BDO Leasing and Finance Inc., the listed financing arm of Sy-led Banco de Oro, booked P387 million in net income in the first nine months of the year, up 2.3 percent from P378 million a year earlier.
The company cited the expansion in its loan and lease portfolio by 14 percent to P26.4 billion, resulting in a 12-percent growth in gross revenues at P1.9 billion.
“The company will continue to direct its marketing efforts on growth areas and key provinces, while leveraging on its parent company’s broad market reach to keep its position among the industry’s leading players,” BDO Leasing said in a statement.
Earlier in the year, BDO Leasing Vice Chairman and President Roberto E. Lapid said the company’s net income guidance of P575 million for the year will be achieved “on higher business volumes as the company taps more businesses in key provinces.”
Lapid said the expansion will be funded by “the increase in its planned STCP (short-term commercial paper) license from P15 billion to P25 billion.”