BDO Leasing Income Declines
Dominion Holdings, Inc. (formerly BDO Leasing & Finance, Inc. or BLFI) earned P3.7 million for the first six months of 2022 vs. P 29.1 million a year ago.
Photo Insert: 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.
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 1H 2021, attributed to a BIR tax adjustment for a prior period.
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, and are 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 that 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.
On July 5, 2022, BLFI filed with the SEC a letter surrendering its Certificate of Authority (COA) to operate as a financing company.