THE Philippine Veterans Bank (PVB), which has two branches in Pangasinan and three ATM sites, has reported it is in the pink of financial health with an audited net income of P519.07 million in 2011, maintaining the same level as the net income of P519.59 million the previous year.
In his report during the recent annual stockholders meeting, PVB President and Chief Executive Officer Ricardo A. Balbido, Jr. said the bank’s main drivers for continued profitability include gains in its core businesses of corporate deposits and lending, trading gains and strategic management of its foreign exchange and investment portfolio.
PVB’s total resources were pegged at P57.38 billion while capital funds stood at P5.68 billion as of end 2011.
As of April 30, 2012, PVB grew its total assets by P2.80 billion to P60.18 billion from the end of 2011. Total deposits as of the same period was at P48 billion.
During the stockholders’ meeting, the PVB also announced the election of its Board of Directors. Re-elected for another one-year term to the 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 newcomer Laurito E. Serrano, a son of a World War II veteran from Bulacan.
PVB, a private bank with the advantage of being an authorized depository of government funds, has 60 branches nationwide, two of which are in Dagupan and Lingayen. It has three ATMs in Pangasinan, one each in the branches plus the off-site in the Sual Municipal Hall.