VietCredit attains full-year profit target in 9 months

Monday, Oct 31, 2022 17:27

VietCredit reports profit after-tax of VND84 billion in the first nine months, exceeding its full-year target. — Photo courtesy of the company

VietCredit Finance Joint Stock Company reported profit after-tax of VND42 billion (US$1.7 million) on revenues of VND466 billion ($18.7 milion) in the third quarter of the year, up 87 per cent and 13 per cent year-on-year.

That equalled the profit for the first half, taking total profits for the year to date to VND84 billion ($3.4 million) on revenues of VND1.4 trillion ($56.2 million), a year-on-year increase of 22 per cent and 16 per cent.

VietCredit has a profit target for this year of VND64.06 billion.

Its assets were worth VND6.4 trillion and lending to customers, VND 4.7 trillion.

The company said net interest income increased strongly thanks to expansion, responding quickly to developments in the market, focusing on risk management, adopting appropriate management methods, and optimising costs by embracing digital transformation.

It said it would continue to leverage technology to expand its eco-system of products, services and financial solutions and become a driver of profitability in the coming years.

VietCredit is the first finance company to issue domestic credit cards meeting Vietnam Chip Card Standards.

In the four years since its engagement in credit card business, it has issued more than 400,000 cards.

The company recently won the ‘Top 10 Excellent Brands in the Financial Services Industry’ award given away by the Vietnam Economic Times. — VNS

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