AGR

Chứng khoán Agribank ·HOSE ·2026Q1

▲ MARGIN LENDING STRONG

Margin lending strong Lending share 49.0%, ROAE 6.0%

Price

14,300

Latest close

02 Jun 2026

EPS TTM (TTM) 668

BVPS (Latest) 11,457

P/E (Price/EPS) 21.4x

P/B (Price/BVPS) 1.2x

ROAE TTM (TTM) 6.0%

PBT Margin (TTM) 36.4%

Trading Share (Mix) 20.4%

Service & Brokerage Share (Mix) 30.6%

Equity / Assets (Latest) 50.4%

Leverage (Latest) 1.0x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 190.6bn, equivalent to a pre-tax margin of 36.4%, showing a relatively clean and sufficiently thick earnings base, while margin has narrowed by 2.5pp, pointing to greater pressure on earnings quality. The revenue mix is now leaning more toward lending at 49.0% after expanding by +0.4pp, while trading is down to 20.4% after narrowing by 2.5pp; brokerage and services have reached 30.6% and improved by +2.1pp, making diversification more visible. On the balance sheet, Equity / Assets is 50.4% while Leverage is about 0.98x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 170 tỷ
+25,5%
Lãi thuần 100 tỷ
+49,0%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 218 tỷ
+29,2%
Dư nợ 2.558 tỷ
+41,4%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 100 tỷ
+46,6%
Lãi thuần 57,3 tỷ
+40,6%

Metric	2025	2024
PBT	176.3	168.5
Trading Share	23.2%	20.6%
Lending Share	46.6%	49.9%
Service & Brokerage Share	30.2%	29.5%
PBT Margin	36.59%	40.82%
Equity / Assets	57.9%	70.3%
Leverage	0.73x	0.42x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	54.6	36.5	86.1	13.4	40.4	54.3	37.5	32.9	43.8
Trading Share	22.6%	2.5%	28.9%	25.1%	33.9%	21.9%	16.9%	19.8%	23.8%
Lending Share	53.2%	63.6%	36.0%	47.0%	44.8%	48.7%	50.4%	49.5%	51.2%
Service & Brokerage Share	24.3%	33.9%	35.1%	27.9%	21.3%	29.5%	32.6%	30.7%	25.0%
PBT Margin	37.55%	29.56%	54.86%	13.72%	38.89%	54.09%	38.23%	26.97%	47.47%
Equity / Assets	50.4%	57.9%	64.9%	83.6%	85.8%	70.3%	69.8%	65.9%	71.3%
Leverage	0.98x	0.73x	0.54x	0.20x	0.17x	0.42x	0.43x	0.52x	0.40x

Drivers of AGR's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher margin lending. Supporting and offsetting drivers:

Margin lending +VND 49.2bn

Brokerage +VND 16.5bn

Trading +VND 11.4bn

Other fees +VND 5.3bn

Total costs −VND 57.0bn

Tax −VND 4.7bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher trading. Supporting and offsetting drivers:

Trading +VND 29.5bn

Margin lending +VND 21.4bn

Brokerage +VND 5.1bn

Total costs −VND 42.5bn

Tax −VND 3.2bn

Financial Highlights

Detailed analysis of each financial dimension

Is revenue sustainable?

very positive positive stable watch under pressure

Revenue Mix & Earnings Engine

Where are current earnings coming from?

Current earnings lean more heavily on margin lending, so the quality of the revenue engine should be read together with margin-book dependence.

Margin income currently accounts for about 49.0%, trading is at 20.4%, brokerage and services together remain around 30.6% of the engine mix.

When lending is the main engine, headline quality depends more heavily on margin-book safety and funding cost.

Revaluation does not fully dominate trading income at this stage.

The mix is still fairly readable for now, but case durability will depend on whether brokerage and services keep thickening.

Key risks

Key signals

Securities business revenue 523.6bn +23.4% YoY

PBT margin 36.4% −2.5pp

Lending Share 49.0% +0.4pp

Brokerage Share 22.5% +2.8pp

Other Fee Share 8.1% −0.8pp

TTM YoY · 2026Q1

Profitability Quality & Volatility

How strong is current profitability, and how durable is it?

Profitability currently looks relatively clean, with margins and returns strong enough not to rely heavily on unusual support.

Pre-tax margin is currently 36.4%, Return on assets is about 3.8%, provisions equal -5.2% of pre-tax profit, revaluation accounts for 13.0% of pre-tax profit.

Headline profit is still fairly readable because returns are not being materially distorted by less durable support.

Profit appears cleaner and less dependent on revaluation.

Provisioning is not currently the main drag on profit.

Key risks

Key signals

PBT margin 36.4% −2.5pp

Net margin 29.2% −1.9pp

ROAA 3.8% +0.4pp

ROAE 6.0% +0.7pp

Revaluation / PBT 13.0% −8.4pp

TTM YoY · 2026Q1

Are assets at risk?

Balance Sheet Quality & Asset Composition

Where is the balance sheet exposed, and how resilient does it look?

