The company announced pre-tax profit of VNĐ304 billion (US$12 million) for the final quarter, up 47 per cent year-on-year. For the whole year, pre-tax profit reached VNĐ907 billion, more than doubling 2024’s figure and exceeding the annual plan by 35 per cent.
These results highlight F88’s rapid expansion in serving mass-market customers who remain underserved by traditional banking institutions.
As of December 31, outstanding customer loans totalled VNĐ7.2 trillion, up 57 per cent from the beginning of the year, reflecting rising demand and the company’s growing operational capacity.
Disbursements in the fourth quarter alone reached nearly VNĐ5 trillion, up 40 per cent year-on-year and marking the highest quarterly level since the firm’s establishment. Total disbursements for 2025 rose 37 per cent to VNĐ16.5 trillion.
Revenue growth also accelerated. Fourth-quarter revenue climbed 53 per cent to nearly VNĐ1.21 trillion. Lending activities remained the main driver, contributing VNĐ1.05 trillion, or 86.4 per cent of total revenue, up 51 per cent. Insurance services generated VNĐ149 billion, surging 62 per cent and accounting for 12.2 per cent.
This diversified income structure has helped the company reduce reliance on a single revenue stream, while improving overall resilience.
Alongside expansion, F88 maintained a focus on risk management and portfolio quality. The on-time repayment rate remained stable at around 84 per cent. Net write-offs in the fourth-quarter stood at 3.1 per cent of average outstanding loans, slightly higher than previous quarters due mainly to prolonged storms and flooding through November, which temporarily affected borrowers’ repayment ability in impacted regions.
Operating efficiency improved, with the cost-to-income ratio declining to 45.3 per cent from 48.7 per cent a year earlier.
The combination of stronger scale, tighter risk controls and cost optimisation underpinned the company’s record annual performance.
Customer growth was another key driver. Nearly 76,700 new borrowers were added during the quarter, up 26 per cent year-on-year. New contracts almost doubled to 269,000. The proportion of repeat customers increased significantly, with returning borrowers accounting for 67 per cent of contracts, compared to 58 per cent in the first quarter, indicating rising customer trust and satisfaction.
F88 continued to expand across three main channels: its nationwide transaction office network, partnerships and digital services via the My F88 application. The blend of technology and physical outlets has enabled the company to scale while maintaining control over operations.
By the end of the year, the firm operated 950 transaction stores nationwide, up 82 from the start of the year and exceeding its 2025 target.
Strategic partnerships also strengthened distribution. Cooperation with e-wallet provider MoMo now allows more than 30 million users to directly access F88’s secured lending services through the MoMo app. Meanwhile, collaboration with Military Bank (MB) has enabled F88 to operate a agent banking model at all transaction points, processing over 100,000 transactions for MB customers during the year.
F88 Chairman Phùng Anh Tuấn said the results reflected the company’s consistent strategy of balancing expansion with financial discipline.
“Our fourth-quarter and full-year performance demonstrates our commitment to sustainable growth, customer-centric services and prudent risk management,” Tuấn said.
“In 2026, we will continue selective expansion, improve portfolio quality, develop complementary financial services and deepen strategic partnerships to reinforce our leadership in Việt Nam’s alternative finance sector.”
Beyond its business performance, F88 also gained recognition for corporate governance and workplace standards. The company was named a Best Managed Company by Deloitte Private and ranked among the top 100 best places to work nationwide by Anphabe and the Việt Nam Chamber of Commerce and Industry.
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