Power Finance Joint Stock Company (HOSE, stock code: EVF) has just announced its business results for the fourth quarter of 2024, in which the accumulated pre-tax profit in 2024 exceeded the plan assigned by the General Meeting of Shareholders by 20% and increased dramatically by 72% compared to 2023.
Power Finance Joint Stock Company (HOSE, stock code: EVF) has just announced its business results for the fourth quarter of 2024, in which the accumulated pre-tax profit in 2024 exceeded the plan assigned by the General Meeting of Shareholders by 20% and increased dramatically by 72% compared to 2023.
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According to the financial report for the fourth quarter of 2024, EVNFinance's total assets reached VND 59,598 billion, an increase of 21% compared to 2023 and exceeding the annual plan target by 9%. Total outstanding loans to customers reached VND 46,802.9 billion, an increase of nearly VND 13,250 billion compared to 2023.
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About business
According to the Performance Report, EVNFinance's pre-tax profit in the fourth quarter reached more than VND 166 billion, and the cumulative profit for the four quarters of 2024 reached VND 703.7 billion. Net interest income doubled in 2023, reaching VND 1,444 billion, compared to VND 709 billion in 2023. This result was achieved thanks to interest income and similar income reaching VND 4,276.7 billion, an increase of VND 283 billion compared to 2023, while interest expense and similar expenses decreased sharply, VND 452 billion - a result of EVNFinance controlling and optimizing interest expense.
Service activities have changed more positively compared to 2023, with revenue of nearly 75 billion VND, an increase of 40% compared to last year. In 2024, EVNFinance implemented securities trading activities, contributing a profit of 15 billion VND. Although foreign exchange trading activities have not yet made a profit, with a loss of 43.1 billion VND, the loss has been halved compared to 2023. Net profit from business activities before credit risk provisioning expenses reached 1,349 billion VND, an increase of 552 billion VND compared to 2023.
However, due to unfavorable developments in the stock market, investment securities trading activities did not meet expectations, with a loss of VND 49.7 billion compared to a profit of VND 315.7 billion compared to the previous year.
Building an optimal capital structure
By the end of 2023, EVNFinance had completed increasing its charter capital to over VND 7,000 billion, enhancing its financial potential to develop its business activities. Along with that, in 2024, EVNFinance built a safe and sustainable capital structure with the proportion of capital mobilization from market 1 and valuable papers accounting for 76% of total capital mobilization. In total mobilization, EVNFinance had growth in all channels, of which deposits from economic organizations increased impressively, to over VND 10,000 billion, more than 3 times higher than at the end of 2023.
Expanding relations with domestic and foreign partners
According to information from EVNFinance, in 2024, EVNFinance will continue to expand its domestic and foreign customer base, especially successfully approaching and mobilizing capital from many foreign financial institutions, increasing the number of foreign financial institutions/funds with transaction relationships by the end of 2024 to 20 Funds/Organizations, with a total balance of capital mobilized from these channels of nearly VND 5,300 billion. This affirms the position and reputation of EVNFinance in the assessment of international organizations.
Maintain B2 credit rating and EVNFinance brand mark
2024 is the fourth consecutive year that EVNFinance has been rated by Moody's credit rating agency at B2 - a stable outlook, reflecting good financial capacity, business capacity and profitability. Also in 2024, EVNFinance is the only representative of the financial company industry group to be honored in the "Top 25 Leading Brands in Vietnam in 2024" with a brand value of 20.7 million USD. This is a prestigious Award category, independently and objectively assessed by Forbes Vietnam Magazine. At the same time, EVNFinance was ranked by Vietnam Report as "Top 05 Prestigious Companies in the Finance Industry" and received a Gold Certificate for customer protection.
With impressive business results in 2024 and continuously receiving prestigious awards and certificates, it has contributed to raising the reputation of the EVNFinance brand in the financial market and is the basis for investors to be interested in EVF shares in the stock market.
Source: https://baodautu.vn/loi-nhuan-nam-2024-cua-evnfinance-vuot-20-ke-hoach-d241541.html
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