PCI
Leasing & Finance, Inc. Reports Stellar Results in '07
Advantages
Reinforced by BDO Merger
May 2008 |
PCII
Leasing & Finance, Inc., the leasing and finance subsidiary
of Banco De Oro Unibank, reported another industry-leading
performance in 2007. In its annual stockholders meeting,
the company disclosed that total revenues increased to
P1.24 Billion, or 18% higher year-on-year, while total
loans and leasing portfolio levels reached P9.6 Billion.
Roberto E. Lapid, Acting PCI Leasing President, attributed
the company's strong results to intensified marketing
efforts, its wide range of product offerings, and robust
service capabilities - advantages that were boosted further
by opportunities generated by the BDO-EPCIBank merger,
which was completed in 2007. "As we rode on these advantages,
we continued to be ahead of our competitors in terms of
total assets, capitalization, and profitability," Lapid
noted.
PCI Leasing also continued to have the highest approved
ceiling for short-term commercial papers (STCP) in the
financing industry, particularly with the recent approval
by the Securities and Exchange Commission to increase
its STCP license to P2 Billion. Further, the Philippine
Ratings Services Corp. (PhilRatings) maintained a "Best
Grade" rating of PRS1 for this STCP issuance, reflecting
a firm confidence in the company's capability for timely
payment of both principal and interest.
In granting the PRS1 rating, PhilRatings considered PCI
Leasing's strong liquidity position, the quality of its
loan/lease portfolio, the large absolute size of its capital
as well as the vigorous support provided by its parent-bank,
BDO.
PCI Leasing management revealed plans to reinforce its
market reach and competitive strength in 2008 as it expands
into new areas, particularly in the provincial business
centers.
The company also reaffirmed its commitment to good corporate
governance as well as its reinvigorated drive to offer
value-added products and services. Management is focused
on raising service benchmarks and finding new ways to
better serve a growing clientele. Now operating as a BDO
subsidiary, PCI Leasing is gearing up to maintain its
solid credit position, funding flexibility, and competitiveness
while pursuing further expansion and maximizing shareholder
returns.
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