BVS

Chứng khoán Bảo Việt ·HNX ·2026Q1

● MARGIN BOOK SWELLING

Margin book swelling Loans/Assets 68.7%, leverage 1.62x

Price

25,500

Latest close

02 Jun 2026

EPS TTM (TTM) 1,537

BVPS (Latest) 20,061

P/E (Price/EPS) 16.6x

P/B (Price/BVPS) 1.3x

ROAE TTM (TTM) 7.9%

PBT Margin (TTM) 19.7%

Trading Share (Mix) 19.8%

Service & Brokerage Share (Mix) 38.8%

Equity / Assets (Latest) 38.2%

Leverage (Latest) 1.6x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 237.7bn, equivalent to a pre-tax margin of 19.7%, showing an earnings base that is still positive but not yet clearly standout, while pre-tax profit is also rising clearly year on year. The revenue mix is now leaning more toward lending at 41.4% but narrowing by 7.2pp, while trading is at 19.8%; brokerage and services have reached 38.8% and improved by +5.2pp, making diversification more visible. On the balance sheet, Equity / Assets is 38.2% while Leverage is about 1.62x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 295 tỷ
+43,2%
Lãi thuần 155 tỷ
+113,6%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 466 tỷ
+9,9%
Dư nợ 4.809 tỷ
+36,2%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 420 tỷ
+49,5%
Lãi thuần 11,4 tỷ
−28,4%

Metric	2025	2024
PBT	265.1	240.9
Trading Share	19.4%	20.0%
Lending Share	42.4%	44.2%
Service & Brokerage Share	38.2%	35.8%
PBT Margin	24.07%	24.32%
Equity / Assets	37.8%	44.0%
Leverage	1.65x	1.27x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	23.6	37.9	100.5	75.6	51.0	37.9	50.3	50.3	66.7
Trading Share	15.6%	9.1%	25.7%	27.0%	9.9%	12.4%	22.5%	22.9%	21.3%
Lending Share	45.7%	48.4%	35.4%	37.9%	55.5%	57.4%	39.7%	44.1%	35.1%
Service & Brokerage Share	38.7%	42.5%	38.8%	35.1%	34.6%	30.2%	37.8%	33.0%	43.6%
PBT Margin	8.35%	13.75%	26.63%	28.08%	28.56%	15.82%	25.32%	15.87%	28.31%
Equity / Assets	38.2%	37.8%	36.7%	43.3%	43.0%	43.4%	53.6%	38.4%	35.6%
Leverage	1.62x	1.65x	1.72x	1.31x	1.33x	1.30x	0.87x	1.60x	1.81x

Drivers of BVS's profit

TTM

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

Trading +VND 80.0bn

Margin lending +VND 41.8bn

Total costs −VND 73.4bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher total costs. Supporting and offsetting drivers:

Margin lending +VND 33.1bn

Tax +VND 7.2bn

Other fees +VND 2.5bn

Total costs −VND 30.8bn

Trading −VND 26.5bn

Brokerage −VND 5.6bn

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 41.4%, trading is at 19.8%, brokerage and services together remain around 38.8% 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 1,205.2bn +29.1% YoY

PBT margin 19.7% −0.6pp

Lending Share 41.4% −7.2pp

Brokerage Share 37.2% +5.1pp

Revaluation / Trading 31.3% +7.6pp

TTM YoY · 2026Q1

Profitability Quality & Volatility

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

Profitability still holds on a positive base, but the quality and durability of returns are not yet strong enough to read as a clearly robust case.

Pre-tax margin is currently 19.7%, Return on assets is about 3.2%, provisions equal -16.3% of pre-tax profit, revaluation accounts for 29.4% of pre-tax profit.

Headline profit still needs to be read together with what is creating it and how thick returns really are.

Profit remains sensitive to revaluation swings.

Provisioning is not currently the main drag on profit.

Key risks

Key signals

PBT margin 19.7% −0.6pp

Net margin 17.0% —

ROAA 3.2% +0.7pp

ROAE 7.9% +1.7pp

Revaluation / PBT 29.4% +10.0pp

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 68.7% of assets, the prop book about 6.8%, liquid assets around 18.4%, equity roughly 38.2%.