The balance sheet is leaning more toward the margin book, so growth quality depends meaningfully on the safety of loans and receivables.

The margin book is about 49.2% of assets, the prop book about 9.1%, liquid assets around 35.1%, equity roughly 50.4%.

A high margin-book share makes the balance sheet more sensitive to asset quality and funding cost.

The margin book is larger than the prop book.

Capital buffer is not the main weakness for now, so the key reading point shifts to which assets are driving the balance sheet.

Key risks

Margin-book concentration risk

Loans and receivables are large enough to make the balance sheet more sensitive to asset quality and funding cost.

Key signals

Margin book / Assets 49.2% −13.9pp

Prop book / Assets 9.1% −3.3pp

Liquid assets / Assets 35.1% +19.7pp

Equity / Assets 50.4% −35.4pp

Liabilities / Equity 0.98x +0.82x

Quarterly YoY · 2026Q1

Is leverage safe?

Capital, Funding & Risk Posture

Are capital buffers and funding posture sufficiently safe?

Short-term funding is the tighter part of the balance sheet, even if the case is not yet in outright capital stress.

Equity currently equals 50.4% of assets, liabilities stand at 0.98x of equity, short-term borrowings are about 47.6% of assets, cash covers roughly 0.08x of short-term borrowings.

The point that needs the closest reading now is short-term funding structure rather than the earnings headline.

Risk is coming more from short-term funding, so the key reading point is not just borrowing size but cash and liquid-asset cover.

Liquidity buffer remains relatively better than short-term funding needs.

Key risks

Short-term funding pressure

Short-term borrowings or cash coverage are in a range that creates more pressure on funding and liquidity posture.

Key signals

Equity / Assets 50.4% −35.4pp

Liabilities / Equity 0.98x +0.82x

Short-term borrowings / Assets 47.6% +36.4pp

Liquid assets / Assets 29.1% +14.0pp

Cash / Short-term borrowings 0.08x −0.34x

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, AGR is showing a more balanced earnings mix thanks to brokerage and service income, but short-term funding remains tight enough for caution.

Brokerage and service income are now large enough to reduce pure dependence on trading or margin.

Short-term funding structure is tight enough to become the most visible risk in the current capital posture.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	97.6	68.4
a. Realised gains on disposals of FVTPL financial assets	52.8	45.5
b. Gains from revaluation of FVTPL financial assets	42.0	20.6
c. Dividends and interest income from FVTPL financial assets	2.8	2.3
1.2. Gains from held to maturity investments	57.9	55.2
1.3. Interest income from loans and receivables	196.1	165.5
1.4. Gains from available-for-sale financial assets (AFS)	3.6	26.0
1.6. Revenue from brokerage services	91.7	70.8
1.7. Revenue from share issue guarantee and agency activities	5.9	7.6
1.8. Revenue from investment advisory services	5.7	5.7
1.10. Revenue from securities custody services	18.9	13.6
1.11. Other revenue	4.7	0.1
Revenue from securities business (01->11)	482.0	412.9
Net sales	482.0	412.9
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	87.6	49.0
a. Loss from disposals of financial assets at FVTPL	48.6	29.2
b. Loss from revaluation of financial assets at FVTPL	39.0	19.6
c. Transaction cost of acquisition of financial assets at FVTPL	0.0	0.1
2.4. Selling loss available-for-sale financial assets (AFS)	0.1	11.8
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	-10.0	-15.4
2.6. Expenses for proprietary trading activities	—	0.0
2.7. Expenses for brokerage services	39.6	28.3
2.8. Expenses for underwriting and issurance agency services	—	0.2
2.9. Expenses for financial advisory services	1.6	0.8
2.11. Expenses for secutiries custodian services	3.3	3.4
2.12. Other expenses	39.6	26.2
Operating expenses (21->33)	161.8	112.0
Gross profit	320.2	300.9
3.2. Dividends, interest income from demand deposits	1.5	1.2
Total financial income (41->44)	1.5	1.2
4.2. Borrowing costs	43.6	34.2
Total financial expenses (51->54)	43.6	34.2
VI. General and Administrative expenses	102.1	99.1
VII. Net profit from securities business (20+50-40-60-61-62)	176.0	168.9
8.1. Other incomes	0.4	0.1
8.2. Other expenses	0.0	0.4
Other profit (71-72)	0.4	-0.3
IX. Profit before tax (70+80)	176.3	168.5
9.1. Realised profit	173.4	167.6
9.2. Unrealised profit	3.0	0.9
CORPORATE INCOME TAX	34.5	33.4
10.1. Current corporate income tax expenses	34.5	33.4
XI. Net profit after tax (90-100)	141.9	135.2
11.1. Profit after tax for shareholders of the parents company	141.9	135.2
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	-3.2	-22.1
Total other comprehensive income	-3.2	-22.1
13.1. Earning per share	562.00	627.00
Earnings per Share	620.29	626.22

