VietCredit’s Q4 2024 Financial Report: Positive Signs in Business and Digital Transformation
VietCredit, a leading financial company in Vietnam, recently released its Q4 2024 financial report, showcasing promising results in its business operations and digital transformation journey.
As of December 31, 2024, the company’s total assets reached VND 8,163 billion, an impressive 81% increase from the previous quarter’s VND 4,489 billion. This growth is primarily attributed to customer loan assets. Operating expenses amounted to VND 115 billion, a 14% increase from Q3 2024, but a significant 30% decrease from the same period last year due to the streamlining of traditional business models and operational structures as part of the company’s restructuring efforts.
Additionally, the company’s credit risk provisions decreased by 36% year-over-year, with a 6% reduction in customer loan risk provisions and a 23% decrease in investment securities risk provisions. The ratio of non-performing loans from existing old product balances has improved, while the ratio of non-performing loans from new digital product balances remains low, aligning with the company’s risk appetite.
Net interest income reached VND 203.2 billion, a 28% increase from the previous year and a 13% rise from the previous quarter. Interest income from other activities amounted to VND 141 billion, a significant 57% increase. VietCredit’s foreign exchange business also recorded a remarkable 135% profit growth.
Customer loan balances stood at nearly VND 6,300 billion as of December 31, 2024, reflecting a 36% growth compared to the previous year. VietCredit successfully expanded its credit reach to potential customers through digitization, partnering with major platforms such as Momo, Fiza (Zalo), and Viettel Money. As a result, digital products contributed 22% to the company’s total loan balances as of December 31, 2024.
VietCredit’s Q4 2024 performance demonstrated positive signs, with the company turning around from a loss of VND 36.5 billion in Q3 2024 to a profit of VND 69.6 billion in Q4 2024, representing a remarkable 290% increase. While this figure is a 55% decrease compared to the same period last year, it indicates that the company’s operations are heading in the right direction following its restructuring and digital transformation initiatives.
According to the company, 2024 was a year focused on digital transformation, infrastructure modernization, and talent quality enhancement. Notable achievements include the launch of the Tin Vay digital consumer lending service on multiple large platforms and the upgrade of the VietCredit application.
Looking ahead to 2025, VietCredit plans to further expand Tin Vay to cater to a broader range of individuals and small businesses, introducing Tin Vay Biz for self-employed and small-to-medium enterprises. Additionally, a new digital credit card product with advanced features is expected to be launched in 2025.
The achievements in Q4 2024 affirm that VietCredit is on the right track with its restructuring and business model innovation strategies, successfully expanding its customer base and enhancing its operational efficiency. Effective financial risk management and cost optimization have also played a significant role in improving profitability. As a result, VietCredit’s Q4 2024 financial report presents a promising outlook for the company’s future growth and development.
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