F88 Q1/2026 Pre-Tax Profit Surges 2.3x to VND 303B, Revenue Up 60%

Overview

F88, Vietnam’s largest pawn chain, posted Q1/2026 pre-tax profit of VND 303 billion, 2.3 times higher than the same period last year, on revenue of VND 1,310 billion (+60%). The strong performance was driven by record loan disbursements and a surge in insurance brokerage income, with the company completing 27% of its full-year profit target.

Key Facts

• Pre-tax profit in Q1/2026 reached VND 303.5 billion, up 130% YoY.
• Revenue grew nearly 60% to VND 1,310 billion, with lending revenue of VND 1,129 billion (86% of total) and insurance agency revenue of VND 169 billion (13% of total).
• Loan disbursements hit a record VND 5,207 billion in Q1, up 58.6% YoY.
• Gross loan balance stood at VND 7,897 billion as of March 31, 2026, up 9.4% from the start of the year.
• New loan contracts exceeded 275,900, adding over 75,900 new customers; repeat customer ratio rose to 68% from 58% a year ago.
• Net write-off ratio increased to 3.5% per quarter from 3.1% in Q4/2025.
• Cost-to-income ratio (CIR) improved to 45.3% from 56.2% a year earlier.

What Happened

F88 Investment Joint Stock Company (ticker: F88) announced its Q1/2026 business results, showing a sharp acceleration in earnings. Chairman Phung Anh Tuan attributed the performance to expansion across three pillars: physical branch network, partner collaborations, and the digital channel via the My F88 app. The company is targeting to raise the insurance brokerage segment’s revenue share to 30% in the future.

F88 currently operates 956 transaction points and has strategic partnerships with MB Bank, CIMB Bank, Zalo, Momo, and VNPost. The company is also progressing with its plan to transfer its listing to the HOSE exchange to adopt higher governance standards.

Market Context

F88 is listed on the UPCOM exchange and has been a high-growth name in the consumer finance sector. The Q1 results significantly exceeded market expectations, with profit growth outpacing revenue growth due to operating leverage. The pawn and consumer lending sector in Vietnam remains fragmented, and F88’s scale and digital push give it a competitive edge. The stock has been volatile amid regulatory scrutiny on consumer lending, but the strong earnings beat may improve sentiment.

Strategic Significance

F88’s results demonstrate successful execution of its growth strategy while maintaining cost discipline. The improvement in CIR from 56.2% to 45.3% indicates that the company is achieving economies of scale. The rising repeat customer ratio (68%) suggests strong customer loyalty and effective risk management. The planned HOSE listing could enhance liquidity and attract more institutional investors, potentially narrowing the valuation gap with larger financials.

What to Watch

• Progress on the HOSE listing application and timeline.
• Net write-off trends in subsequent quarters, especially if loan growth accelerates.
• Insurance brokerage revenue share as F88 targets 30% of total revenue.
• Any regulatory changes affecting pawn lending or consumer finance in Vietnam.
• Q2/2026 earnings release to confirm sustained momentum.