BDC Company 

The Company’s revenue amounted to P216 million against prior year P175 million. This 23% increase is on the back of a deliberate strategy to accelerate the conversion of debt transactions which resulted in a 93% growth of interest on loans issued by the Company. The Corporation pushed for improved cost efficiencies resulting in overall administrative expenses reducing to P93 million against the prior year P109 million. At P277 million, operating profit was 40% higher than 2018 driven by the revenue increase and cost containment noted above as well as recoveries on previously impaired assets due to targeted portfolio management of key assets to unlock latent value. The Corporation’s net worth stands at P2.1 billion a 11% year-on-year growth due to growth in investment assets that saw total assets growing by 35% to P3.5 billion. 

BDC Group 

Group revenue closed the year at P151 million, 23% higher than prior year P123 million mainly on the back of growth in interest on loans issued by the Company. Operating income at P172 million is 15% higher than 2018 due to higher interest on loans issued by the Company, improved rental income from increased occupancies, lower impairments and cost efficiencies. Notwithstanding the adoption of IFRS 9 Financial Instruments impairments reduced significantly by 71% reflecting the continued strong portfolio management across the Group. An increase in investment asset values showed a 17% year-onyear growth of Group assets to a historic high of P4.8 billion.