BDO Leasing and Finance Inc. posted steady growth in the first six months of 2017, with a drop in its second quarter bottom line.
In a disclosure to the Philippine Stock Exchange, BDO Leasing reported a P281.7 million net income in the first half of the year, up 0.03 percent from P281.6 million a year earlier.
In the second quarter alone, the BDO Leasing reported a net income of P137.7 million, down 4.1 percent from P143.7 million booked in the same period last year.
Total assets grew by 16 percent to P42 billion in January to June, driven by a 16 percent growth in gross loan and lease portfolio to P33 billion, the company said.
Gross revenues went up 8 percent to P1.5 billion as competitive pressures affected margins and tempered the bottom line performance.
BDO Leasing was authorized by the Securities and Exchange Commission to issue P25 billion of short-term commercial papers.
The funding will allow BDO Leasing to tap more businesses in growth areas outside of Metro Manila and support the financing and leasing requirements of local industries in target markets, it said.