Philippine Veterans Bank reported a net income of P504.6 million in the first nine months of 2019, a 28.4-percent return on equity—one of the highest in the banking industry.
The net income figure already exceeded the bank’s full-year target of P500 million for 2019 and is the highest recorded net profit since the bank reopened in 1992. The nine-month income was a complete financial turnaround from a net loss of P574 million for the full year of 2018.
The robust net income results were driven mostly by the bank’s lending business from both corporate and retail loans. Total loans rose P21.3 billion from P18.7 billion year-on-year. Total deposits grew 11 percent to P50.6 billion in the nine-month period from P45.4 billion on year.
“We are finally reaping the benefits of the major reforms in the areas of operations, compliance and risk management which were our focus since 2014 when I came in as chairman,” said PVB chairman Roberto de Ocampo.
PVB president Renato Claravall said “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.”
PVB is owned by some 384,000 Filipino World War II veterans and their designated heirs.
