Japan PNB Leasing posts 22% hike in net profit

JapanPNB Leasing & Finance Corp., the Philippine National Bank’s leasing subsidiary, reported a net income of P15.5 million for 2003, up by 23 percent from 2002’s net income of P12.6 million, surpassing its net profit target for 2003 of P12.7 million by 22 percent.

JapanPNB Leasing is a joint-venture between the Philippine National Bank and IBJ Leasing Co., Ltd. Japan of the Mizuho Financial Group.

JapanPNB Leasing executive vice president Vicente L. Ramirez Jr. said they own the distinction of being "the most successful leasing company offering both local and foreign currency contracts." Among the top performing financing companies with assets of more than P1.0 billion, JapanPNB Leasing is the "youngest," having started operations only in 1998. The leasing and finance industry is composed of more than 300 players.

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 among exporter companies, particularly those that deal in dollar and Japanese yen.

Ramirez projects total assets to grow to over P1.4 billion this year. The company is confident that it can meet its goal now that it is implementing full automation to enhance operation efficiency.

Moreover, JapanPNB Leasing’s extensive yet intimate knowledge of local business combined with Mizuho Bank’s financial and technical expertise results in a very formidable partnership that continues to provide client-friendly financial and leasing services.

In 2002, JapanPNB Leasing was adjudged as the Best Performing Foreign Subsidiary of IBJ Leasing, Japan.