Services
After a challenging year, Tín Việt Finance Joint Stock Company (VietCredit – stock code: TIN) has announced its first quarter business results for 2024, reflecting the recovery of financial operations as well as long-term growth potential.
Accordingly, VietCredit’s net service revenue in Q1/2024 reached VND 64.3 billion, an increase of 26.4% compared to the same period last year. The company’s total assets as of the end of March 2024 were recorded at VND 6,317 billion. Of which, customer loans reached VND 4,151 billion. Pre-tax profit reached VND 8.8 billion, although it only reached 16.3% compared to the same period last year. However, this is the second consecutive quarter that the company has recorded a positive profit after a series of previous losses. This reflects positive signs in VietCredit’s business activities.
VietCredit added that in the near future, the company will continue to pursue intelligent risk management measures and strictly control costs. The company will also focus on developing target customers and increasing sales of key products with the best balance between factors: Profit margin – Approval rate – Sales performance of the sales team – Competition with competitors – Consistent with macroeconomic factors.
After the first 3 months of 2024, VietCredit recorded a pre-tax profit of VND 8.8 billion.
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In addition, the establishment of the DLC (Digital Lending Center) promises to be one of VietCredit’s major initiatives, leveraging digital technology advantages and responding flexibly to market fluctuations.
In 2024, VietCredit sets a target of credit granting balance of VND 5,183 billion and pre-tax profit is expected to reach VND 51 billion, respectively growing by 12.2% and 131.5% compared to the previous year. This reflects that the company is not only recovering but also expecting to achieve sustainable growth in the future.
To date, the continued recording of a positive profit and completing nearly 18% of the annual profit plan after only 3 months, not only lays a solid foundation for 2024 but also demonstrates optimism for a clear and growing financial future of VietCredit.
Through smart strategy adjustments and application of advanced technology, VietCredit is gradually demonstrating the right direction in a market that is still uncertain. Each step forward of the enterprise is not only assessed through financial reports but also through a long-term commitment towards a broader vision. That is, a commitment emphasizing transparency, aiming for sustainable development, continuing to be a reliable partner and a leading choice for customers.
About VietCredit
With 15 years of business and development, Tín Việt Finance Joint Stock Company (VietCredit) is constantly growing, expanding consumer finance business for individual customers in the Vietnamese market.
Currently, VietCredit is a pioneering finance company providing domestic credit cards – one of the optimal solutions in the current consumer finance market. Up to now, VietCredit holds 50% of the domestic credit card market share in Vietnam, serving about 500,000 customers nationwide.
In December 2021, VietCredit became a listed company on the UPCOM exchange with the stock code “TIN”, marking a new development step of the company.
During its operation, VietCredit has achieved many prestigious awards:
For three consecutive years, VietCredit has been recognized as “Asia’s Best Workplace 2021 – 2023”
- TOP 10 FAST500 rankings – TOP 500 Fastest Growing Enterprises in Vietnam for two consecutive years 2021 – 2022;
- TOP 500 Largest Enterprises in Vietnam 2021 – 2023 (VNR500) announced by Vietnam Report;
- TOP 10 leading brands organized by the Vietnam Business Information and Communication Center in coordination with the Institute of Business Culture;
- TOP 10 Strong Brands – Financial Services Sector organized by Vietnam Economic Times Magazine;
- Domestic Credit Card in Vietnam Award presented by The Asian Banker – a leading magazine in the field of Finance – Banking established in 1996;
- The title “Typical Unit in Credit Information Reporting Activities in 2023” presented by the National Credit Information Center of Vietnam (CIC).
