BDO Leasing and Finance Inc. (BLFI) registered P39.8 million profit in the first nine months in 2021 derived solely from fair value gain from investments in Unit Trust Investment Funds (UITFs).
Of the P6 billion assets as of end-September 2021, almost all or P5.9 billion was invested in UITFs.
The first nine months results were lower compared to the P134.6 million earnings a year ago, as last year’s earnings were based on a balance sheet prior to the full implementation of the restructuring of BDO Unibank Group’s leasing business. This entailed the sale of substantially all of BLFI’s assets to BDO Unibank, BDO Life and BDO Finance Corp.
BLFI ceased to operate as a leasing company and completed the assignment and transfer of its leasing and financing business to an affiliate, BDO Finance Corp. on Oct. 19, 2020.
BDO Finance was established to offer customers continued access to lease products and services, and likewise assumed the lease transactions booked in BFLI to ensure continuity to the latter’s existing clients. (PR)