BDO Leasing profit steady in 2017
BDO LEASING and Finance, Inc. ( BDO Leasing) booked a steady net income in 2017 as higher gross revenues were tempered by higher funding and operating costs.
In a disclosure to the local bourse on Thursday, the leasing and financing arm of Sy-led BDO Unibank, Inc. said it posted a net income of P570 million last year, steady from the bottom line it booked in 2016.
BDO Leasing recorded gross revenues of P3.2 billion in 2017, up 11% from the previous year.
Its net lease and loan portfolio, meanwhile, booked a 9% increase to total P34.3 billion.
However, the listed firm saw higher funding and operating costs, which caused its net income to end flat, it said yesterday.
BDO Leasing recorded an asset base of P42.8 billion, a 10% increase from the same period in 2016.
“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 in the statement.
According to latest central bank data, BDO Leasing’s parent BDO Unibank is the country’s biggest bank in terms of assets, capital, deposits and loans.
Shares in BDO Leasing closed at P3.74 apiece on Thursday, up by four centavos or 1.08% from Wednesday’s finish of P3.70 each. •