BDO Leasing posts P83M net income in Q1 2020

BDO Leasing and Finance, Inc. (BDO Leasing) achieved a net income of ₱83 million in the first quarter of 2020, a significant turnaround from a ₱24 million loss during the same period in the previous year.

This financial recovery was attributed to successful measures implemented to combat margin compression that had impacted its 2019 performance.

Gross revenues for the quarter reached ₱696 million, while total expenses decreased by 30 percent to ₱569 million.

The reduction in expenses was primarily driven by a 52 percent drop in interest and financing charges due to normalized funding costs.

Earlier in 2020, BDO Unibank, Inc. (BDO), BDO Leasing's parent company, announced an agreement to sell a controlling stake in BDO Leasing to a third party as part of a business restructuring.

The sale is contingent upon meeting closing conditions and securing approval from relevant regulatory bodies.