In the hands of Thai people, a financial company reported "huge" profits that increased 3 times

Home Credit Vietnam Finance Company Limited has just announced its audited financial report for 2024 to the Hanoi Stock Exchange (HNX).

The report shows that the company's total outstanding credit balance in 2024 increased by 12.4% compared to the previous year thanks to the promotion of lending to individual customers.

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The bad debt ratio will decrease sharply to 1.76% by the end of 2024, from 2.49% in 2023 and much lower than the average of financial companies.

Notably, Home Credit Vietnam recorded a profit after tax of VND 1,290 billion, 3.5 times higher than in 2023 (VND 375 billion), just after 1 year of being acquired by Thai people.

The company said the results came from the effectiveness of its flexible business strategy and risk management capabilities. The positive profits also reflected the picture of the consumer finance market recovering after the difficult period of the COVID-19 pandemic.

Home Credit Vietnam is a financial company serving more than 16 million customers after 17 years of operation in the Vietnamese market.

In February 2024, Home Credit Group announced the transfer of 100% of its capital contribution in Home Credit Vietnam to The Siam Commercial Bank Public Company Limited (SCB) of Thailand. The transfer agreement was worth approximately 800 million Euros at the time of announcement.

SCB is the oldest bank in Thailand and the 4th largest bank in terms of total assets in the country, providing a wide range of financial services. SCB is a subsidiary of SCBX Public Company Limited (SCBX) - one of the leading financial technology groups in Thailand.

Currently, Home Credit Vietnam is still one of the leading companies in the consumer finance sector in Vietnam, holding the second largest market share accounting for about 14% of the total market value. The company has about 6,000 employees and is serving more than 15 million customers nationwide.

Source: https://nld.com.vn/ve-tay-nguoi-thai-mot-cong-ty-tai-chinh-bao-lai-khung-gap-3-lan-196250401141826959.htm