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Thursday, April 24, 2014

BDO Leasing's earnings up 6 pct in 1Q

BDO Leasing and Finance Inc today announced that its profit rose in the mid-single digits in the first quarter.

In a statement, BDO Leasing vice chairman Roberto E. Lapid said the company’s net income grew by six percent year-on-year to P121.4 million in the January to March period.

“While portfolio growth was strong, the impact on bottom line was tempered by margin compression from excess system liquidity, which moderated revenue growth to 8 percent," Lapid said.

He said the leasing firm's loan and lease portfolio jumped by 33 percent to P22.1 billion, resulting in a 13 percent increase in revenues to P533.8 million from P471.3 million a year ago.

“With the healthy first quarter results, BDO Leasing is on track to meet its full-year 2014 guidance of P440 million,” Lapid said.

The leasing unit of the country's biggest lender earned P420.3 million last year, 2.3 percent higher than the P410.7 million in 2012.

This was supported by a 22 percent hike in its loan and lease portfolio to P20.98 billion, coming from key industries such as mining, construction, real estate and health care.

- Interaksyon

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