (BTVWWII), which in turn manages programs for the benefit of the veterans, their widows, orphans and heirs. These include the BTVWWII Museum and the BTVWWII Out-patient Center.