Profitable for two consecutive quarters, Mirae Asset Finance returns to growth momentum

Mirae Asset Finance announced its 2024 Financial Report, with positive business results - Photo: DNCC

Significantly improve business results

In the first 6 months of 2024, the company tightened credit and focused on handling remaining difficulties from 2023.

Credit quality has gradually improved, the company has re-promoted credit growth, focusing on developing disbursement in low-risk products such as secured loans (cars), installment consumer loans (buying phones, electronics, motorbikes), and financial support for SME partners.

The company especially promotes market expansion strategy, strengthens cooperation with leading retail systems such as Mobile World, FPT, CellphoneS..., increasing the total number of service introduction points to more than 23,000 nationwide.

Accordingly, the growth rate of the installment consumer lending channel reached an impressive level, increasing 2.3 times from VND 2,600 billion in 2023 to VND 6,200 billion in 2024.

With strict risk management, asset quality has been significantly improved. Indicators such as bad debt ratio and early debt ratio have all improved. Accordingly, although the credit growth rate in 2024 is 10.5%, provisioning costs have decreased by 23.1%.

In parallel with maintaining credit growth at the level allowed by the State Bank, the company also optimizes costs through restructuring, promoting digital transformation and optimizing labor productivity of each employee. As a result, the CIR (Cost to income ratio) in 2024 will be at 31.1%, down 2.6% compared to the end of 2023.

In the fourth quarter of 2024 alone, the company earned more than 173 billion VND, more than 4 times higher than the same period in 2023. Mirae Asset Finance still maintained its growth rate when reporting profits for two consecutive quarters and the following quarter achieved higher profits than the previous quarter.

Thanks to efforts in optimizing business operations, the company recorded many positive figures in its 2024 financial report, although the company's 2024 after-tax profit still recorded a loss of VND 159.3 billion.

Sustainable development, market expansion

With the clear recovery momentum of Vietnam's consumer finance market in 2024, 2025 is forecast to continue to flourish thanks to the improvement of the macro economy and increased consumer demand.

In 2025, with the system-wide credit growth target of about 16% set by the State Bank and the real GDP growth forecast of 6.8% from the World Bank, the consumer finance market is expected to make a strong breakthrough.

With these positive signals, the company will continue to pursue a sustainable development strategy, expanding the market in potential new product segments such as secured loans (cars) and installment consumer loans (motorbikes).

The company will also boost credit to customers with good credit histories, while optimizing application processing and cooperating with partners.

At the same time, the company will focus on improving labor productivity, streamlining the management apparatus, optimizing operating costs to improve operational efficiency and competitive position in the market.

With positive results in the 2024 financial report, positive signals from the market and the company's sustainable strategy, Mirae Asset Finance is expected to continue its strong growth momentum, opening up opportunities for breakthroughs in 2025.

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Source: https://tuoitre.vn/lai-trong-hai-quy-lien-tiep-tai-chinh-mirae-asset-tro-lai-da-tang-truong-2025032906275052.htm