Year-end consumption increases sharply, F88 expects profit to exceed 27%

The end of the year is always the "golden season" for the consumer finance industry thanks to the increased demand to serve the holidays. This is the driving force and important basis for F88 to grow positively, possibly exceeding the yearly plan by 27%.

Reached 90% of plan after 9 months, building a solid growth foundation

As a "newbie" going public in 2025, F88 has built a strong growth plan, based on three main pillars: expanding sales channels, diversifying products and services, and investing in technology.

The company is focusing on expanding its sales channels on all "fronts", from "offline" with 930 stores nationwide to "online" through the My F88 application or cooperating with partners such as CIMB Bank Vietnam, Military Commercial Joint Stock Bank, Mobile World , and cooperating on digital platforms with ZaloPay.

The differentiated product portfolio is also a competitive advantage of F88. Based on the main loan packages such as motorbike, car, electric vehicle registration, the company focuses on developing service products, creating revolving loan packages with the highlight of pre-granting loan limits based on the value of collateral so that customers can proactively withdraw money when needed.

Right from the early stages of its establishment, F88 focused on investing in technology and digitizing operational processes to help improve customer experience, optimize operating costs and expand the financial ecosystem.

The above three pillars are the key factors helping F88 expand its market share sustainably. In the third quarter of 2025 alone, the number of new borrowers reached nearly 70,700 customers, an increase of 26%, and the number of newly opened contracts was more than 246,700, an increase of 94% over the same period last year.

*Chart of growth in outstanding loans and pre-tax profits of F88 from Q1/2024 to Q3/2025.*

With these solid foundations, F88 recorded impressive growth in the first 9 months of 2025, in which outstanding customer loans were at VND 6,413 billion, up 40% compared to the beginning of the year. The cumulative disbursement value in the first 9 months also increased sharply by 35% over the same period, reaching VND 11,767 billion. The company brought in total revenue of approximately VND 2,820 billion, up 37% over the same period. At the same time, pre-tax profit also increased impressively by 149% to VND 603 billion, far exceeding the results achieved in 2024 by nearly VND 450 billion and equivalent to 90% of the yearly plan.

The company representative said that the strong driving factor for F88's breakthrough growth results in the third quarter of 2025 is based on increasing and expanding the customer base, especially the peak business cycle in the second half of the year.

Accelerating year-end credit demand: Room for F88 from consumer growth

According to analysts and the assessment of the management board at some banks, credit is likely to accelerate in the fourth quarter thanks to the momentum from the peak seasonal demand at the end of the year and the development prospects from the favorable macro context. From there, the consumer finance sector can make a breakthrough along with the GDP growth target of over 8% this year and the Government 's consumption stimulus policy.

In particular, domestic consumption recovered steadily as people's purchasing power improved and workers' income increased (reaching VND 8.3 million/month in the first 9 months of the year, up 10% over the same period last year). As of October 2025, total retail sales of goods and consumer service revenue increased by 9.3% (in the same period, up 8.8%). While the Government's target for total retail sales of goods and consumer service revenue for the whole year of 2025 is to increase by 12% compared to 2024.

Since the beginning of the fourth quarter and especially in the past few weeks, a series of banks have been moving to increase deposit interest rates to meet the credit demand that tends to increase sharply towards the end of the year. These are positive and promising signals for consumer credit at the end of 2025.

With F88, following the same trend, the seasonal factor in the peak business cycle in the second half of the year also helped to promote impressive growth momentum. The company said it will continue to attract customers thanks to loan product packages that meet high seasonal demand, optimize digital channel experiences and improve risk models for new products. The company expects to continue to make breakthroughs in business results with the expectation of exceeding the plan set at the 2025 Annual General Meeting of Shareholders.

In particular, pre-tax profit is still guaranteed to reach and is expected to exceed the annual plan by 27%. If these results are achieved, F88's ROE ratio will increase sharply from 22.6% (in 2024) to 31.2%, with P/E and PEG valuation ratios of 12.9x and 0.14x, respectively.

In November 2025, F88 was approved by the State Securities Commission for its public bond offering. Together with FiinRatings upgrading its credit rating from “BBB-” to “BBB” with a “Stable” outlook, these steps demonstrate the company’s credibility. At the same time, it expands the ability to improve capital and liquidity through diversifying funding channels, optimizing capital costs, and consolidating F88’s leading position in the alternative lending sector.

Comment (0)