BDO Leasing and Finance, Inc. (BLFI) recorded a higher net income in 2021, driven by gains from its investments.
The holding company’s net profit reached P43.6 million in 2021, more than seven times as much as the P5.8 million it booked in 2020, it said in a statement on Monday.
The company said their higher net profit was driven mainly by “fair value gain from investments in Unit Investment Trust Funds”.
BLFI was restructured in 2020 from being a leasing business of BDO Unibank Group.
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. in October 2020.
In separate filings, BDO and BLFI said the parent bank is looking into keeping BDOLF.
“BDO is now contemplating keeping BDOLF, repurposed as a holding company, for its own investment purpose or, depending on the terms of outstanding offers, pursue the sale of its shares with other prospective buyers,” the filings said.
Based on the filing, the disclosed sales agreement for the shares of BLFI lapsed on Jan. 24. This was amid a failure to comply with the closing conditions on account of a non-resolution by the Securities and Exchange Commission (SEC) to reconsider BLFI’s request for reconsideration of SEC’s suspension order. — L.W.T. Noble
