BDO Leasing and Finance Inc. (PSE: BLFI) ended 2010 with a 28% growth in loan portfolio to PhP14.58 billion, up from PhP11.39 billion in the previous year. The company, a subsidiary of BDO Unibank Inc. (PSE: BDO), said the increase is widely attributed to managements renewed focus on corporate accounts.
As a result, BDOLF’s net income in 2010 improved to PhP308.7 million from PhP300 million in 2009. Gross income, meanwhile, amounted to PhP2.04 billion.
The company also managed to reduce by 7% last year its past due accounts to PhP665 million, from PhP715.3 million in 2009.
BDOLF provides leasing and financing products to commercial clients. Its leasing products include direct leases, sale-leaseback agreements and operating leases. Financing products, on the other hand, include commercial and retail loans, installment paper purchases and factoring of receivables. Loan availments of clients are used to finance the purchase of automobiles, trucks, office equipment, industrial, agricultural and office machinery, and real property, and financial assets such as receivables.