BDO Leasing posts flat 1st half income

BDO Leasing and Finance Inc. posted a net income of P251 million in the first six months of the year, barely up from P250.8 million a year, the company said Thursday, citing a highly competitive business environment.

 

Revenues for the semester rose by 11 percent to P1.2 billion in the same comparable period, but business volume was offset by a decline in asset yields due to competitive pressures, the company said in a disclosure to the Philippine Stock Exchange. It did not elaborate.

 

Loans grew by 16 percent to P26 billion, mainly on intensified marketing efforts and leveraging on parent BDO Unibank Inc.’s access to middle-market and consumer lending accounts.

 

“For the medium-term, the company will continue to tap more businesses in key provinces, focusing on growth areas to maintain its position as a leading provider of leasing and financing services,” the disclosure read.

 

BDO Unibank reported a net income of P11.7 billion in January to June, up 5.9 percent from P11.05 billion a year earlier. – Jon Viktor Cabuenas/VS, GMA News