BDO Leasing & Finance, Inc. (BLFI) registered net income of P39.8 million in the first nine months of 2021 even though it has stopped operations since last year.
In a disclosure to the Philippine Stock Exchange, the firm said the earnings were derived solely from fair value gain from investments in Unit Trust Investment Funds (UITFs).
Of the P6 billion of BDOLF’s assets as of end-September, almost all or P5.9 billion was invested in UITFs.
This year’s results were lower compared to the P134.6 million earnings a in the first nine-months of 2020, as last year’s earnings was 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. in October 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.