F88 Business Joint Stock Company, Vietnam’s leading pawnshop chain operator, has announced its highest-ever annual profit, reporting VND351 billion in after-tax profit for 2024—2.6 times higher than 2023.
F88 recorded VND3,347 billion in revenue in 2024, marking a 23.2% increase compared to the previous year. The fourth quarter alone contributed VND917 billion, up 18.8% year-on-year. Mortgage lending remained the primary revenue driver, accounting for over 88% of total earnings.
The company’s total loan disbursement last year reached over VND12,000 billion, an 8.5% increase from 2023, while outstanding loans rose 22.7% to VND4,585 billion.
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F88 attributed its strong profit growth to an optimized cost structure and higher revenue, leading to a 12.6% reduction in its cost-to-revenue ratio (CIR). This performance signals a major turnaround for the company following its VND545 billion loss in 2023.
By the end of 2024, F88 operated 868 transaction points nationwide, further solidifying its position as a key player in Vietnam’s consumer financial services sector. The company also expanded into insurance distribution by launching NNX Technology Joint Stock Company.
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Founded in 2013, F88 has rapidly grown into one of Vietnam’s largest consumer financial services providers, with a network spanning both urban and rural areas. Since 2017, Mekong Capital has been a strategic investor, playing a crucial role in F88’s expansion and financial success.
With record-breaking profits and continued expansion, F88 is positioning itself as a dominant force in Vietnam’s consumer finance sector, driving financial inclusion for millions across the country.
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