Philippine Veterans Bank said it posted a net income of P359 million in 2024 and achieved the target P10-billion capitalization requirement as of April 2025, ahead of its June 2025 commitment to the Bangko Sentral ng Pilipinas.
Eulogio Catabran III, president chief executive of the bank, reported these figures to some 3,000 stockholders who attended the annual stockholders’ meeting (ASM) Tuesday.
The medium sized commercial lender primarily owned by Filipino veterans said operating income for 2024 reached P3.82 billion, or 14 percent higher than the P3.36 billion it garnered in 2023, driven by interest income from the bank’s securities investments and lending operations.
Total assets reached P73.20 billion as of end-2024, up by 13.75 percent from the previous year. This was driven by deposits which grew 13.78 percent to P65.47 billion from P57.54 billion in 2023. Total loans rose 18.16 percent to P27.72 billion from P23.46 billion a year earlier.
The bank also reported that as of the first quarter of 2025, it achieved a net income of P114.3 million, on track for its full year target of P734 million. Total assets stood at P77.6 billion as of the same period.
Catabran said Veterans Bank participated in the bidding for the UCPB Savings Bank with the intention of expanding its branch network.
He said that at end-April 2025, Veterans Bank completed its capital build-up program and raised its capital to P10 billion as mandated by Republic Act 11597 which is also the bank’s charter.
The successful conduct of the bank’s stock subscription offer from 2023 to 2025 welcomed new investors from the private sector and from the veteran community including AFP retirees who are now allowed to become shareholders of Veterans Bank.
The bank said the increased capitalization would strengthen its core businesses, expand its services through digital channels and introduce new product offerings to both private and government clientele.
The infusion of fresh capital will also allow it to reach out to new markets and prospective clients nationwide while strengthening relationships with its existing niche markets in the government and military sectors, it said.
Elected to the 15-man Veterans Bank board of directors were Gerardo Manuel Luis Anonas, Marie Josephine Diana Calatrava, retired Vice Admiral Alberto Carlos, Eulogio Catabran III, Renato Claravall, Jofel Kristine Marie Filamor, Emmanuel Herbosa, Carlos Alfonso Ocampo, retired Chief Justice Reynato Puno, Anthony Te, Jose Nuñez Jr., Alfredo Panlilio, Mel Georgie Racela, Cesar Rubio and retired Police Deputy Director General Reynaldo Velasco.
