AsemconnectVietnam - In Q3/2026, F88 recorded a pre-tax profit of VND401 billion, an increase of 42.1% compared to the same period last year. With growth from lending activities, insurance distribution, and improved operational efficiency, the management expects the full-year pre-tax profit to reach VND1,500 billion, exceeding the plan approved by the General Meeting of Shareholders by approximately 32%.

F88 Investment Joint Stock Company (stock code: F88) announced its business results for the third quarter and the first 9 months of 2026. For the first 9 months, total revenue reached VND4,349 billion, an increase of 54.2% compared to the same period last year; pre-tax profit reached VND1,087 billion, an increase of 80.1%, completing approximately 96% of the annual plan approved by the General Meeting of Shareholders. In the third quarter alone, revenue reached VND1,591 billion, an increase of 48%; pre-tax profit reached VND401 billion, an increase of 42.1%.
The return on equity (ROE) calculated on the basis of the last 12 months reached 35.1%.
Lending activities continued to be the main source of revenue, contributing nearly VND3,728 billion in revenue in the first nine months, a growth of 52.4% compared to the same period last year. As of September 30, 2026, the total net loan balance reached VND9,540 billion, an increase of 48.8% compared to the same period last year and 32.2% compared to the beginning of the year. This indicator includes loans disbursed by partner banks, where F88 provides collateral management services, receives service fees, and bears related credit risk.
F88's network has reached 1,000 transaction offices, fulfilling its initial annual target and expanding access to financial services for the general public. Along with network expansion, F88 focuses on developing new customers and maintaining relationships with existing ones. In the third quarter alone, F88 recorded approximately 95,500 new loan customers; the proportion of returning customers reached 68%. Attracting new customers helps expand business scale, while the continued loan demand from existing customers creates a regular source of transactions for the transaction office system.
Revenue growth outpacing operating costs continues to improve business efficiency. In the first nine months, operating costs increased by 24%, lower than the 54.2% increase in revenue. The cost-to-income ratio (CIR) decreased to 43%, 10.3 percentage points lower than the same period last year. The cost of capital, calculated on the basis of the most recent 12 months, was 13.3%, compared to 14.4% in the same period last year.
Along with expanding loan portfolios, F88 continues to implement credit risk control measures. The net write-off rate remains within controllable limits.
According to F88's policy, loans overdue for more than 90 days are written off from the balance sheet and continue to be monitored and recovered. In the first nine months, recovery from risk-managed loans reached VND289 billion, an increase of 9.1% compared to the same period.
“F88’s overarching philosophy is to balance portfolio growth with operational efficiency and risk costs. In the first nine months of the year, revenue growth, operational efficiency, and capital optimization supported profit results, while credit costs remained under pressure. We continue to adjust policies according to customer groups and geographical areas, monitor early risk indicators, and improve the quality of appraisal and debt recovery. These are tasks that need to be carried out continuously to ensure that scaling up creates sustainable efficiency,” according to F88.
Insurance growth along with customer network
The insurance distribution segment recorded revenue of nearly VND583 billion in the first nine months, an increase of 74.6% compared to the same period last year. This result adds an important revenue source alongside lending activities and creates a basis for F88 to continue developing financial services on its existing network.
Through its Green House (NNX) brand, F88 develops independent insurance distribution, expanding its reach to customers who do not need loans. The advantage of this model comes from its deep understanding of customers, accumulated business data, and the ability to provide direct support through its network of branches. Besides product distribution, NNX focuses on after-sales service and customer support during the claims process.
Along with its business results, F88 continues to supplement its lending activities. According to the nine-month update, the company successfully raised VND833.5 billion through public bonds and VND781.9 billion through a public offering of shares.
In the third quarter, the Board of Directors approved the implementation of foreign loans totaling USD50 million. Domestic and international funding sources, along with cooperation mechanisms with banks, give F88 more options regarding costs, terms, and capital structure to support growth.
Source: VITIC/Bao Tai chinh – Dau tu