Veterans Bank sees 2017 as 'banner year'

Philippine Veterans Bank (PVB) expects a significant expansion in bottom line this year, citing a 'vigorous' spike in loans and deposits to usher in a 'banner' year.

"Banner in the sense that I think we're going to now have a profitable income statement. Banner in a sense that that will be achieved because of a vigorous spike in our portfolio as well as a vigorous entry of even larger deposits to the bank and expansion of our various products," PVB Chairman Roberto F. de Ocampo told reporters on the sidelines of a press conference in Quezon City.

Owned by World War II veterans, their widows and heirs, the private commercial bank posted P320 million in consolidated net income in 2014, up 280 percent from the P84 million in 2013.

The bank's financial swere released during its annual stockholders' meeting last September 2016, and are also available at the bank's office through their corp comm team and branches as required by the BSP, the bank said in a separate statement.

"Before 2016, the bank was at loss, you see, which is precisely why the first line of action was to build a portfolio and improve the governance systems of the bank... The losses are much lower than they used to be and, in the coming years, we expect it to already be in a profitable picture," De Ocampo said.

Asked for his feedback on the bank's 2016 financial performance, De Ocampo said that while the bank continues to post growth, he was not satisfied.

"I'm not yet completely happy because, from a profit-and-loss point of view, we're still chipping away at the past financial difficulties," he said.

"From the point of view of what you might call the overall condition of the bank as reflected in the balance sheet, lumakas na. And from the point of view of institutional improvement, tumaas na ang aming rating, nalagay na namin ang good governance practices and processes in the Philippine Veterans Bank," he added.

De Ocampo said the bank will take an aggressive tack to expand into electronic banking and improve its business.

"I think the wave of the future is more electronic banking than brick and mortar. So,  while we only have 60 branches, I'm going to be emphasizing on electronic banking in order to reach further and to work our partnerships with existing entities already in the constituencies we are targeting," he said. — GMA News