BDO, UCPB units post profit growth
MANILA, Philippines – BDO Leasing and Finance Inc. posted a 6 percent jump in its net income for the first quarter of 2014, the BDO Unibank Inc. subsidiary said on Wednesday.
BDO Leasing’s net income increased to P121.4 million in the January to March period from the P114.7 million in the same period last year.
The growth was attributed to the continued expansion in BDO Leasing’s portfolio, with loan and lease portfolio up by 33 percent to P22.1 billion, which led to a 13 percent increase in revenues to P533.8 million in the first quarter.
BDO Leasing said it is on track to meet its full-year 2014 guidance of P440 million.
For 2013, BDO Leasing saw an increase in earnings to P420.3 million from P410.7 million in 2012 also due to a higher loan and lease portfolio, which increased 22 percent to P20.98 billion.
The portfolio growth came from key industries such as mining, construction, real estate and health care and medical sectors.
UCPB Savings' 2013 profit
Meanwhile, UCPB Savings Bank also reported growth in its net income in 2013, posting P404 million or a 36 percent jump from the P297 million in 2012.
The UCPB subsidiary attributed the growth to its more aggressive stance towards marketing commercial and consumer loan products.
The bank also said the increase was due to the combined performance of surpassing revenue target and more efficient operating expense components.
Its total loans also jumped 26.42 percent to P8.6 billion from P6.8 billion while deposits grew by 57.64 percent to P8.8 billion in 2013 from P5.6 billion in 2012.
UCPB Savings ended 2013 with total assets up 39.71 percent to P11.9 billion.
Six UCPB Savings branches have been relocated to Lapasan, Cagayan de Oro; Dipolog, Zamboanga del Norte; Sta. Rosa, Laguna; Morong, Rizal; Puerto Princesa; and Atimonan, Quezon while three branches in Lamitan, Basilan; Tuburan, Cebu; and Sta Cruz, Manila have been renovated.
“In line with our goal of providing our customers with a pleasant banking experience, we renovated and relocated several of our branches, incorporated the new logo to reflect a more personal relationship and lasting partnership with our customers,” said UCPB Savings president and chief executive Joseph Justiniano in a statement.
UCPB Savings currently has 37 branches nationwide and all have been automated.