BOO Leasing Nets PhP331M in 2018

BDO Leasing and Finance Inc. (PSE: BLFI) posted a net income of PhP331 million in 2018, down by 42% from PhP571 million in 2017. Loans and leases were steady at PhP35 billion. However, the combination of increased funding costs with rising interest rates and higher documentary stamp tax (DST) under the TRAIN Law resulted in margin compression and elevated costs that dragged bottom line.

BLFI recently obtained SEC approval to issue PhP15 billion worth of commercial papers, the proceeds from which shall be used for relending as well as refinance maturing obligations. Reflective of its solid credit profile, BOO Leasing secured an issuer credit rating of PRS Aa (minus) and a stable outlook from the Philippine Rating Services Corp. (PhiIRatings).

Moving forward, BDO Leasing and Finance will continue to focus on its core business of leasing and finance, leveraging on the parent Bank’s extensive branch network to strengthen its provincial presence and support the growth sectors of the economy.