Dominion Holdings, Inc. (formerly BDO Leasing & Finance, Inc. or BLFI) reported a net income of P3.7 million for the first six months of 2022 compared to the P29.1 million earned in the same period last year.
In a statement, parent company BDO Unibank said “This was largely due to lower income from fair value gain on its investments, consistent with the general decline in interest rates.”
“In addition, total expenses rose to P20.8 million from P9.4 million in the first half of 2021, attributed to a BIR (Bureau of Internal Revenue) tax adjustment for a prior period,” it added.
The change in corporate name from BDO Leasing & Finance, Inc. to Dominion Holdings, and the amendment of its Articles of Incorporation and By-laws were approved by the Securities and Exchange Commission (SEC) on July 18, 2022.
This is in line with the strategic direction of its principal shareholder, BDO Unibank, Inc. (BDO), to convert BLFI into a holding company.
As an investment holding company, Dominion Holdings, Inc. will have more flexibility in pursuing business opportunities which will enhance shareholder value for all shareholders.
Prior to this, BLFI had already ceased to operate as a leasing company and completed the assignment and transfer of its leasing and financing business to an affiliate, BDO Finance Corporation on October 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.
On July 5, 2022, BLFI filed with the SEC a letter surrendering its Certificate of Authority (COA) to operate as a financing company.
Dominion Holdings’s primary purpose is to hold or own real estate properties, securities and shares of stocks, and other assets of other companies, and engage in investment and business activities involving these assets.