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 68.7% +8.4pp

Prop book / Assets 6.8% −0.1pp

Liquid assets / Assets 18.4% −8.0pp

Equity / Assets 38.2% −4.8pp

Liabilities / Equity 1.62x +0.29x

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 38.2% of assets, liabilities stand at 1.62x of equity, short-term borrowings are about 57.9% 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 is not yet thick enough relative to 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 38.2% −4.8pp

Liabilities / Equity 1.62x +0.29x

Short-term borrowings / Assets 57.9% +3.6pp

Liquid assets / Assets 13.5% −7.8pp

Cash / Short-term borrowings 0.08x —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, BVS is showing a more balanced earnings mix thanks to brokerage and service income, but funding or capital risk still calls for caution.

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

When earnings lean heavily on margin lending, margin-book asset quality and funding need closer monitoring.

Profitability does not currently show a sufficiently durable base to be read as a clean case.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	197.9	185.9
a. Realised gains on disposals of FVTPL financial assets	81.0	52.6
b. Gains from revaluation of FVTPL financial assets	72.4	44.1
c. Dividends and interest income from FVTPL financial assets	44.6	89.2
1.2. Gains from held to maturity investments	74.4	52.7
1.3. Interest income from loans and receivables	433.1	410.7
1.4. Gains from available-for-sale financial assets (AFS)	6.3	8.8
1.6. Revenue from brokerage services	374.3	318.6
1.7. Revenue from share issue guarantee and agency activities	0.0	—
1.8. Revenue from investment advisory services	4.6	3.5
1.10. Revenue from securities custody services	8.3	6.9
1.11. Other revenue	2.3	3.4
Revenue from securities business (01->11)	1,101.2	990.6
Net sales	1,101.2	990.6
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	90.5	136.5
a. Loss from disposals of financial assets at FVTPL	42.7	85.9
b. Loss from revaluation of financial assets at FVTPL	47.8	50.6
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	-28.5	30.6
2.6. Expenses for proprietary trading activities	4.3	3.5
2.7. Expenses for brokerage services	367.6	263.5
2.9. Expenses for financial advisory services	9.2	9.1
2.11. Expenses for secutiries custodian services	22.8	19.6
2.12. Other expenses	18.3	15.1
Operating expenses (21->33)	484.2	477.9
Gross profit	617.0	512.7
3.1. Realized and unrealized gain from changes in foreign exchange rates	0.0	0.0
3.2. Dividends, interest income from demand deposits	1.9	2.2
3.4. Other income about investment	1.5	—
Total financial income (41->44)	3.4	2.2
4.1. Realized and unrealized loss from changes in foreign exchange rates	0.0	—
4.2. Borrowing costs	169.7	134.9
Total financial expenses (51->54)	169.7	134.9
VI. General and Administrative expenses	184.9	138.9
VII. Net profit from securities business (20+50-40-60-61-62)	265.8	241.0
8.1. Other incomes	0.0	0.6
8.2. Other expenses	0.7	0.8
Other profit (71-72)	-0.7	-0.1
IX. Profit before tax (70+80)	265.1	240.9
9.1. Realised profit	240.5	247.4
9.2. Unrealised profit	24.6	-6.5
CORPORATE INCOME TAX	40.5	41.0
10.1. Current corporate income tax expenses	36.1	41.0
10.2. Deferred income tax expenses	4.5	-0.0
XI. Net profit after tax (90-100)	224.5	200.0
11.1. Profit after tax for shareholders of the parents company	224.5	200.0
OTHER COMPREHENSIVE INCOME AFTER TAX	—	21.0
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	27.0	21.0
Total other comprehensive income	27.0	21.0
13.1. Earning per share	2,661.00	2,688.00
Earnings per Share	1,685.44	1,501.05

