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Manila Bulletin devider Business devider Banking & Finance devider Veterans Bank poised to double profit, pursues UCPB Savings Bank acquisition

Veterans Bank poised to double profit, pursues UCPB Savings Bank acquisition

Published Jun 24, 2025 03:17 pm
Philippine Veterans Bank (PVB) reported that it is on track to more than double its net income to ₱734 million in 2025 as it generated earnings of ₱114.3 million in the first quarter of the year.
During the bank’s annual stockholders’ meeting, Veterans Bank President and CEO Eulogio Catabaran III said PVB’s total assets stood at ₱77.6 billion as of the end of March this year.
He also announced to the bank’s stockholders that Veterans Bank participated in the bidding for the UCPB Savings Bank with the intention of expanding its branch network. No further details were provided.
Catabran announced that it has already achieved the target ₱10 billion capitalization requirement as of April 2025, ahead of its June 2025 commitment to the Bangko Sentral ng Pilipinas.
The capital build-up is 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, as stated in the Bank’s new charter, are now allowed to become shareholders of Veterans Bank.
The Bank said that the increased capitalization will 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.
The medium sized commercial lender primarily owned by Filipino veterans said its net income amounted to ₱359 million in 2024 while total operating income was ₱3.82 billion, 14 percent higher than the ₱3.36 billion it garnered the year before and was driven mainly by interest income from the Bank’s securities investments and lending operations.
At the close of 2024, the Bank’s total assets was at ₱73.20 billion which was 13.93 percent higher than the previous year.
This was mostly driven by Deposits which grew 13.78 percent to ₱65.47 billion from ₱57.54 billion in 2023. Total loans reached ₱27.72 billion or an 18.16 percent increase from ₱23.46 billion year on year.

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Philippine Veterans Bank Eulogio Catabaran III
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