BDO Leasing and Finance, Inc. (BDOLF) ended 2010 with a 28-percent growth in loan portfolio to P14.58 billion from P11.39 billion the previous year.
The company, which is a subsidiary of BDO Unibank, Inc., said the increase was largely attributed to management's renewed focus on corporate accounts.
As a result, BDOLF’s net income last year improved to P308.7 million from P300.0 million in 2009. Gross income, meanwhile, amounted to P2.04 billion.
The company also managed to reduce by 7 percent last year its past due accounts to P665.0 million from P715.3 million in 2009.BDOLF provides leasing and financing products to commercial clients. Its leasing products include direct leases, sale-leaseback arrangements and operating leases. Financing products, on the other hand, include commercial and retail loans, installment paper purchase and factoring of receivables. Loan availments of clients are used to finance the purchase of automobiles, trucks, office equipment, industrial, agricultural and office machinery, and real property, and financial assets such as receivables.