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	6,479.8	5,081.0
Short-term financial assets	6,473.9	5,074.7
1. Cash and cash equivalents	367.9	167.9
1.1. Cash	367.9	167.9
2. Financial assets at fair value through profit or loss (FVTPL)	596.9	416.6
3. Held to maturity investments (HTM)	787.1	860.5
4. Loans	4,557.1	3,503.7
5. Available-for-sale financial assets (AFS)	168.8	164.9
6. Provisions for impairment loss of financial assets and mortgages	-57.1	-109.7
7. Short-term receivables	73.1	58.0
7.1. Receivables from disposal of financial assets	30.0	22.7
7.2. Receivables and accruals from dividends and interest income	43.1	35.3
7.2.2. Undue dividend and interest receivables	43.1	35.3
Prepayments to suppliers	3.8	10.2
9. Service related receivable	11.0	9.0
12. Other receivables	13.0	13.0
13. Provision for doubtful debts	-47.8	-19.5
II. Other short-term assets	5.9	6.3
1. Advances	0.3	0.2
2. Office supplies, tools	0.1	0.2
3. Short-term prepayments	5.4	5.9
4. Pledged assets, mortgages, security deposits in short term	0.1	0.1
B. LONG-TERM ASSETS (200=210+220+240+250-260)	553.2	547.7
I. Long-term financial assets	482.8	471.2
2. Long-term investments	482.8	471.2
2.1. Held to maturity investments (HTM)	302.6	302.6
2.5. Other long-term investments	180.2	171.6
II. Fixed assets	22.0	19.7
1. Tangible fixed assets	14.4	11.7
- Cost	58.9	51.1
- Accumulated depreciation	-44.5	-39.3
3. Intangible fixed assets	7.7	7.9
- Cost	29.0	27.2
- Accumulated depreciation	-21.3	-19.3
IV. Construction in progress	1.3	—
V. Other long-term assets	47.1	56.8
1. Pledged assets, mortgages, security deposits in long term	2.4	2.2
2. Long-term prepayments	23.8	33.4
4. Payment for Settlement Assistance Fund	20.9	21.2
TOTAL ASSETS (270=100+200)	7,033.0	5,628.7
A. LIABILITIES (300=310+340)	4,376.2	3,153.3
I. Short -term liabilities	4,330.7	3,119.0
1. Short-term borrowings	4,070.4	2,908.5
1.1. Short-term borrowings	4,070.4	2,908.5
6. Payables to securities trading activities	7.3	4.7
8. Trade accounts payable	2.8	11.3
9. Advances from customers	4.2	21.3
10. Taxes and other payables to state authorities	23.2	22.2
11. Payable to employees	117.5	113.1
12. Employee welfare payables	1.4	1.7
13. Accrued expenses	39.3	21.5
17. Other payables	3.0	2.8
19. Bonus and welfare fund	16.7	11.9
II. Long-term liabilities	45.5	34.3
14. Deferred income tax liabilities	45.5	34.3
B. OWNER'S EQUITY (400=410+420)	2,656.8	2,475.4
I. Owner's equity	2,656.8	2,475.4
1. Investment capital from owners	1,332.1	1,332.1
1.1. Capital from owners	722.3	722.3
a. Common stock	722,339,370,000.00	722,339,370,000.00
1.2. Share premium	610.3	610.3
1.5. Treasury shares	-496,682,500.00	-496,682,500.00
2. Assets revaluation differences	130.5	103.4
4. Supplementary capital reserve	59.4	59.4
7. Undistributed earnings after tax	902.1	809.7
7.1. Realised profits	861.1	788.8
7.2. Unrealised losses	41.0	20.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	7,033.0	5,628.7

Item	2025	2024
- Other receipts from operating activities	7,009.7	7,431.3
- Other payments for operating activities	-6,514.2	-7,289.6
Net cash flows from securities trading activities	-674.6	584.9
1. Payment for fixed assets, constructions and other long-term assets	-9.3	-7.0
Net cash flows from investing activities	-9.3	-7.0
3. Short-term and long-term borrowings	9,266.7	10,412.1
4. Principal repayments	-8,326.1	-10,767.6
6. Dividends paid, profits distributed to owners	-56.6	-56.6
Net cash flows from financing activities	884.0	-412.1
IV. Net cash flows during the period	200.1	165.8
V. Cash and cash equivalents at begingning of the period	167.9	2.1
Cash and cash equivalents at end of period	367.9	167.9

