BDO Leasing posts flat income growth
MANILA, Philippines - BDO Leasing and Finance Inc., the leasing arm of BDO Unibank Inc., registered a net income of P251 million in the first half of 2015, driven by growth in its loan and lease portfolio.
The profit figure is a slight increase from the P250.8 million earnings during the same period last year.
The company said its loan and lease portfolio rose 16 percent to P26 billion from P21.6 billion in the same period last year on intensified marketing efforts.
The leasing company also continues to leverage on BDO Unibank’s market reach to further gain access to middle-market and consumer lending accounts.
Gross revenues also went up to P1.2 billion, an 11 percent jump from last year’s P1.1 billion due to the increase in operating lease bookings and volumes from financial leases.
However, declining asset yields due to competitive pressures negated the volume growth.
Furthermore, total assets expanded 16 percent year-on-year to P30.9 billion, owing to the growth in net loans and other receivables.
“For the medium term, the company will continue to tap more businesses in key provinces with focus on growth areas to maintain its position as a leading provider of leasing and financing services,” BDO Leasing said in a statement.
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