Philippine Veterans Bank net income at P484M in Q1

Philippine Veterans Bank's net income (unaudited) in the first quarter was P484 million, surpassing its target of P353 million and 2012's end-year net income of P355 million thanks to gains from securities trading activities, the bank said in a statement over the weekend. “We are optimistic that the bank will meet or even surpass its growth target of P60 billion total assets by yearend. On the income side, we have already surpassed last year’s annual net income of P355 million,” bank president and chief executive Ricardo Balbido Jr. said. Total assets were at P56.93 billion, P1.98 billion more than P54.95 billion as of December 2012, due to to the increase in deposits. The bank's capital rose 34 percent to P9.5 billion from P7.1 billion as of end-2012, largely on the back of retained earnings and net unrealized gains on available for sale financial assets. Its latest capital adequacy ratio was at 19.03 percent, higher than the Bangko Sentral ng Pilipinas' 10-percent minimum requirement. The bank also announced that it will launch more projects for World War II veterans this year on a projected cost estimate of P3 million for the remainder of the year. Part of the year's budget was spent to create the Kilometer 44 marker in Balanga, Bataan, recently unveiled during Philippine Veterans Week. Republic Act 1789, or the Reparations Law, placed Japan's cash reparations to the Philippines in a trust fund for the benefit of World War II veterans and their families. Republic Act No. 3518 created the Veterans Bank as a private commercial bank owned by the veterans. — BM, GMA News