VPBank Finance Company Limited (FE Credit) has announced its business results in the second quarter (Q2) and the first half (H1) of 2020. The company’s pre-tax profit in Q2 was 1.5 trillion dong. In H1, the pre-tax profit was 2.4 trillion dong, up by 13 percent over the same period of last year. As of June 30th, the total value of the loans reached 60.2 trillion dong, up by three percent over the same period of 2019.
According to FE Credit, in its product portfolio, credit cards continued to have the highest growth rate with 30 percent increase in total outstanding loans. During the social distancing period, there was an increase in demand for credit cards, especially for online shopping and consumer goods. The total number of active credit cards grew by five percent compared to the same period of last year.
The capital adequacy ratio of FE Credit was maintained at 22 percent higher than VPBank’s requirement. Recently, Moody’s has also confirmed to maintain a stable credit rating for FE Credit.
The company said that it has supported nearly 200,000 customers, accounting for about five percent of the total number of customers with a payable amount of four trillion dong.