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	3,898.1	3,244.8
Short-term financial assets	3,891.9	3,233.7
1. Cash and cash equivalents	146.7	453.9
1.1. Cash	21.7	13.9
1.2. Cash equivalents	125.0	440.0
2. Financial assets at fair value through profit or loss (FVTPL)	15.1	417.1
3. Held to maturity investments (HTM)	925.8	326.1
4. Loans	2,441.2	1,694.3
5. Available-for-sale financial assets (AFS)	349.5	347.0
6. Provisions for impairment loss of financial assets and mortgages	-35.5	-45.5
7. Short-term receivables	636.4	620.6
7.2. Receivables and accruals from dividends and interest income	636.4	620.6
7.2.1. Due dividend and interest receivables	599.0	599.0
7.2.2. Undue dividend and interest receivables	37.4	21.6
Prepayments to suppliers	0.5	7.2
9. Service related receivable	469.7	486.8
12. Other receivables	0.8	3.3
13. Provision for doubtful debts	-1,061.0	-1,079.0
II. Other short-term assets	6.2	11.1
2. Office supplies, tools	1.6	1.6
3. Short-term prepayments	4.2	8.9
Taxes and other receivables from state authorities	0.3	0.6
B. LONG-TERM ASSETS (200=210+220+240+250-260)	535.7	227.4
I. Long-term financial assets	310.9	5.1
2. Long-term investments	310.9	5.1
2.1. Held to maturity investments (HTM)	310.9	5.1
II. Fixed assets	201.1	193.1
1. Tangible fixed assets	180.0	173.7
- Cost	246.1	226.5
- Accumulated depreciation	-66.1	-52.8
3. Intangible fixed assets	21.1	19.4
- Cost	59.7	51.2
- Accumulated depreciation	-38.6	-31.7
IV. Construction in progress	—	3.9
V. Other long-term assets	23.7	25.3
1. Pledged assets, mortgages, security deposits in long term	0.1	0.1
2. Long-term prepayments	3.6	5.2
4. Payment for Settlement Assistance Fund	20.0	20.0
TOTAL ASSETS (270=100+200)	4,433.8	3,472.2
A. LIABILITIES (300=310+340)	1,865.9	1,029.5
I. Short -term liabilities	1,864.0	1,026.1
1. Short-term borrowings	1,706.0	882.6
1.1. Short-term borrowings	1,706.0	882.6
6. Payables to securities trading activities	17.5	0.2
8. Trade accounts payable	8.0	12.0
9. Advances from customers	0.7	0.7
10. Taxes and other payables to state authorities	59.8	63.4
11. Payable to employees	18.6	21.0
12. Employee welfare payables	0.0	0.0
13. Accrued expenses	7.3	2.5
15. Unearned revenue	13.0	6.3
16. Short-term deposits, collateral received	0.0	0.0
17. Other payables	0.6	0.6
19. Bonus and welfare fund	32.5	36.8
II. Long-term liabilities	1.9	3.4
9. Unearned revenue	1.5	2.2
14. Deferred income tax liabilities	0.4	1.2
B. OWNER'S EQUITY (400=410+420)	2,567.9	2,442.7
I. Owner's equity	2,567.9	2,442.7
1. Investment capital from owners	2,287.4	2,158.2
1.1. Capital from owners	2,283.1	2,153.9
a. Common stock	2,283,118,230,000.00	2,153,913,090,000.00
1.2. Share premium	4.3	4.3
1.5. Treasury shares	-626,863.00	-626,863.00
2. Assets revaluation differences	1.6	4.8
7. Undistributed earnings after tax	243.6	244.4
7.1. Realised profits	238.0	241.8
7.2. Unrealised losses	5.6	2.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	4,433.8	3,472.2

