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As of December 31, 2024, VietCredit's total assets reached VND8,163 billion, up 81% from VND4,489 billion at the end of the third quarter, mostly from the customer loan portfolio. Operating expenses were VND115 billion, up 14% compared to the third quarter of 2024, but down nearly 30% year-on-year thanks to restructuring, process improvement and changes to the traditional business model.

The company has also significantly reduced its risk provision fund, showing that the bad debt ratio from old products has improved and the bad debt ratio from new digital products remains low, in line with its risk management strategy. Specifically, the credit risk provision fund decreased by 36% compared to the same period last year, the risk provision for customer loans decreased by 6%, and the risk provision for investment securities decreased by 23%.

Net interest income reached VND203.2 billion, up 28% year-on-year and 13% quarter-on-quarter. Net income from other activities reached VND141 billion, up 57%. Notably, VietCredit's foreign exchange business also recorded a profit growth of 135%.

Outstanding customer loans reached nearly VND 6,300 billion as of December 31, 2024, up 36% over the same period last year. VietCredit has successfully reached potential customers through digitalization, cooperating with major platforms such as MoMo, Fiza (Zalo), Viettel Money, contributing 22% to the company's total outstanding loans.

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Tin Vay - online consumer loan service on Fiza (Zalo)

VietCredit's after-tax profit decreased by 55% compared to the same period last year, but compared to the third quarter of 2024 when the company lost 36.5 billion VND, this profit increased by 290% to 69.6 billion VND. This proves the positive change after restructuring and digital transformation efforts.

VietCredit representative shared that over the past year, the company has focused all its efforts on digital transformation, modernizing infrastructure and improving the quality of its human resources. In particular, the online consumer loan service Tin Vay has been launched on many major platforms, upgrading the VietCredit application.

In 2025, the company will continue to expand the customer base for the Tin Vay service and launch Tin Vay Biz for business households and small and medium enterprises. In addition, a new digital credit card product integrating many modern features is expected to be deployed in 2025.

According to VietCredit, the results achieved in the fourth quarter of 2024 show that the company is on the right track in restructuring, innovating its operating model, expanding its customer base and improving business efficiency. Effective financial risk management and cost optimization have contributed to improving profits, while demonstrating strong growth potential in the coming year.

Minh Hoa