BDO Leasing earns P39.8m

BDO Leasing & Finance Inc., the leasing and financing entity of BDO Unibank Inc., posted a 70-percent decline in net income in the first nine months to P39.8 million from P134.6 million a year ago.

BDO Leasing said in a statement the nine-month figure was derived solely from fair value gain from investments in unit trust investment funds. Of the P6.0 billion of BDOLF’s assets as of end-September, almost all or P5.9 billion was invested in UITFs.

“The nine months 2021 results were lower compared to P134.6 million earnings a year-ago, as last year’s earnings was based on a balance sheet prior to the full implementation of the restructuring of BDO Unibank Group’s leasing business. This entailed the sale of substantially all of BLFI’s assets to BDO Unibank, BDO Life, and BDO Finance Corp.,” it said.

BLFI ceased to operate as a leasing company and completed the assignment and transfer of its leasing and financing business to BDO Finance Corp. on Oct. 19, 2020.

BDO Finance was established to offer customers access to lease products and services. It assumed the lease transactions booked in BFLI to ensure continuity to the latter’s clients.