F88 9M 2026 Earnings: Pre-Tax Profit VND 1,087B, Up 80.1%

Overview

F88 (UPCOM: F88) reported nine-month 2026 revenue of VND 4,349 billion, up 54.2% year on year, and pre-tax profit of VND 1,087 billion, up 80.1%, according to the company’s Q3 and 9M 2026 business results release. The result equals roughly 96% of the full-year plan approved by the Annual General Meeting of Shareholders. Management now expects full-year pre-tax profit of VND 1,500 billion, about 32% above the AGM target.

Key Facts

• 9M 2026 revenue: VND 4,349 billion, +54.2% year on year.
• 9M 2026 pre-tax profit: VND 1,087 billion, +80.1% year on year, equal to about 96% of the annual plan.
• Q3 2026 revenue: VND 1,591 billion (+48%); Q3 pre-tax profit: VND 401 billion (+42.1%).
• Full-year 2026 pre-tax profit guidance: VND 1,500 billion, roughly 32% above the AGM-approved target.
• Trailing 12-month ROE: 35.1%; cost-to-income ratio fell to 43%, down 10.3 percentage points year on year.
• Net loan balance at 30 September 2026: VND 9,540 billion, +48.8% year on year and +32.2% year to date.
• Network reached 1,000 transaction offices; Q3 new borrowers about 95,500, with returning customers at 68% of the mix.

What Happened

Công ty Cổ phần Đầu tư F88 published its third-quarter and nine-month 2026 results, disclosing revenue of VND 4,349 billion and pre-tax profit of VND 1,087 billion for the nine months to 30 September 2026. Lending remained the core revenue engine, contributing nearly VND 3,728 billion, up 52.4% year on year. Net loan balance reached VND 9,540 billion at the end of September, up 48.8% year on year and 32.2% since the start of the year. That balance includes loans disbursed by partner banks, for which F88 provides collateral management services, earns service fees and carries the related credit risk.

Operating leverage improved as revenue growth outpaced cost growth. Operating expenses rose 24% over the nine months, well below the 54.2% revenue increase, cutting the cost-to-income ratio to 43% from 53.3% a year earlier. Cost of capital on a trailing 12-month basis eased to 13.3% from 14.4%. Management said the consistent approach is to balance portfolio growth with operating efficiency and risk cost, noting that credit costs remain under pressure. Recovery from previously written-off debt reached VND 289 billion, up 9.1% year on year, while loans more than 90 days overdue are written off from the on-balance-sheet portfolio and tracked for collection.

Market Context

F88 trades on UPCOM, Vietnam’s unlisted public company market, and closed at VND 52,400 on 13 October 2026. The company sits in the Financial Services sector, where consumer and near-prime lenders have been growing faster than the broader market as bank credit quotas and risk appetite shape access to capital for lower-income borrowers. F88’s model of partnering with banks to disburse loans while retaining credit risk and servicing fees differentiates it from balance-sheet-only consumer finance peers, but it also ties its funding cost and asset quality to partner-bank appetite. The 9M result places F88 among the faster-growing listed financial services names on UPCOM, though liquidity and disclosure standards on that exchange remain thinner than on HOSE or HNX.

Strategic Significance

The investment case rests on whether F88 can keep compounding the loan book at roughly 50% while holding credit costs and cost of capital in check. The 9M numbers show operating leverage working: revenue grew more than twice as fast as operating expenses, and the cost-to-income ratio fell by double digits. The 1,000-office network and 68% returning-customer rate give F88 a distribution and repeat-transaction base that is hard for new entrants to replicate in near-prime lending. The key tension is that the bank-partner model concentrates credit risk on F88’s own books even as partner banks fund the loans, so any deterioration in early risk indicators would hit earnings faster than the top line suggests. Management’s guidance of VND 1,500 billion for the full year implies a strong Q4 and effectively raises the bar for 2027.

What to Watch

• Q4 and full-year 2026 results, including whether pre-tax profit reaches the VND 1,500 billion guidance.
• Net write-off ratio and any disclosure on early risk indicators, given management’s comment that credit costs remain under pressure.
• Cost of capital trend after the decline to 13.3% on a trailing 12-month basis, and any change in partner-bank funding terms.
• Growth in net loan balance versus the 48.8% year-on-year pace, and whether the 1,000-office network expands further.
• Any UPCOM disclosure on capital raising, convertible debt or share issuance that would affect the funding mix.