BDO Leasing and Finance Inc. said profit for the first half of the year reached P81 million, a turnaround from a P29-million loss last year.
Revenues reached P1.3 billion with as lease and loan receivables down 23 percent, partly due to the sale of a portion of the company’s lower yielding portfolio to mitigate the impact of margin compression.
“Total expenses fell by 25 percent to P1.2 billion, on reduced borrowings and lower interest and financing charges, which were down 53 percent, given the decline in interest rates,” the company said.
Earlier this year, the leasing firm’s mother company, BDO Unibank, Inc. announced that it entered into an agreement to sell a controlling stake in BDO Leasing to a third party as part of the bank’s restructuring of its leasing business. The sale transaction is subject to closing conditions and approval by regulatory authorities.
