MANILA, Philippines–Industry leader Banco de Oro Unibank’s leasing subsidiary expects to post higher earnings this year as it uses its parent firm’s market reach to grow its business in the Philippine countryside.
In a statement, BDO Leasing and Finance Inc. said its profit rose by 20 percent in 2014 on the back of the country’s strong economic growth. For the first quarter of 2015, its profit stood at P129.7 million.
“This was driven by the increase in lease and loan portfolio … coming from key industries such as construction, real estate, mining, and healthcare,” the company statement released after its stockholders’ meeting read.
BDO Leasing also leveraged on the parent company’s extensive market reach, gaining access to its middle-market and consumer lending accounts, the company said.
For 2015, BDO Leasing president Roberto Lapid said the company had set an income guidance of P575 million, up from P504 million in 2014. He said this expansion would be a result of “higher business volumes as the company taps more businesses in key provinces.”