Toyota Financial Services Philippines Corp., a part of Toyota’s network of sales finance companies, said total assets jumped 30 percent to P58.7 billion in the fiscal year ending March 2017 from P45.3 billion a year ago.
Toyota said in a statement this included a P15.6-billion increase in loan receivables for the period.
Gross income grew 25.5 percent to P4.2 billion from P3.3 billion in the same period last year. Net interest income rose 28 percent to P2.3 billion from P1.8 billion.
“At present, TFSPH has over 90,000 customers and over P50 billion earning assets as we continue to be the No.1 leasing company in the country,” TFSPH president Atsushi Murakami said during the company’s anniversary celebration.
“With the increasing market share and growth of TFSPH these past years, we are geared to accelerate towards more achievements and milestones,” said Murakami.
TFSPH expanded its nationwide presence with new business centers in San Fernando, Pampanga and Cebu City. The expansion will carry on with business centers set to open in Davao and South Luzon in the fourth quarter of 2017.
TFSPH is a part of Toyota’s network of sales finance companies under Toyota Financial Services Corp. that operates in over 36 countries worldwide. TFSPH is the 25th sales finance company established by TFSC and is mandated to support Toyota sales in the Philippines in line with the global objectives of Toyota Motor Corp. Japan.
TFSPH is 60-percent owned by Toyota Financial Services Corp. GT Capital Holdings Inc. has 40-percent interest in TFSPH. GT Capital is a major Philippine conglomerate with interests in market-leading businesses across banking, real estate development, power generation, automotive and life insurance.
The Bangko Sentral ng Pilipinas formally awarded TFSPH a quasi-banking license in 2008, allowing the firm to diversify its sources of funds, as well as offer a wider range of financing products to customers.
The company officially began operating as a quasi-bank in April 2009. It is the first institution to be granted a quasi-banking license after the BSP resumed issuing licenses of quasi-banking functions to investment houses and finance companies in February 2007 after a seven-year moratorium on the granting of licenses of quasi-banking functions.