Asialink Finance Corp., one of the Philippines’ fastest-growing finance companies, has tallied record numbers for 2022 on the back of a post-Covid recovery and robust demand for second-hand cars.
In a special shareholders’ meeting, the company said its net income grew 43 per cent to P2.654 billion in 2022 from a year earlier.
Revenues were at P3.096 billion from P2.152 billion year-on-year.
Its asset value, meanwhile, went up 39 per cent to P11.369 billion.
Asialink has been seeing exponential growth as the Covid-19 pandemic recedes into the background, allowing many industries to get back on track and seek financing to reinforce or expand their operations, the company’s general manager Eileen Mangubat said in her report.
She added that the Philippines has also seen an increasing demand for second-hand cars, where Asialink has established a niche in terms of financing.
The company opened additional branches, hired more salespeople and partnered with more car dealers, she said.
As a result, Asialink’s releases grew 27 percent to P9.124 billion in 2022.
Non-bank financial institutions like Asialink have been playing a crucial 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 was formed in June 1997, with a capitalization of just P3 million.
Today, it has over 1,000 employees, thousands of independent loan consultants, and 118 branches nationwide. It plans on having a total of 160 branches by end-2023.
Mangubat said Asialink has also secured additional funding of some P2 billion from its credit lines with the Development Bank of the Philippines, CebuanaLhullier, Small Business Corporation, Philtrust Bank and Veterans Bank.