Item	2025	2024
1. Profit before tax	176.3	168.5
2. Adjustments for	13.2	-70.6
- Depreciation and amortization	21.3	16.2
- (Reversal of provisions)/provisions	-28.0	-34.7
- Loss/(profits) from other investing activities	-1.8	-1.2
- Interest expense	43.6	-34.2
- Accrued interest income	-21.8	-16.8
3. Add non-cash expenses	39.0	19.6
- Loss from revaluation losses of FVTPL financial assets	39.0	19.6
4. Less non-cash income	-42.0	-20.6
- Gains from revaluation gains of FVTPL financial assets	-42.0	-20.6
5. Changes of assets and liabilities	-1,253.7	-610.3
- Increase/decrease in FVTPL financial assets	405.0	-397.0
- Increase/decrease in held to maturity investments	-905.4	68.9
- Increase/decrease in loan	-746.9	-282.2
- Increase/decrease in AFS financial assets	-6.4	—
6. Operating profit before changes in working capital	-1,067.1	-513.3
Increase/decrease in receiables sale of financial assets	—	143.6
Increase/decrease in receiables interest of financial assets	6.0	13.2
Increase/decrease in service related receivables	17.1	14.4
Increases/decreases in other receivables	8.3	-5.0
Increase/decrease in other assets	0.3	-0.2
- Increase/(decrease) in payables (other than interest, corporate income tax)	1.8	67.9
- (Increase)/decrease in prepaid expenses	6.3	-0.9
- Corporate income tax paid	-37.2	-31.6
- Interest paid	-40.6	-32.5
Increases/decreaese in trade payables	13.3	3.4
Increases/decreases in employee welfare payables	0.0	-0.0
Increases/decreases in tax and other payables to the State Budget	-0.9	14.3
Increases/dcreases in payable to employees	-2.3	-2.1
Increases/dcreases in other payables	5.9	-1.5
- Other receipts from operating activities	-0.0	1.5
- Other payments for operating activities	-17.8	-11.6
Net cash flows from securities trading activities	-1,107.0	-340.4
1. Payment for fixed assets, constructions and other long-term assets	-25.4	-19.6
2. Proceeds from disposals of fixed assets and other long-term assets	0.3	0.0
7. Dividends, interest and profit received	1.5	2.3
Net cash flows from investing activities	-23.6	-17.3
3. Short-term and long-term borrowings	3,757.2	4,404.0
3.2. Other borrowings	3,757.2	4,404.0
4. Principal repayments	-2,933.8	-3,960.4
4.3. Other principal repayments	-2,933.8	-3,960.4
6. Dividends paid, profits distributed to owners	—	-150.8
Net cash flows from financing activities	823.4	292.8
IV. Net cash flows during the period	-307.2	-64.9
V. Cash and cash equivalents at begingning of the period	453.9	518.8
Cash at bank	453.9	518.8
- Cash at bank for securities company activities	13.9	23.8
- Cash equivalents	440.0	495.0
Cash and cash equivalents at end of period	146.7	453.9
Cash at bank	146.7	453.9
- Cash at bank for securities company activities	21.7	13.9
- Cash equivalents	125.0	440.0
1. Proceeds from sale of brokerage securities to customers	32,641.7	26,163.8
2. Money spent on buying brokerage securities for customers	-33,206.9	-21,383.5
9. Receive deposits to pay for securities transactions of customers	-7,950.8	-14,118.3
17. Proceeds from Securities Issuers	9,150.8	8,602.3
18. Payments to Securities Issuers	-164.1	-146.6
Increase / decrease of net money during the period	470.7	-882.2
II. Cash and cash equivalents at the beginning of the period of the customer	528.0	1,410.3
Cash at bank	528.0	1,410.3
-Deposits of investors on securities transactions under the Securities Company management method	517.4	546.0
-Cash deposit for securities transactions for customers	0.0	0.0
-Deposits from issuing organizations	10.6	864.2
III. Cash and cash equivalents at the end of the period of the customer	998.8	528.0
Cash at bank	998.8	528.0
-Deposits of investors on securities transactions under the Securities Company management method	931.5	517.4
-Cash deposit for securities transactions for customers	0.0	0.0
-Deposits from issuing organizations	67.2	10.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	26.9	2.4	40.1	23.4	31.7	18.6	13.5	17.8	18.2
