BDO Leasing and Finance, the listed leasing and financing subsidiary of local banking giant BDO Unibank Inc, reported steady net income for 2017 on a larger loan portfolio and fewer operating costs.
The leasing and finance unit on Thursday reported income of P570 million last year, unchanged from the P570 million net profits in 2016.
Its net income could have been larger were it not for higher funding and operating costs that tempered its bottom-line performance for the year, BDO Leasing said in a statement.
Its gross revenues was up 11 percent to P3.2 billion, from the previous year’s P2.9 billion, on account of a 9-percent rise in gross lease and loan portfolio totaling P34.3 billion for the year.
The firm ended 2017 with an asset base of P42.8 billion, 10 percent higher than only P38.9 billion worth of assets in 2016.
For this year, the leasing firm’s strategy is to continue leveraging on its parent company, BDO Unibank Inc., and use its extensive market reach to intensify its provincial thrust to tap fast-growing and rapidly urbanizing areas outside Metro Manila.
Among the firm’s main services offering include providing customers with direct leases, real-estate leases, sale and leaseback arrangements, as well as receivables factoring.
It also provides operating leases through its wholly owned subsidiary BDO Rental Inc.