Tonik lowers loan growth forecast, hits cash flow breakeven in Q1

In 2024, Philippine digital bank Tonik laid out a goal to grow its loan book to over 5 billion pesos (US$82.8 million) by the end of 2025. Its balance sheet filed with the Philippine central bank (BSP) shows that it surpassed this goal.

Photo credit: Tonik

As of December 2025, Tonik’s gross loan portfolio stood at about US$110 million, up from US$65.3 million in the prior quarter.

Tonik founder and CEO Greg Krasnov tells Tech in Asia that its decision to prioritize loan growth over user acquisition led to the bank reaching cash flow breakeven in the first quarter of 2026.

As a digital bank without the backing of conglomerates, Tonik has had to build independent distribution channels from scratch, Krasnov notes.

Still, in February and March, the company generated positive cash net income after all costs, including the cost of risk – a non-GAAP metric.

According to the audited financial statement of Tonik Financial Pte. Ltd., the firm’s holding company in Singapore, net interest income landed at US$31.4 million at the end of last year, up from US$18.2 million in 2024.

Meanwhile, its loss before tax decreased to US$18.1 million in 2025.

The BSP noted in March that digital banks in the Philippines have seen a slower path to solid bottom-line results due to high upfront spending on tech, infrastructure, and customer acquisition. However, it added that the struggle to generate profits can also be attributed to banks being in their growth stages rather than operational weakness.

Of the country’s six licensed digital banks, only a few are in the black: PLDT unit Maya Bank and state-owned Overseas Filipino Bank have both achieved net profitability.

Meanwhile, Gokongwei-backed GoTyme Bank looks to hit profitability next year. But this push comes amid tighter macroeconomic conditions, with domestic inflation continuing to climb.

Credit over payments

Tonik closed off 2025 with a loan-to-deposit ratio of about 87%. Comparatively, Maya Bank’s ratio stood at around 52.1% for the period, while GoTyme’s sat at 26.5%.

Tonik’s focus on scaling lending over accumulating deposits is unconventional, Krasnov points out.

By focusing on credit, Tonik generates an average revenue per user of about 20x higher than a bank focused on savings and payments, he says. Lending now accounts for 99% of the company’s annualized revenue run rate, which exceeded US$60 million as of April this year.

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