BDO Leasing and Finance, Inc., a wholly-owned subsidiary of Banco De Oro Unibank, ended 2009 with increased revenues amounting to P2.21 billion, up 61.4 percent from the previous year's P1.37 billion. Net margin was lower due to a shift in product and customer focus as well as keener competition for market share. Net income amounted to P300 million from the previous year's P366 million as a result of the impact of adjustments in recognition of depreciation expense and more conservative provisioning policies. Without these adjustments, net income in 2009 would have been at par with that of 2008.

Its president, Lapid, attributed the revenue growth to the strong operating lease income, which rose to 57 percent of total financing income in 2009 from 20 percent in 2008.

BDO Leasing aligned last year its customer and product priorities with the demand, utilizing its strong market presence on corporate clients and shifting its product focus on operating leases.

Meanwhile, the listed firm's total assets as of end 2009 rose 25 percent to P13.05 billion from P10.41 billion the year before due to heightened marketing efforts. Bulk of the said growth represented the increase in net loans.

The company paid out in July and December cash dividends totalling P432 million or P0.20 per share.

Likewise, BDO Leasing secured in 2009 an approval from corporate regulators to issue up to P8 billion worth of short-term commercial papers (STCP), which garnered a high rating from PhilRatings.