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)	41.6	23.3	91.8	66.9	15.9	26.9	43.4	69.9	45.7
a. Realised gains on disposals of FVTPL financial assets	32.9	10.0	50.6	15.1	5.3	4.3	6.6	21.6	20.1
b. Gains from revaluation of FVTPL financial assets	6.6	8.3	32.3	22.6	9.1	10.1	13.6	4.1	16.4
c. Dividends and interest income from FVTPL financial assets	2.1	5.0	8.9	29.2	1.5	12.5	23.3	44.2	9.2
1.2. Gains from held to maturity investments	15.4	16.4	19.5	20.3	18.2	13.9	6.0	12.0	21.0
1.3. Interest income from loans and receivables	122.1	123.6	126.4	94.0	89.0	124.5	76.5	134.4	75.4
1.4. Gains from available-for-sale financial assets (AFS)	—	4.0	1.3	1.0	—	8.8	—	—	—
1.6. Revenue from brokerage services	98.7	104.8	134.0	82.2	53.3	61.9	69.1	96.5	91.2
1.7. Revenue from share issue guarantee and agency activities	0.0	0.0	0.0	0.0	—	—	—	—	—
1.8. Revenue from investment advisory services	0.7	1.6	0.5	2.2	0.3	0.9	1.1	1.0	0.5
1.10. Revenue from securities custody services	2.1	2.5	2.3	2.1	1.4	1.9	1.7	2.2	1.1
1.11. Other revenue	1.8	-0.3	1.6	0.5	0.5	0.8	1.0	0.8	0.8
Revenue from securities business (01->11)	282.5	275.9	377.5	269.2	178.6	239.5	198.7	316.7	235.6
Net sales	282.5	275.9	377.5	269.2	178.6	239.5	198.7	316.7	235.6
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	60.0	23.6	12.5	43.8	10.6	26.2	30.8	65.9	13.7
a. Loss from disposals of financial assets at FVTPL	8.0	3.6	1.0	36.8	1.3	18.1	23.5	40.2	4.1
b. Loss from revaluation of financial assets at FVTPL	52.1	20.0	11.4	7.1	9.3	8.1	7.3	25.7	9.6
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	-12.5	-3.8	1.0	-23.4	-2.3	3.4	30.7	-0.6	-2.9
2.6. Expenses for proprietary trading activities	1.2	2.0	1.2	0.6	0.5	1.4	0.8	0.7	0.5
2.7. Expenses for brokerage services	96.9	96.5	141.1	73.8	45.9	85.5	33.4	100.0	81.4
2.9. Expenses for financial advisory services	3.0	3.8	2.3	1.7	1.4	3.3	2.3	1.7	1.6
2.11. Expenses for secutiries custodian services	6.3	8.9	6.5	4.1	3.2	6.4	5.1	4.3	3.6
2.12. Other expenses	5.0	4.3	5.4	6.6	2.0	-4.7	8.5	3.0	3.0
Operating expenses (21->33)	159.9	135.3	170.1	107.4	61.3	121.6	111.6	175.0	100.8
Gross profit	122.6	140.7	207.5	161.9	117.3	117.9	87.1	141.7	134.8
3.1. Realized and unrealized gain from changes in foreign exchange rates	—	0.0	0.0	0.0	—	0.0	—	0.0	—
3.2. Dividends, interest income from demand deposits	0.3	1.1	0.3	0.3	0.2	1.6	0.1	0.3	0.3
3.4. Other income about investment	0.1	1.5	—	—	—	—	—	—	—
Total financial income (41->44)	0.5	2.6	0.3	0.3	0.2	1.6	0.1	0.3	0.3
4.1. Realized and unrealized loss from changes in foreign exchange rates	0.0	0.0	—	—	—	—	—	—	—
4.2. Borrowing costs	51.7	53.2	45.8	36.9	33.8	32.9	31.4	34.4	36.2
Total financial expenses (51->54)	51.7	53.2	45.8	36.9	33.8	32.9	31.4	34.4	36.2
VI. General and Administrative expenses	47.7	51.8	61.4	49.5	32.5	48.4	5.9	57.2	32.0
VII. Net profit from securities business (20+50-40-60-61-62)	23.7	38.3	100.6	75.8	51.2	38.2	49.9	50.4	66.8
8.1. Other incomes	0.0	0.0	0.0	0.0	0.0	0.0	0.6	0.0	0.0
8.2. Other expenses	0.1	0.4	0.0	0.2	0.2	0.3	0.2	0.1	0.1
Other profit (71-72)	-0.1	-0.3	-0.0	-0.2	-0.2	-0.3	0.4	-0.1	-0.1
IX. Profit before tax (70+80)	23.6	37.9	100.5	75.6	51.0	37.9	50.3	50.3	66.7
9.1. Realised profit	69.0	49.6	79.7	60.1	51.2	35.9	44.0	71.8	59.9
9.2. Unrealised profit	-45.4	-11.7	20.9	15.5	-0.2	2.0	6.3	-21.6	6.8
CORPORATE INCOME TAX	2.7	6.5	19.4	4.4	9.9	4.3	14.7	2.9	11.9
10.1. Current corporate income tax expenses	7.4	8.4	15.3	3.3	8.7	4.0	14.1	5.3	10.4
10.2. Deferred income tax expenses	-4.8	-1.9	4.1	1.1	1.2	0.3	0.6	-2.5	1.5
XI. Net profit after tax (90-100)	20.9	31.4	81.2	71.2	41.1	33.6	35.6	47.4	54.7
11.1. Profit after tax for shareholders of the parents company	20.9	31.4	81.2	71.2	41.1	33.6	29.9	47.4	54.7
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	-5.4	-6.2	27.8	4.5	1.0	-5.7	5.6	-0.2	21.4
Total other comprehensive income	-5.4	-6.2	27.8	4.5	1.0	-5.7	5.6	-0.2	21.4
13.1. Earning per share	802.00	536.00	838.00	739.00	553.00	415.00	390.00	866.00	644.00
Earnings per Share	157.24	235.80	609.34	534.30	308.67	252.22	267.31	355.89	410.97

