iRemit income grows 17.5% to P33.3M in Q1

MANILA, Philippines - Non-bank remittance firm iRemit has reported a 17.5-percent increase in its net earnings in the first three months of 2012 to P33.3 million from P28.3 million in the same period last year.

In 2011, iRemit reported net earnings of P136 million, doubled from the figure in 2010.

The company operates in 24 countries and territories, managing international money transfers from Japan to the UK, Singapore to Australia, or Canada to China.

iRemit chairman and chief executive Bansan C. Choa said while money transfers from overseas Filipinos remains the company’s main income source, there are new avenues for growth that they are pursuing.

“We hope to gain a bigger share of the other remittance corridors – money transfer transactions done by overseas workers of various nationalities, business professionals, and expatriates to different points across the world – as we continue to establish our presence not only in countries where we have set foot but in other countries where we will expand,” Choa said in a statement.

iRemit is expanding in Asia and Europe, recently establishing presence in the cities of Tokyo and Nagoya in Japan. In Europe, the company is currently setting up branches in Ireland, Germany and the Netherlands.

iRemit aims to tap other Asian remittance corridors as it is currently in negotiations with commercial banks in Indonesia and Myanmar so that migrant workers from these countries could utilize its services.

“iRemit wants to address the need for speedy and reliable money service to the various remittance corridors around the world and bolster its international stature as a trusted brand among overseas workers, business professionals, and expatriates of various nationalities,” Choa added.