(Dan Tri) - By the end of 2024, VietCredit's number of employees will be 181, down 1,146 from the previous year. The company faces a record loss of VND152 billion as many business segments plummet.
According to the financial report for the fourth quarter of 2024, Tin Viet Finance Joint Stock Company (VietCredit, stock code: TIN) reported a loss after tax in 2024 of VND 152 billion - a record loss, while in 2023 the company still made a profit of more than VND 19 billion.
VietCredit's total interest income decreased by 20%, from VND1,339 billion to VND1,069 billion. Service income also decreased sharply by 42%, from VND81 billion to VND47 billion, while service costs increased by 77%, from VND30 billion to VND53 billion, causing this segment to lose VND12 billion.
Securities investment activities showed more positive signs when bringing in a profit of 48 billion VND, a significant improvement compared to the loss of 8 billion VND in 2023. However, this is still not enough to help VietCredit improve its overall business results.
Due to the decline in business, the company has cut operating expenses over the past year. Total operating expenses in 2024 decreased by 19% to VND466 billion. In addition, VietCredit also reduced its provision by more than VND708 billion, equivalent to a decrease of 14% compared to the previous year.
Outstanding customer loans at the end of 2024 reached nearly VND 6,300 billion, up 36% over the same period last year. According to VietCredit's explanation, the reason is that the company has expanded its lending products through digital platforms such as MoMo, Viettel Money, My Viettel... As of the end of the fourth quarter of 2024, digital products contributed 22% of the company's total outstanding loans.
The company has had major changes in personnel over the past year. According to the report, the number of employees at the end of last year was only 181, a decrease of 1,146 people, equivalent to a decrease of more than 86% compared to the previous year.
VietCredit recorded a record loss of VND152 billion (Photo: VietCredit).
Regarding the wave of staff cuts, not only VietCredit, but also many large banks and enterprises have similar developments. Specifically, BIDV has the largest reduction, at 1,000 people, VIB has a reduction of 517 people, Sacombank has a reduction of 426 people, ACB has a reduction of 365 people.
In the securities industry, many companies also reduced the number of employees such as VNDirect Securities reduced 97 people, SSI Securities reduced 84 people, KB Securities reduced 46 people in the past year. However, the rate of reduction in this industry is still small, the largest enterprise is only about 10% compared to the total number of employees.
Mobile World Investment Corporation has seen strong fluctuations in the number of employees in recent years amid slowing retail consumption and business restructuring. By the end of 2024, the company had reduced its workforce by 1,754 employees compared to the end of the previous year, a decrease of nearly 3%, to 63,660 people.
In the technology industry, VNG Corporation reduced its workforce by 265 people last year, leaving it with 3,324 employees as of December 31, 2024.
VietCredit, formerly known as Cement Finance Joint Stock Company, is a credit institution providing financial services in the domestic credit card market share - one of the solutions in the current consumer finance market. VietCredit became a listed company on UPCoM from December 2021.
Source: https://dantri.com.vn/kinh-doanh/vietcredit-lo-ky-luc-152-ty-dong-manh-tay-cat-giam-85-nhan-su-20250217152212037.htm
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