a. Realised gains on disposals of FVTPL financial assets	23.6	2.0	32.6	7.6	10.6	17.3	4.0	11.7	12.4
b. Gains from revaluation of FVTPL financial assets	3.3	0.1	6.5	14.9	20.5	0.8	8.9	5.2	5.6
c. Dividends and interest income from FVTPL financial assets	—	0.3	0.9	1.0	0.6	0.5	0.6	0.9	0.3
1.2. Gains from held to maturity investments	26.0	28.7	17.5	4.6	7.0	12.3	15.4	18.7	9.0
1.3. Interest income from loans and receivables	63.4	60.3	49.9	43.9	42.0	41.3	40.3	44.6	39.2
1.4. Gains from available-for-sale financial assets (AFS)	—	—	0.6	—	3.0	3.2	2.7	13.3	6.8
1.6. Revenue from brokerage services	22.9	22.9	35.2	18.9	14.6	13.9	17.3	22.4	17.2
1.7. Revenue from share issue guarantee and agency activities	1.0	2.8	1.7	0.7	0.7	2.7	3.0	1.0	1.0
1.8. Revenue from investment advisory services	1.1	1.0	3.3	1.1	0.3	1.2	3.2	0.9	0.4
1.10. Revenue from securities custody services	3.4	4.9	4.4	5.4	4.3	7.2	2.6	3.3	0.5
1.11. Other revenue	0.5	0.5	4.1	0.0	0.0	0.0	0.0	0.0	0.0
Revenue from securities business (01->11)	145.3	123.4	156.9	98.0	103.8	100.4	98.1	122.1	92.2
Net sales	145.3	123.4	156.9	98.0	103.8	100.4	98.1	122.1	92.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	7.8	0.0	8.4	53.1	26.1	6.8	15.8	19.1	7.3
a. Loss from disposals of financial assets at FVTPL	4.2	—	0.1	42.3	6.1	4.7	13.6	7.1	3.8
b. Loss from revaluation of financial assets at FVTPL	3.5	0.0	8.3	10.7	20.0	2.1	2.1	12.0	3.4
c. Transaction cost of acquisition of financial assets at FVTPL	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
2.4. Selling loss available-for-sale financial assets (AFS)	—	0.1	—	—	—	0.0	0.7	10.1	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	—	-5.0	-5.0	—	—	-15.4	—	—	—
2.6. Expenses for proprietary trading activities	—	—	—	—	—	—	—	0.0	—
2.7. Expenses for brokerage services	10.3	9.6	14.9	8.0	7.1	5.6	6.6	8.2	7.9
2.8. Expenses for underwriting and issurance agency services	—	—	—	—	—	—	0.2	—	—
2.9. Expenses for financial advisory services	0.2	0.9	0.5	0.3	0.0	0.3	0.4	—	0.1
2.11. Expenses for secutiries custodian services	0.9	0.8	0.9	0.8	0.8	0.8	0.8	1.0	0.8
2.12. Other expenses	16.0	21.7	14.8	-0.5	3.6	-2.1	8.7	13.5	6.1
Operating expenses (21->33)	35.0	28.2	34.4	61.6	37.6	3.6	33.2	51.9	22.2
Gross profit	110.3	95.2	122.5	36.4	66.1	96.8	64.9	70.2	70.1
3.2. Dividends, interest income from demand deposits	0.1	0.1	0.1	0.0	1.3	0.1	0.0	1.0	0.0
Total financial income (41->44)	0.1	0.1	0.1	0.0	1.3	0.1	0.0	1.0	0.0
4.2. Borrowing costs	31.5	21.9	10.7	2.4	8.6	8.4	10.0	8.9	6.9
4.4. Other investment expenses	0.6	—	—	—	—	—	—	—	1.1
Total financial expenses (51->54)	32.1	21.9	10.7	2.4	8.6	8.4	10.0	8.9	8.0
VI. General and Administrative expenses	23.7	37.0	26.0	20.6	18.5	33.9	17.4	29.4	18.4
VII. Net profit from securities business (20+50-40-60-61-62)	54.6	36.5	85.8	13.4	40.2	54.7	37.5	32.9	43.8
8.1. Other incomes	0.0	—	0.3	0.0	0.1	0.0	0.0	0.0	0.1
8.2. Other expenses	0.0	—	0.0	0.0	0.0	0.3	0.0	0.0	0.0
Other profit (71-72)	0.0	—	0.3	-0.0	0.1	-0.3	-0.0	-0.0	0.0
IX. Profit before tax (70+80)	54.6	36.5	86.1	13.4	40.4	54.3	37.5	32.9	43.8
9.1. Realised profit	54.7	36.4	87.8	9.3	39.9	55.6	30.7	39.6	41.6
9.2. Unrealised profit	-0.2	0.1	-1.7	4.1	0.5	-1.3	6.8	-6.7	2.2
CORPORATE INCOME TAX	11.1	7.4	17.5	1.7	7.9	11.2	6.1	7.8	8.3
10.1. Current corporate income tax expenses	11.1	7.4	17.5	1.7	7.9	11.2	6.1	7.8	8.3
XI. Net profit after tax (90-100)	43.5	29.0	68.6	11.7	32.5	43.1	31.4	25.1	35.5
11.1. Profit after tax for shareholders of the parents company	43.5	29.0	68.6	11.7	32.5	43.1	31.4	25.1	35.5
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	9.4	-1.0	-0.5	—	-1.8	-23.6	1.1	-0.0	0.3
Total other comprehensive income	9.4	-1.0	-0.5	0.1	-1.8	-23.6	1.1	-0.0	0.3
13.1. Earning per share	190.00	127.00	301.00	51.00	151.00	200.00	146.00	117.00	165.00
Earnings per Share	190.12	126.95	299.94	51.35	150.55	199.71	145.66	116.39	164.46

