F88's profit increased by nearly 220% before IPO

F88, the largest mortgage lending company in Vietnam, has just announced "breakthrough" business results in the second quarter of 2025, with a growth rate of 38% for revenue and pre-tax profit of nearly 220% compared to the same period last year.

At the end of the first half of 2025, F88 recorded a total revenue of VND 1,744 billion, an increase of 30% compared to the previous year. Of which, the mortgage lending segment brought in VND 1,521 billion, a growth of 28%, revenue from insurance business and other sources reached VND 199.6 billion and VND 6 billion, respectively, an increase of 45% and 360% over the same period thanks to expanded product coverage and effective cross-selling rates.

F88 records outstanding business results before listing on UpCOM

The revenue growth is largely due to the company's efforts to boost disbursement, increase the size of outstanding loans, and maintain discipline and effective risk management. Specifically, the disbursement value in the second quarter of 2025 reached VND 3,862 billion, an increase of 47.4% over the same period in 2024. This is the company's highest disbursement increase in the past 3 years.

The total outstanding principal as of June 30, 2025 reached VND 5,543 billion, an increase of 45.1%. Of which, approximately 80% of this total outstanding debt was generated by F88's direct business activities. The remainder was generated through cooperation between F88 and third parties. Although the proportion of outstanding debt from the combination with third parties is still low, it has increased by 50% over the same period, showing great growth potential from strategic handshakes with major partners.

Contributing to the above “breakthrough” growth are also efforts to expand the network and attract customers. In the past six months, the company has opened 20 more points of sale, bringing the total number of stores to 888. In the second quarter, customer growth also recorded many positive results such as the new customer index and the number of new loan contracts increased by 19.5% and 76.2% respectively compared to the same period last year while the rate of returning customers to the total customer base reached 50%.

In particular, the My F88 mobile application has supported the shift of loan contracts from "offline" to "online" with a rate of 5% in the first quarter of 2025 to 23% in the second quarter of 2025. This growth shows the trend of customers prioritizing payment transactions, re-borrowing, contract renewal... on the online platform. The stable operation of My F88 - the first and only mobile application in Vietnam for customers who do not meet the criteria to borrow from credit institutions - not only helps the company improve the customer experience but also promotes a new sales channel for returning customers on the potential online platform.

Another bright spot in F88's recent operations is good risk control. In the second quarter, the ratio of off-balance sheet debt (Net Write-off) to total average debt was recorded at 2.35%, down 0.62% over the same period. The lower this ratio, the lower F88's bad debt level and the quality of its loan portfolio and risk control ability are increasingly improved. This is more clearly reflected in the debt group slippage rate being maintained at a low level, reaching 2.6%, down 0.67% over the same period. At the same time, the customer's on-time payment rate has increased by 2.09% over the same period, reaching 85.64%.

All of the above breakthroughs brought in VND 189 billion in pre-tax profit in the second quarter of 2025, bringing the total pre-tax profit in the first half of the year to VND 321 billion, an increase of 213% compared to the first 6 months of 2024.

“The results in the first two quarters of the year are a testament to the controlled growth strategy that our company is pursuing. With the foundation being consolidated step by step, from technology, products to operations, F88 confidently enters the next stage of development: Listing shares on UPCOM,” said Mr. Phung Anh Tuan, Chairman of the Board of Directors of F88.

In the second quarter of 2025, F88 also received many awards from prestigious international organizations such as the three awards presented by Asian Banking and Finance magazine (Singapore), including: Mobile App of the Year (Vietnam 2025) for the My F88 application; Sustainability Initiative of the Year (Vietnam 2025) and External Social Initiative of the Year (Vietnam 2025) for the program supporting disadvantaged women to start a business called Green Dream. In particular, F88 also received the Gold Certificate for Customer Protection from the international organization M-CRIL. The above recognitions are also how F88 concretizes its commitments to sustainable development.

Source: https://baodautu.vn/loi-nhuan-f88-tang-gan-220-truoc-them-ipo-d344782.html