BDO Leasing income steady at P570 M

MANILA, Philippines — BDO Leasing and Finance Inc., the leasing and financing arm of BDO Unibank Inc. posted a net income of P570 million last year on the back of a double-digit growth in revenue.

The amount, however, was unchanged from the earnings recorded in 2016.

The leasing and financing firm owned by retail and banking magnate Henry Sy registered a double-digit 11 percent growth in gross revenues to P3.2 billion last year from P2.9 billion in 2016.

BDO Leasing said its gross lease and loan portfolio rose nine percent to P34.3 billion from P31 billion.

“However, higher funding and operating costs tempered bottom line performance,” it said.

The asset base of BDO Leasing grew 10 percent to P42.8 billion last year.

“Moving forward, the company will continue to leverage on its parent company’s extensive market reach and intensify its provincial thrust to tap fast-growing and rapidly urbanizing areas outside Metro-Manila,” BDO Leasing said.

BDO Leasing, formerly PCI Leasing & Finance Inc., was incorporated in March 1981 and listed on the Philippine Stock Exchange in January.

It became a subsidiary of BDO when the Sy-led bank and Equitable PCIBank Inc. entered into a merger effective May 2007, with BDO as the surviving entity.

The leasing and financing subsidiary of BDO provides direct leases, real estate leases, sale and leaseback arrangements as well as receivables factoring to its customers.

It also provides operating leases through its wholly owned subsidiary BDO Rental Inc.