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+130)	4,667.8	3,898.1	3,380.8	2,418.1	2,644.6	3,244.8	3,031.0	3,198.7	3,328.3
Short-term financial assets	4,658.9	3,891.9	3,375.7	2,409.4	2,636.0	3,233.7	3,027.3	3,194.7	3,323.1
1. Cash and cash equivalents	203.3	146.7	198.1	199.3	134.9	273.9	209.2	85.0	3.2
1.1. Cash	33.3	21.7	8.1	29.3	9.9	13.9	29.2	85.0	3.2
1.2. Cash equivalents	170.0	125.0	190.0	170.0	125.0	260.0	180.0	—	—
2. Financial assets at fair value through profit or loss (FVTPL)	474.5	15.1	178.5	219.9	355.9	417.1	227.1	119.2	311.7
3. Held to maturity investments (HTM)	1,310.4	925.8	875.0	210.0	300.0	506.1	626.1	1,020.0	895.0
4. Loans	2,558.5	2,441.2	2,075.9	1,752.8	1,809.7	1,694.3	1,599.2	1,590.3	1,754.3
5. Available-for-sale financial assets (AFS)	88.6	349.5	45.2	42.2	42.1	347.0	393.9	385.2	385.6
6. Provisions for impairment loss of financial assets and mortgages	-35.5	-35.5	-40.5	-45.5	-45.5	-45.5	-60.8	-60.8	-60.8
7. Short-term receivables	648.7	636.4	633.3	618.7	622.0	620.6	623.3	640.2	620.3
7.2. Receivables and accruals from dividends and interest income	648.7	636.4	633.3	618.7	622.0	620.6	623.3	640.2	620.3
7.2.1. Due dividend and interest receivables	599.0	599.0	599.0	599.0	599.0	599.0	599.0	599.0	599.0
7.2.2. Undue dividend and interest receivables	49.7	37.4	34.3	19.7	23.0	21.6	24.3	41.2	21.3
Prepayments to suppliers	0.3	0.5	0.7	3.5	9.7	7.2	0.6	3.0	4.6
9. Service related receivable	469.1	469.7	468.9	469.0	479.0	486.8	496.5	500.4	501.4
12. Other receivables	0.8	0.8	3.3	3.3	3.3	3.3	3.4	3.9	3.9
13. Provision for doubtful debts	-1,060.9	-1,061.0	-1,064.4	-1,065.1	-1,076.2	-1,079.0	-1,092.3	-1,093.2	-1,098.4
II. Other short-term assets	9.0	6.2	5.1	8.8	8.6	11.1	3.7	4.0	5.2
1. Advances	0.1	—	0.1	—	0.1	—	0.2	0.0	0.2
2. Office supplies, tools	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
3. Short-term prepayments	5.3	4.2	2.8	6.4	5.9	8.9	1.0	1.6	3.3
Taxes and other receivables from state authorities	2.0	0.3	0.6	0.8	1.0	0.6	0.9	0.8	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	530.0	535.7	535.5	538.1	222.9	227.4	436.9	427.6	222.5
I. Long-term financial assets	310.3	310.9	305.1	305.1	5.1	5.1	211.7	212.0	5.1
2. Long-term investments	310.3	310.9	305.1	305.1	5.1	5.1	211.7	212.0	5.1
2.1. Held to maturity investments (HTM)	310.3	310.9	305.1	305.1	5.1	5.1	211.7	212.0	5.1
II. Fixed assets	195.7	201.1	202.2	204.2	189.1	193.1	164.6	161.9	165.0
1. Tangible fixed assets	176.3	180.0	183.4	187.0	170.9	173.7	144.0	21.9	23.1
- Cost	246.4	—	—	—	—	—	—	—	—
- Accumulated depreciation	-70.0	—	—	—	—	—	—	—	—
3. Intangible fixed assets	19.4	21.1	18.9	17.2	18.2	19.4	20.6	139.9	141.9
- Cost	59.7	—	—	—	—	—	—	—	—
- Accumulated depreciation	-40.3	—	—	—	—	—	—	—	—
IV. Construction in progress	—	—	3.7	3.7	3.9	3.9	40.2	33.2	31.7
V. Other long-term assets	23.9	23.7	24.4	25.1	24.8	25.3	20.3	20.6	20.7
1. Pledged assets, mortgages, security deposits in long term	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.4	0.3
2. Long-term prepayments	3.8	3.6	4.3	4.9	4.7	5.2	0.2	0.2	0.4
4. Payment for Settlement Assistance Fund	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
TOTAL ASSETS (270=100+200)	5,197.9	4,433.8	3,916.2	2,956.3	2,867.5	3,472.2	3,467.9	3,626.3	3,550.8
A. LIABILITIES (300=310+340)	2,577.1	1,865.9	1,376.4	484.6	407.7	1,029.5	1,046.6	1,237.7	1,020.2
I. Short -term liabilities	2,573.0	1,864.0	1,374.1	482.0	405.0	1,026.1	1,039.5	1,230.1	1,012.2
1. Short-term borrowings	2,473.1	1,706.0	1,288.0	408.0	322.0	882.6	791.6	984.5	950.0
1.1. Short-term borrowings	2,473.1	1,706.0	1,288.0	408.0	322.0	882.6	791.6	984.5	950.0
6. Payables to securities trading activities	10.9	17.5	0.5	0.1	0.1	0.2	0.1	3.0	3.6
8. Trade accounts payable	5.9	8.0	5.9	9.0	5.9	12.0	6.6	6.7	6.7
9. Advances from customers	0.7	0.7	0.7	0.9	0.7	0.7	0.8	0.9	0.7
