BDO Leasing income reaches P252M last year

Stable asset yields and lower funding costs helped listed BDO Leasing and Finance Inc.’s (BDOLF) net profit to hit P252.3 million last year.

In a statement on Tuesday, BDO Leasing said the amount was 439 percent bigger than the P46.8 million reported in 2019.

Total expenses shrank by 34 percent to P2 billion, with interest and financing charges sliding by 62 percent, given the low interest-rate environment and lower borrowing levels.

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Gross revenues slipped by 22 percent to P2.4 billion, with interest income declining after its operations were scaled down after the sale of most of its earning assets to the BDO Unibank Group.

“This was part of the restructuring of the group’s leasing business where the operations of BDOLF fully transitioned to BDO Finance Corp., which was established last year to offer customers continued access to lease products and services,” BDO Leasing said.

“BDO Finance likewise assumed the lease transactions booked in BDOLF to ensure continuity to the latter’s existing clients,” it added.

BDO Finance is a privately held, wholly owned financing company of BDO that provides direct leases, sale and leaseback arrangements, mortgage lending and factoring services.

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Article and Photo originally posted by Manila Times last March 3, 2021 12:00am and written by Mayvelin U. Caraballo.

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