BDO Leasing income slips amid higher operating costs
The double-digit increase in lending did not lift the company’s performance.
BDO Leasing and Finance, Inc. booked a P406 million net income from January-September, down from the P425 million it made a year ago.
The financing subsidiary of BDO Unibank, Inc. attributed the lower profits to higher funding costs, which came despite a 9% increase in gross revenues to hit P2.3 billion. Its loan portfolio even clocked a 13% growth to amount to P34 billion for the nine months ending September.
Bilyonaryo Henry Sy’s leasing arm extends financing and leaseback deals for client, particularly through BDO Rental Inc.