10. Taxes and other payables to state authorities	14.5	59.8	22.0	6.5	10.8	63.4	22.0	10.1	10.8
11. Payable to employees	13.7	18.6	0.4	0.4	0.4	21.0	17.5	16.4	0.5
12. Employee welfare payables	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1
13. Accrued expenses	15.9	7.3	8.1	3.9	4.5	2.5	3.7	7.0	4.4
15. Unearned revenue	9.8	13.0	9.1	9.8	14.0	6.3	4.8	5.9	4.1
16. Short-term deposits, collateral received	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
17. Other payables	0.6	0.6	0.6	0.6	0.6	0.6	150.9	151.3	0.6
19. Bonus and welfare fund	27.8	32.5	38.7	42.9	45.9	36.8	41.5	44.3	30.8
II. Long-term liabilities	4.1	1.9	2.3	2.6	2.8	3.4	7.2	7.5	8.0
9. Unearned revenue	1.3	1.5	1.7	1.8	2.0	2.2	3.9	4.6	5.0
14. Deferred income tax liabilities	2.8	0.4	0.7	0.8	0.7	1.2	3.2	3.0	3.0
B. OWNER'S EQUITY (400=410+420)	2,620.8	2,567.9	2,539.8	2,471.7	2,459.8	2,442.7	2,421.2	2,388.7	2,530.5
I. Owner's equity	2,620.8	2,567.9	2,539.8	2,471.7	2,459.8	2,442.7	2,421.2	2,388.7	2,530.5
1. Investment capital from owners	2,287.4	2,287.4	2,287.4	2,287.4	2,158.2	2,158.2	2,158.2	2,158.2	2,158.2
1.1. Capital from owners	2,283.1	2,283.1	2,283.1	2,283.1	2,153.9	2,153.9	2,153.9	2,153.9	2,153.9
a. Common stock	2,283,118,230,000.00	2,283,118,230,000.00	2,283,118,230,000.00	2,283,118,230,000.00	2,153,913,090,000.00	2,153,913,090,000.00	2,153,913,090,000.00	2,153,913,090,000.00	2,153,913,090,000.00
1.2. Share premium	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3
1.5. Treasury shares	-626,863.00	-626,863.00	-626,863.00	-626,863.00	-626,863.00	-626,863.00	-626,863.00	-626,863.00	-626,863.00
2. Assets revaluation differences	11.0	1.6	2.6	3.1	3.0	4.8	28.4	27.2	27.2
7. Undistributed earnings after tax	287.1	243.6	214.6	146.0	263.4	244.4	199.4	168.0	309.9
7.1. Realised profits	281.6	238.0	209.0	138.7	260.3	241.8	195.4	170.8	306.0
7.2. Unrealised losses	5.5	5.6	5.5	7.3	3.1	2.7	4.0	-2.8	3.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	5,197.9	4,433.8	3,916.2	2,956.3	2,867.5	3,472.2	3,467.9	3,626.3	3,550.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	54.6	36.5	86.1	13.4	40.4	54.3	37.5	32.9	43.8
2. Adjustments for	5.6	14.6	9.9	-12.7	1.4	-70.6	26.7	-25.8	-1.0
- Depreciation and amortization	5.7	8.1	4.1	5.0	4.1	10.2	-0.5	7.6	-1.1
- (Reversal of provisions)/provisions	-0.1	-13.5	-0.7	-11.1	-2.8	-28.7	-0.9	-5.2	0.1
- Loss/(profits) from other investing activities	—	-0.5	—	-1.3	—	-0.0	—	-1.1	—
- Interest expense	—	32.6	—	11.1	—	-18.4	—	-15.8	—
- Accrued interest income	—	-5.5	—	-16.3	—	-5.5	—	-11.2	—
3. Add non-cash expenses	3.5	5.0	3.3	10.7	20.0	2.1	2.1	12.0	3.4
- Loss from revaluation losses of FVTPL financial assets	3.5	0.0	8.3	10.7	20.0	2.1	2.1	12.0	3.4
- Loss for impairment of loans	—	—	-5.0	—	—	—	—	—	—
4. Less non-cash income	3.3	-83.9	77.3	-55.9	20.5	-40.4	30.6	-16.4	5.6
- Gains from revaluation gains of FVTPL financial assets	3.3	-83.9	77.3	-55.9	20.5	-40.4	30.6	-16.4	5.6
5. Changes of assets and liabilities	-697.3	-480.6	-1,035.2	27.6	234.5	137.8	236.9	29.5	-1,014.6
- Increase/decrease in FVTPL financial assets	-466.2	247.3	-44.1	181.1	20.7	-151.8	-140.6	197.0	-301.5
- Increase/decrease in held to maturity investments	-384.0	-56.5	-665.0	-210.0	26.2	506.6	394.1	-331.9	-500.0
- Increase/decrease in loan	-117.3	-365.3	-323.1	56.9	-115.4	-95.1	-8.9	164.0	-342.2
- Increase/decrease in AFS financial assets	270.3	-306.1	-3.0	-0.5	303.1	—	-7.6	0.4	129.2
6. Operating profit before changes in working capital	-630.3	-508.4	-858.7	-16.8	316.7	83.3	333.9	32.2	-962.8
Increase/decrease in receiables sale of financial assets	—	—	—	—	—	143.6	—	—	—
Increase/decrease in receiables interest of financial assets	-12.3	18.7	-32.3	21.0	-1.5	18.3	4.6	-7.6	-2.2
Increase/decrease in service related receivables	0.6	-0.9	0.2	10.0	7.8	9.7	3.9	1.0	-0.1
Increases/decreases in other receivables	1.9	1.8	2.2	6.0	-1.7	-7.3	3.4	2.3	-3.4
