At the end of the first half of 2025, F88 recorded total revenue of VND 1,744 billion, up 30% over the previous year. Of which, the mortgage lending segment brought in VND 1,521 billion, growth of 28%, revenue from insurance business and other sources reached VND 199.19.6 billion and VND 6 billion, respectively, up 45% and 360% over the same period thanks to expanded product coverage and effective cross-selling ratio.
The growth in revenue is largely due to efforts to accelerate disbursement, increase outstanding debt, and resonate with the company's maintaining discipline and effective risk management. Specifically, the disbursement value in the second quarter of 2025 reached VND 3,862 billion, up 47.4% over the same period in 2024. This is the highest disbursement increase of the company in the past 3 years. Total outstanding principal balance as of June 30, 2025 reached VND 5,543 billion, up 45.1%. Of which, approximately 80% of this total outstanding debt is generated by F88's direct business activities. The rest was created through a partnership between F88 and a third party. Although the proportion of outstanding loans from third-party combinations is still low, it has increased by 50% over the same period, showing great growth potential from strategic partnerships with large partners.
Contributing to the above "breakthrough" growth are also efforts to expand the network and attract customers. In the past six months, the company has opened 20 more points of sale, bringing the total number of stores to 888. In the second quarter, customer growth also recorded many positive results such as the new customer index and the number of new loan contracts increased by 19.5% and 76.2% respectively compared to the same period last year while the rate of returning customers out of total customers reached 50%.
In particular, the My F88 mobile application has supported the shift of the number of loan contracts from "offline" to "online" with a rate of 5% in the first quarter of 2025 to 23% in the second quarter of 2025. This growth shows the trend of prioritizing payment transactions, loans, contract extensions... of customers on online platforms. Stable operation of My F88 - the first and only mobile application in Vietnam for customers who do not meet the standards for borrowing from credit institutions - not only helps the company improve the customer experience but also promotes a new sales channel for customers returning on a potential online platform.
Another bright spot for F88's activities in recent times is good risk control. In the second quarter, the Net write-off on average outstanding loans was recorded at 2.35%, down 0.62% over the same period. The lower this ratio, the lower F88's bad debt level and the better the quality of the lending portfolio, the better the ability to control risks. This is more clearly reflected in the debt-to- balance ratio being maintained at a low level, reaching 2.6%, down 0.67% over the same period. At the same time, the on-term payment rate of customers increased by 2.09% over the same period, reaching 85.64%.
From all of the above breakthroughs, it brought in VND189 billion in pre-tax profit in the second quarter of 2025, bringing the total pre-tax profit in the first half of the year to VND321 billion, up 213% over the first 6 months of 2024. The results in the first two quarters of the year are a testament to the controlled growth strategy that our company is pursuing. With the platform being gradually consolidated, from technology, products to operations, F88 is confident to enter the next development stage: Listing stocks on UPCOM, Mr. Phung Anh Tuan, Chairman of the Board of Directors of F88, shared.
In the second quarter of 2025, F88 also received many awards from prestigious international organizations such as a trio of awards presented by Asian Banking and Finance (Singapore) magazine, including: Mobile App of the Year award (Mobile App of the Year - Vietnam 2025) for the My F88 application; Sustainability Initiative of the Year award (Sustainability Initiative of the Year - Vietnam 2025) and Social Initiative of the Year (External Social Initiative of the Year - Vietnam 2025) for the program to support disadvantaged women to start a business called Green Dream. In particular, F88 also received the Gold Certificate for Customer Protection from the international organization M-CRIL. The above findings are also F88's way of concretizing its sustainable development commitments.
