Asialink Finance Corp., one of the Philippines’ fastest-growing finance companies, tallied record numbers for 2022 on the back of a post-Covid recovery and robust demand for second-hand cars.
The company said in a special stockholders’ meeting its net income grew 67 percent to P869 million in 2022 from about P520 million in 2021. Revenues were at P3.096 billion, up from P2.152 billion year-on-year.
Its asset value also went up 39 percent 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 a report.
She said the Philippines has 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.
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 also secured additional funding of some P2 billion from its credit lines with the Development Bank of the Philippines, Cebuana Lhullier, Small Business Corp., Philtrust Bank and Veterans Bank.
Apart from chalking up impressive numbers, Asialink also marked 2022 with a couple of milestones.
It received the international standard for quality management system set by the International Organization for Standarization.
The company also launched its corporate social responsibility program that revolves around its three-point advocacy: relief, opportunity and livelihood.
“Currently, we are already working with local communities in line with this advocacy,” said Mangubat.
Asialink hosted its first Asialympics for its partners and loan consultants in 2022.