Listed BDO Leasing and Finance Inc. (BDO Leasing) reported a net income of P250.7 million for the first half of the year, little changed from last year’s comparable figure of P250.8 million.
In a disclosure to the Philippine Stock Exchange on Thursday, the company said its loan and lease portfolio grew by 16 percent in the first half to P26 billion on the back of intensified marketing efforts.
“The company grew its loan and lease portfolio by 16 percent to P26 billion on intensified marketing efforts and as BDOLF continued to leverage on its parent company’s extensive market reach to gain access to middle-market and consumer lending accounts,” the company said in a statement.
Gross revenues increased to P1.2 billion in the first six months, up 11 percent from the same period last year.
However, declining asset yields due to competitive pressures negated the volume growth, the company said.
BDO Leasing and Finance Inc. is the leasing and financing unit of BDO Unibank Inc., which provides its customers direct leases and real estate leases, sale and leaseback arrangements as well as receivable factoring.
BDO Unibank is a member of the Henry Sy-led SM Group of Companies.