We propose a novel optical 1×2 power splitter based on an asymmetric ladder-shaped multimode interference (MMI) coupler in silicon-on-insulator (SOI) which has an ultra-compact size of 3.3 µm×2.4 µm. A trapezoid with a small region is removed from the bottom left corner of the MMI coupler to achieve variable splitting ratio. The comparison with the asymmetric rectangular 1×2 splitter is numerically analyzed. By carefully optimizing the width of input taper, the proposed splitter shows a low phase deviation for the two output ports while keeping both of a low-loss performance and feasible splitting ratio. The simulated results show that the splitter can operate with an insertion loss less than 0.67 dB, a large range of splitting ratio from 50:50 to 11:89 and an ultra-low phase deviation less than 2.8° among the C band spectra.