Vietnam's leading consumer finance firm F88 reverses losses with H1 net profit of $3.6 mln

By Quang Minh
Mon, September 9, 2024 | 4:15 pm GMT+7

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.

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.

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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