VietCredit's Q4-2024 financial report said that this finance company only had 181 employees at the end of 2024, a reduction of more than 86% of its staff after just one year.
VietCredit is a financial company with charter capital of over 900 billion VND, headquartered in Hanoi - Photo: VietCredit
Many businesses have "strongly" cut staff in 2024, for example, Tin Viet Finance Joint Stock Company - VietCredit.
VietCredit's recently released Q4-2024 financial report shows that this finance company will have only 181 employees by the end of 2024, a decrease of 1,146 people, equivalent to a "cut" of more than 86% of its staff after one year.
VietCredit cuts staff amid unfavorable business situation. Revenue for the whole year 2024 according to the company's self-reported report reached 1,069 billion VND, down 20% compared to 2023.
Interest expenses and similar expenses will decrease from VND420 billion in Q4-2023 to VND312 billion in Q4-2024.
However, VietCredit's net interest income last year still decreased sharply, plus net loss from service activities and loss from trading investment securities also increased sharply.
As a result, VietCredit reported a loss after tax of VND152 billion - the highest loss ever. In 2023, the company still made a profit of more than VND19 billion.
VietCredit experienced the biggest loss since 2009 - Data: Financial statements
On the positive side, although the company reported a loss for the whole of 2024, it returned to profit in the fourth quarter alone. By the end of last year, VietCredit's total assets reached VND8,163 billion, up nearly 20% compared to the beginning of the year. Of which, outstanding loans to customers reached VND6,299 billion, up 36%.
According to VietCredit's leadership, in the fourth quarter of last year, the company launched loan products on platforms such as MOMO, Viettel Money, My Viettel... bringing credit sources to potential customers through 100% digitalization.
Accordingly, digital products contributed 22% to the company's total outstanding loans at the end of 2024.
The trend of cutting staff is not only in financial companies, many banks have also streamlined their apparatus in the past year.
Typically, Sacombank, the parent bank, reduced 354 employees after one year, leaving 17,058 people at the end of last year.
Taking a more "aggressive" approach in restructuring its apparatus, BIDV also reduced 1,107 employees at the parent bank. By the end of 2024, BIDV will have 26,069 people.
VIB is also one of the banks that has reduced its staff size by 476 people after one year, to 11,323 employees by December 31, 2024.
Similarly, ACB - the bank chaired by Mr. Tran Hung Huy - also cut 377 people in 2024 after recruiting heavily in 2023. ACB brought the total number of remaining employees at the end of 2024 to 12,847 people.
On the contrary, many credit institutions also increased the number of employees, such as MBBank recruiting 1,674 more people, VPBank recruiting 1,404 more employees...
Source: https://tuoitre.vn/trong-con-song-tinh-gian-mot-cong-ty-tai-chinh-cat-hon-nghin-nguoi-giam-gan-90-nhan-su-20250215110817478.htm
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