BDO Leasing grew its net loan portfolio by 19 percent to US$194.96 million in 2009 from US$164.97 million in 2008. Meanwhile total assets ballooned by 25 percent to US$280.66 million in 2009 from US$222.8 million the previous year.
Total revenues, likewise, posted a significant increase from US$29.9 million in 2008 to US$47 million in 2009, or a 61 percent increase mainly coming from rental revenues.
It took a conservative stance vis-a-vis the economic environment, taking into consideration the effects of typhoons Ondoy and Pepeng by increasing its loan loss provisioning. It, likewise, effected a one-off adjustment in depreciation for its assets in its wholly owned subsidiary, BDO Rental. Despite these adjustments, coupled with the thinning of margins due to competition, the company still managed to post a respectable 2009 net income of P300 million.
With BDO as its parent firm, thus resulting in synergy, BDOLF continued to perform well in 2010 as the net loan portfolio further grew to P9.8 billion at the end of the first quarter.
Do you know more about this story? Contact us anonymously through this link.