DOMINION HOLDINGS, Inc. (DHI) saw its net income rise by 30% year on year in the first quarter as the company continued to shift its investment portfolio to instruments with better returns.

The company’s net income stood at P75.9 million in the first three months, up from P58.3 million in the same period last year, it said in a disclosure to the stock exchange on Thursday.

Its financial statement was unavailable as of press time.

“Gross income increased by 28% due to the shift in its investment portfolio towards higher-yielding placements and debt securities,” DHI said.

The company’s assets stood at P6.45 billion at end-March.

Stockholders’ equity was at P6.44 billion.

DHI, formerly BDO Leasing and Finance, Inc., holds or owns real estate properties, securities or shares of stocks, and other assets of other companies.

It also engages in investment and business activities involving these assets.

“As an investment holding company, Dominion Holdings has more flexibility in pursuing business opportunities that can enhance shareholder value,” DHI said.

The change in DHI’s corporate name was approved by the Securities and Exchange Commission on July 18, 2022 due to a shift in primary and secondary purposes to a holding company from a leasing and financing company.

DHI’s parent BDO Unibank, Inc. booked a net profit of P18.5 billion in the first quarter, up by 12% year on year, amid continued growth in its core revenues.

BDO’s shares declined by P4.40 or 3.01% to close at P141.80 each on Thursday. — A.M.C. Sy

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