Vietnam's leading consumer finance firm F88 reverses losses with H1 net profit of $3.6 mln
F88 Business JSC (F88), a top consumer finance company in Vietnam, posted a net profit of VND89.05 billion ($3.61 million) in H1/2024, or VND486 million ($19,700) a day on average.
This was an improvement from a loss of VND368 billion ($14.92 million) in H1/2023 and VND528.85 billion in the whole of last year.

Data from the Hanoi Stock Exchange. Chart by The Investor/Quang Minh.
The turnover in its performance led to return on equity (ROE) of 6% in H1/2024, compared to a negative 30% in H1/2023, the company said in a regular filing to the Hanoi Stock Exchange.
As of June 30, the consumer finance major had an owner’s equity of VND1,520 billion ($64.75 million), down 4.34% year-on-year.
Its debt-to-equity ratio increased from 1.44x in June 2023 to 1.96x in June 2024, translating into liabilities of VND2,978 billion ($120.8 million). Of the amount, undue bonds were equivalent to 0.39x of its equity, or VND592 billion ($23.98 million), up from 0.14x a year earlier.

An F88 pawnshop. Photo courtesy of the company.
Established in 2013, F88 now has over 820 transaction offices nationwide, becoming the fastest-expanding personal consumer loan provider in Vietnam.
In 2017, Vietnam-focused asset management firm Mekong Capital invested in F88 and became a strategic partner in the latter.
In June, F88 said that Hanoi-based credit ratings agency FiinRatings upgraded its outlook to “stable” thanks to positive business results, diverse capital mobilization capabilities, and a significant reduction in bad debt ratio.
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