BDO Leasing and Finance, Inc. (BDO Leasing) recorded a net income of P83 million in 1Q 2020 vs. the P24 million loss in the comparative period last year. The results reflect successful measures undertaken to address margin compression, which dragged down its financial results in 2019.
For the 1Q 2020, gross revenues amounted to P696 million, while total expenses dropped by 30 per cent to P569 million, largely due to the 52 per cent drop in interest and financing charges as funding costs normalized.
Earlier this year, BDO Leasing’s Parent Company, BDO Unibank, Inc. (BDO) announced that it entered into an agreement to sell a controlling stake in BDO Leasing to a third party as part of the Bank’s restructuring of its leasing business. The sale transaction is subject to closing conditions and approval by regulatory authorities.