Increase/decrease in other assets	-1.7	0.3	0.2	0.3	-0.5	0.5	-0.3	-0.6	0.2
- Increase/(decrease) in payables (other than interest, corporate income tax)	8.6	-3.9	2.8	0.8	2.1	65.4	-31.7	31.1	3.2
- (Increase)/decrease in prepaid expenses	-1.3	-0.7	3.4	0.1	3.6	-6.5	0.5	1.9	3.1
- Corporate income tax paid	-11.1	-10.2	-8.9	-10.2	-7.9	-9.5	-4.9	-9.0	-8.3
- Interest paid	—	-28.1	—	-12.5	—	-19.8	—	-12.6	—
Increases/decreaese in trade payables	-2.1	19.4	-3.0	3.0	-6.1	4.9	-2.3	2.3	-1.5
Increases/decreases in employee welfare payables	0.1	-0.0	-0.0	-0.0	0.1	-0.0	0.0	-0.0	0.0
Increases/decreases in tax and other payables to the State Budget	-45.3	40.6	7.0	4.2	-52.7	39.2	10.7	0.5	-36.1
Increases/dcreases in payable to employees	-4.9	18.2	0.1	-0.0	-20.6	4.6	17.0	—	-23.7
Increases/dcreases in other payables	-7.6	3.9	-2.2	-2.7	7.0	0.5	-2.5	-1.6	2.1
- Other receipts from operating activities	—	0.0	0.0	0.0	-0.0	0.0	0.3	-0.1	1.3
- Other payments for operating activities	-4.7	-6.2	-3.2	-3.9	-4.5	-3.5	-2.8	-2.7	-2.6
Net cash flows from securities trading activities	-710.2	-468.0	-880.0	-0.8	241.8	310.8	326.6	53.1	-1,030.8
1. Payment for fixed assets, constructions and other long-term assets	-0.3	-3.3	-1.2	-20.8	-0.1	-8.7	-9.3	-5.9	4.3
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.3	—	—	—	-0.0	—	0.1	—
7. Dividends, interest and profit received	—	1.5	—	—	—	2.3	—	—	—
Net cash flows from investing activities	-0.3	-1.5	-1.2	-20.8	-0.1	-6.4	-9.4	-5.8	4.3
3. Short-term and long-term borrowings	2,678.1	1,661.2	1,178.0	408.0	510.0	490.0	1,121.0	787.0	2,006.0
3.2. Other borrowings	2,678.1	1,661.2	1,178.0	408.0	510.0	490.0	1,121.0	787.0	2,006.0
4. Principal repayments	-1,911.0	-1,243.2	-298.0	-322.0	-1,070.6	-399.0	-1,313.9	-752.5	-1,495.0
4.3. Other principal repayments	-1,911.0	-1,243.2	-298.0	-322.0	-1,070.6	-399.0	-1,313.9	-752.5	-1,495.0
6. Dividends paid, profits distributed to owners	—	—	—	—	—	-150.8	—	—	—
Net cash flows from financing activities	767.1	418.0	880.0	86.0	-560.6	-59.7	-192.9	34.5	511.0
IV. Net cash flows during the period	56.6	-51.5	-1.2	64.4	-319.0	244.7	124.2	81.7	-515.6
V. Cash and cash equivalents at begingning of the period	146.7	198.1	199.3	134.9	453.9	209.2	85.0	3.2	518.8
- Cash equivalents	125.0	—	—	—	—	—	—	—	—
Cash and cash equivalents at end of period	203.3	146.7	198.1	199.3	134.9	453.9	209.2	85.0	3.2
- Cash equivalents	170.0	—	—	—	—	—	—	—	—
1. Proceeds from sale of brokerage securities to customers	7,845.1	8,381.9	12,479.0	6,660.8	5,119.9	4,582.6	6,519.9	8,769.4	6,291.9
2. Money spent on buying brokerage securities for customers	-8,169.3	-8,586.9	-12,893.5	-6,546.9	-5,179.6	-4,668.6	-5,024.5	-6,063.8	-5,626.6
9. Receive deposits to pay for securities transactions of customers	-39.4	-7,859.6	130.8	617.4	-839.4	-1,930.1	-6,903.6	-3,161.5	-2,123.0
17. Proceeds from Securities Issuers	127.5	8,303.9	533.5	198.3	115.1	1,871.3	5,545.4	197.1	988.5
18. Payments to Securities Issuers	-67.4	-84.2	-36.9	-14.4	-28.6	-13.7	-64.0	-44.2	-24.8
Increase / decrease of net money during the period	-303.5	155.2	212.8	915.3	-812.5	-158.5	73.2	-303.0	-494.0
II. Cash and cash equivalents at the beginning of the period of the customer	998.8	843.6	630.9	569.1	1,381.7	564.8	613.3	794.6	1,288.6
-Cash deposit for securities transactions for customers	0.0	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	67.2	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	695.3	998.8	843.6	630.9	569.1	528.0	564.8	613.3	794.6
-Cash deposit for securities transactions for customers	0.0	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	17.2	—	—	—	—	—	—	—	—

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AGR

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Revenue Mix & Earnings Engine ▲

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Statement Data

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