Salmon's banking announces financial and operating results for H1 2025

Manila, 29 July 2025 — Salmon Group Ltd today reported that its banking subsidiary, Rural Bank of Sta. Rosa (Laguna), Inc., grew total assets by 43% to ₱1.8 billion in the first half of 2025, compared with year-end 2024.

The Bank posted a Return on Equity (ROE) of 58.9% and a Return on Assets (ROA) of 24.9% for the period, ahead of rural banking sector averages of 15.7% and 2.8% respectively, with a Capital Adequacy Ratio (CAR) of 32.7% versus an 18.0% rural bank benchmark, based on the latest available BSP data as of Q1 2025.

Shareholder equity grew 2.7x to ₱707 million, up from ₱261 million at year-end 2024. Deposits grew 66.7% to ₱952 million, driven largely by time savings deposits. Net loans grew 33.8%, from ₱909 million to ₱1.2 billion, as the Bank continued to build out its consumer loan book.

The Bank has been a subsidiary of Salmon since January 2024. Salmon was founded in July 2022 with the goal of bringing technology-driven financial services to underserved customers across Southeast Asia, starting with the Philippines. Since becoming the Bank's controlling shareholder, Salmon has invested in the Bank's technology infrastructure, product development, and credit scoring models, and strengthened its executive team.

During the first half of 2025, the Bank launched the Salmon Time Deposit at a rate of 8.88%, available through the Salmon app. The Bank also expects to launch full online onboarding for new clients in the coming weeks. Separately, the Bank appointed Atty. Juan De Zuñiga, Jr. as an independent director, following his career at the BSP.

In June 2025, Salmon completed a combined debt and equity fundraise totaling USD88 million. Of the USD28 million (₱1.6 billion) raised in equity, a large portion will go toward strengthening the Bank's capital position over the coming quarters as it increases its authorized capital and grows its balance sheet to pursue consumer lending opportunities in the Philippines.

"In the first half of 2025, the Bank made significant strides in its transformation, driven by strategic investments in technology, talent, and governance. One key highlight was the launch of our market-leading 8.88% time deposit product, now available through the highly rated Salmon app, one of the top-rated finance apps in the Philippines with a 4.8 rating on both Google Play and the App Store. In the coming weeks, we expect to launch full online onboarding for new clients, making the account opening process seamless and user-friendly. Another milestone was the continued strengthening of our corporate governance, marked by the appointment of Atty. Juan De Zuñiga, Jr. as an independent director, following his long and distinguished career at the BSP. These accomplishments have been made possible through the support and capabilities brought by Salmon."

— Raffy Montemayor, Salmon Co-Founder and Chairman of the Bank
 

About Salmon Group Ltd
 

Salmon Group Ltd operates a BSP-regulated bank, the Rural Bank of Sta. Rosa (Laguna), Inc., and a SEC-licensed financing company, Sunprime Finance Inc., in the Philippines. Salmon is on a mission to build the best credit-led, technology-centric bank in Southeast Asia, with the Philippines as its first market. Founded in July 2022 by banking and technology veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon uses AI-enabled technology and a proprietary credit engine to offer consumer credit, providing differentiated simplicity, quality of service, and convenience to its customers.

Salmon's mobile application is rated 4.8/4.7 in the App Store/Google Play — one of the highest ratings for a financial services app in the Philippines. Among Salmon customers, 92% recommend its services to their friends and family.