The leasing and financing arm of Bilyonaryo Henry Sy continued to book a double digit growth in earnings on the back of heightened marketing efforts and extensive market reach.
BDO Leasing and Finance Inc. registered a 10 percent increase in net income to P556 million last year from P504 million in 2014 while gross revenues rose 15 percent to P2.6 billion from P2.27 billion.
The company booked a 16 percent increase in net lease and loan portfolio to P27 billion after it strengthened its marketing efforts and leveraged on its parent company’s extensive market reach.
It formed a joint venture company with MMPC, Sojitz Corp., and JACCS Co. Ltd. to provide financing services to individual and corporate buyers of Mitsubishi vehicles.
It owns 40 percent of MMPC Auto Financial Services Corp. while the Japanese partners including MMPC would control 60 percent of the joint venture company.
The Sy-led bank is seen harnessing the complementary strengths of the joint venture partners to take advantage of the sustained growth in vehicle sales on the back of increasing consumer affluence and a growing population.
BDO Leasing and Finance owned by the retail and banking magnate providing customers direct leases, real estate leases, sale and leaseback arrangements as well as receivables factoring.