BDO Leasing posts P9.5M net income

BDO Leasing and Finance Inc. said Friday it posted a net income of P9.5 million in the first three months, generated solely from investment income following the discontinuance of the company’s former financing operations and the sale of its leasing and loan portfolio to BDO Unibank Group in October 2020.

BDOLF’s investments registered a fair value gain of P13.6 million, while total expenses stood at P4.5 million.

The company’s first-quarter performance is not comparable to the P83.3-million profit it recorded a year-ago, given that last year’s results reflected business operations prior to the full implementation of the group’s restructuring of its leasing business.

The restructuring entailed the full transition of BDOLF operations to BDO Finance Corp., established in 2019 to offer customers continued access to lease products and services. BDO Finance also assumed the lease transactions booked in BDOLF to ensure continuity to the latter’s existing clients.

BDOLF already ceased to operate as a leasing company and has not accepted any new leasing transaction since October 2020.