In its recently released consolidated financial report, F88 announced that first quarter revenue reached 1,310 billion dong, an increase of nearly 60% year-on-year. Lending activities remained the primary growth engine, accounting for 87% of total revenue. Disbursement value rose by 58,6%, leading to net outstanding loans reaching 7,897 billion dong, up 62,3% compared to the previous year.
Profit margins improved due to better control of operating costs. The cost-to-income ratio (CIR) decreased from 56,2% to 45,3%, reflecting efficiency gains from digitization and system optimization. Concurrently, the cost of capital held steady at 14,1%, partially offsetting the impact of rising interest rates during the first quarter.
During the company's first quarter earnings call with investors on the afternoon of 24/4, management noted the macro environment's positive growth, with first quarter GDP up 7,8%. However, financial pressures rose as deposit interest rates approached 8% by late March. The USD/VND exchange rate, at around 26,400 dong, further increased hedging costs by 4-5%.
F88 has set an ambitious consolidated pre-tax profit target of approximately 1,133 billion dong for 2026, representing a 25% increase over the previous year and its highest target to date. In 2025, the company reported a pre-tax profit of 907 billion dong, more than double the previous period and surpassing its plan by 35%.
In addition to its strong financial performance, F88 approved a plan to increase its charter capital by an additional 1,365 billion dong. This plan involves: issuing shares to existing shareholders at a 1:1 ratio, offering more than 22 million shares to the public, and issuing over 4,4 million employee stock ownership plan (ESOP) shares. If completed, the charter capital will rise from over 1,101 billion dong to approximately 2,467 billion dong, creating capacity for expanding lending operations and technology investments.
The company's implementation roadmap projects the stock split to be completed in June, with new shares expected to begin trading around August. F88 also aims to list on the Ho Chi Minh City Stock Exchange (HOSE) in the second half of 2026, pending approval from the State Securities Commission. This move would transition F88 to a market with higher standards for transparency and governance.
Thi Ha
