Asialink Finance Corp., an online lending company, posted a net income gain of 43 percent year-on-year to P2.654 billion in 2022 due to higher loan releases and revenues.
In a statement on Saturday, Aug. 12, the company announced its earnings in a special shareholders’ meeting, along with a report on its revenues which grew by 43.86 percent year-on-year to P3.096 billion.
Meanwhile, its asset value also increased by 39 percent year-on-year to P11.369 billion.
Asialink General Manager Eileen Mangubat said the company has continued to grow as pandemic restrictions have eased, allowing “many industries to get back on track and seek financing to reinforce or expand their operations”.
“(The) Philippines has also seen an increasing demand for second-hand cars, where Asialink has established a niche in terms of financing,” she was quoted as saying in the statement.
The company has also opened additional branches in the last years and “hired more salespeople and partnered with more car dealers,” she added. It operates about 118 branches and they plan to raise this number to 160 by the end of 2023.
Asialink has released P9.124 billion in loans in 2022, up 27 percent from the previous tally.
Mangubat said Asialink has also secured additional funding of some P2 billion from its credit lines with the Development Bank of the Philippines, Cebuana Lhullier, Small Business Corporation, Philtrust Bank and Veterans Bank.
This will help fund its loan releases in the next months.
She said that non-bank financial institutions has maintained its role in “bridging the financial gap for micro, small and medium enterprises, which make up over 99 percent of total businesses in the Philippines.”
Asialink currently employs 1,000 people plus independent loan consultants.
Last year, the company received the international standard for quality management system (QMS) set by the International Organization for Standarization.
It also launched its corporate social responsibility program of providing “relief, opportunity and livelihood”.
“Currently, we are already working with local communities in line with this advocacy,” said Mangubat. This includes the hosting of its first Asialympics for its partners and loan consultants.
Asialink was established in June 1997 with a capital of P3 million.