F88 Continues to Surge in Q3/2025 Profits
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As of September 30, 2025, F88’s outstanding loan balance reached VND 6,413 billion, a robust 40% increase year-to-date. Disbursements in Q3/2025 alone totaled VND 4,339 billion, up 33% compared to Q3/2024 and surpassing Q2/2025 figures. This marks F88’s highest quarterly disbursement in the past three years. Cumulative disbursements for the first nine months of 2025 grew by 35% year-on-year, reaching VND 11,485 billion.
F88’s business expansion continued to yield remarkable results in Q3/2025, with total revenue nearing VND 1,075 billion, a 49% increase from the same period last year. Lending activities contributed VND 925 billion (86% of total revenue), while insurance services added VND 134 billion (12.5%), growing by 47% and 52% respectively compared to Q3/2024.
F88 also prioritized risk management and loan quality, maintaining an 85% on-time repayment rate. The net write-off ratio remained stable at 2.4% per month. Operational efficiency improved, with the cost-to-income ratio (CIR) dropping to 49% from 52.7% in Q3/2024.
These efforts culminated in a pre-tax profit of VND 282 billion in Q3/2025, doubling the previous year’s figure. For the first nine months, pre-tax profit reached VND 603 billion, equivalent to 90% of the annual target (VND 673 billion).
F88’s Q3/2025 growth was driven by an expanded customer base and peak business activity in the second half of the year. New borrowers totaled 70,700, and new contracts exceeded 246,700, up 16% and 82% respectively year-on-year. Repeat customer rates surged from 58% in Q1/2025 to 68% in Q3/2025, fueled by tailored product initiatives.
In Q3/2025, F88 launched its Revolving Credit Line product, offering pre-approved credit limits for customers to withdraw funds as needed, with interest charged only on the amount used. This product caters to those requiring frequent, small emergency loans.
F88’s expansion strategy focuses on three pillars: physical branches, partnerships, and digital channels via the My F88 app. By Q3/2025, the branch network grew to 896 locations nationwide, surpassing the 2025 target of 888 branches.
F88 has partnered with CIMB Bank Vietnam, MB Bank, MWG, and recently, ZaloPay. The My F88 app aims to shift transactions from offline to online, enhancing service flexibility and customer experience.
Reflecting on the year’s achievements, Mr. Phung Anh Tuan, Chairman and CEO of F88, stated: “We’ve invested heavily in technology to strengthen our foundation for future growth. Our new Revolving Credit Line product underscores our commitment to expanding financial access to underserved populations, promoting inclusive finance.”
“We anticipate Q4/2025 profits to mirror Q3/2025, driven by seasonal demand and strong consumer spending, positioning F88 to exceed our 2025 Annual General Meeting targets,” added Mr. Tuan.
Today, FinnRatings upgraded F88’s credit rating to “BBB” with a “Stable” outlook, up from “BBB-” with a “Positive” outlook.
FinnRatings attributed the upgrade to F88’s improved capital and liquidity position.
“F88’s capital and liquidity have significantly improved, supported by diversified funding sources, plans for a 2026 public bond issuance, and reduced average funding costs.”
FinnRatings also highlighted F88’s leadership in alternative lending, strong profitability, and asset quality.
– 11:46 20/10/2025
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