The Philippine Veterans Bank (PVB) announced it has declared cash dividends of eight percent (8%) for preferred and two percent (2%) for common shareholders, in the Bank’s recent annual stockholders’ meeting.
Col. Emmanuel V. De Ocampo, PVB chairman, said the cash dividends were approved in the gathering held at the Veterans Federation of the Philippines compound on Arroceros St., Manila which was attended by some 5,000 World War II veterans, widows and heirs.
The stockholders’ meeting was also highlighted by the election of the bank’s board of directors. Re-elected for another one-year term to the 11-member PVB board were Col. Emmanuel V. de Ocampo, Ricardo A. Balbido, Jr., Engr. Antonio A. Balgos, Commodore Vicente R. Buenaventura, Atty. Democrito T. Mendoza, Atty. Eduardo P. Pilapil, Gen. Umberto A. Rodriguez, Atty. Romeo G. Roxas, Atty. Ramon P. Miranda, Jose A. Nuñez, Jr. and Col. Francisco T. San Miguel.
Ricardo A. Balbido, Jr., PVB president, also reported that PVB had an audited net income of P416.2 million in 2009, slightly higher than the 2008 results of P406.3 million. Balbido cited gains in its core businesses, deposits and lending, as the main drivers behind the bank’s sustained profitability. This was however tempered by the slowdown in the income from securities trading.
In terms of total resources, PVB grew significantly last 2009 from P45.1 Billion in 2008 to P51.8 Billion as of December 2009. The increase in PVB’s deposit base to P43 billion from P37 billion was the main contributor to the Bank’s asset growth. PVB President & CEO Ricardo A. Balbido Jr. said that PVB’s Cash Management solutions were the primary products that drove growth of deposits while the loans to LGUs dominated the growth in the asset side. The Bank also opened 15 new branches all over the country expanded its branch network to a total of 60 branches nationwide.
The Bank’s capital position likewise improved to P4.99 billion as of December 2009, from P4.74 billion in December 2008. PVB’s Capital-Adequacy Ratio (CAR) remained high at 18.36% despite the bank’s continued growth, still way above the BSP’s minimum of 10%. The CAR is a measure to determine a bank’s capability to shoulder risks.
“For 2010, we foresee a better year and project improved earnings as we see economy picking up now that the May 2010 elections are over.” said Balbido.
Philippine Veterans Bank is owned by some 300,000 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.
