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| 2.25.04 |
 Japan-PNB
Leasing Reports 23% increase in ’03
income
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The leasing subsidiary
of Philippine National Bank (PNB), the
country’s fifth larges bank in
assets, posted a 23% hike in net income
to P15.5 billion last year from P12.6
billion in 2002.
Surpassing its P12.7-million net earning
target, Japan PNB leasing & Finance
Corp. was “the most successful
leasing company offering both local
and foreign currency contracts,”
Vicente Ll. Ramirez, Jr., the leasing
company’s Executive Vice-President,
said in a statement.
“Among the most essential factors
that fostered the excellent performance
of the young subsidiary were the favorable
environment for leasing operations and
the expanded demand for the company’s
services, particularly those that deal
in US dollar and Japanese yen,”
the statement road.
Having started operations in 1998 Japan
PNB Leasing is among the financing companies
with more than P1 billion in assets.
It is a joint venture between semiprivate
PNB and IBJ Leasing Co., Ltd. Japan,
a unit of the Mizuho Financial Group.
Mr. Ramirez expects the firm’s
total assets to jump to over P1.4 billion
this year as it implements full computerization
to enhance operation efficiency.
“Its extensive yet intimate knowledge
of local business combined with Mizuho
bank’s financial expertise results
in a very formidable partnership that
continues to provide client-friendly
financial and leasing service,”
the said.
Japan PNB Leasing was chosen as the
best performing foreign subsidiary of
IBJ Leasing, Japan in 2002.
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