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)	6,404.1	6,479.8	6,748.2	5,396.1	5,300.1	5,081.2	4,275.3	5,991.8	6,378.7
Short-term financial assets	6,397.3	6,473.9	6,742.9	5,388.6	5,293.7	5,074.9	4,270.4	5,985.2	6,374.6
1. Cash and cash equivalents	306.0	367.9	9.3	140.9	13.9	167.9	4.6	804.3	239.2
1.1. Cash	306.0	367.9	9.3	140.9	13.9	167.9	4.6	479.6	239.2
1.2. Cash equivalents	—	—	—	—	—	—	—	324.7	—
2. Financial assets at fair value through profit or loss (FVTPL)	476.9	596.9	563.8	431.9	405.2	416.6	417.4	695.1	615.0
3. Held to maturity investments (HTM)	636.6	787.1	992.1	1,140.0	1,230.1	860.5	499.2	333.0	1,498.9
4. Loans	4,809.4	4,557.1	5,019.7	3,552.9	3,532.0	3,503.7	3,245.5	3,991.1	3,856.3
5. Available-for-sale financial assets (AFS)	164.1	168.8	167.7	148.0	162.4	164.9	164.6	163.0	159.8
6. Provisions for impairment loss of financial assets and mortgages	-53.6	-57.1	-57.9	-56.9	-107.3	-109.7	-106.2	-75.6	-76.1
7. Short-term receivables	56.7	73.1	71.8	52.6	33.2	58.0	8.5	34.9	41.6
7.1. Receivables from disposal of financial assets	18.0	30.0	30.0	30.0	0.1	22.7	7.6	4.6	32.1
7.2. Receivables and accruals from dividends and interest income	38.7	43.1	41.8	22.6	33.1	35.3	0.8	30.3	9.5
7.2.2. Undue dividend and interest receivables	38.7	43.1	41.8	22.6	33.1	35.3	0.8	30.3	9.5
Prepayments to suppliers	4.5	3.8	4.2	4.8	13.9	10.5	34.8	36.1	36.9
9. Service related receivable	10.8	11.0	10.0	9.1	8.4	9.0	8.6	9.6	9.5
12. Other receivables	24.7	13.0	13.0	15.9	21.5	13.0	13.0	13.0	13.1
13. Provision for doubtful debts	-38.8	-47.8	-50.8	-50.8	-19.5	-19.5	-19.5	-19.5	-19.5
II. Other short-term assets	6.8	5.9	5.3	7.6	6.4	6.3	4.9	6.6	4.2
1. Advances	1.6	0.3	0.3	0.3	0.4	0.2	0.5	0.3	0.6
2. Office supplies, tools	0.1	0.1	0.4	0.4	0.2	0.2	0.2	0.9	0.0
3. Short-term prepayments	4.9	5.4	4.5	6.8	5.8	5.9	4.2	5.3	3.5
4. Pledged assets, mortgages, security deposits in short term	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	594.4	552.3	572.1	563.1	556.0	547.7	343.4	342.8	342.8
I. Long-term financial assets	528.3	482.8	498.8	485.5	478.8	471.2	293.1	293.0	294.1
2. Long-term investments	528.3	482.8	498.8	485.5	478.8	471.2	293.1	293.0	294.1
2.1. Held to maturity investments (HTM)	347.5	302.6	309.8	311.3	306.9	302.6	100.3	105.5	103.8
2.5. Other long-term investments	180.8	180.2	189.0	174.2	174.9	171.6	195.8	190.4	193.3
II. Fixed assets	23.6	22.0	23.1	24.3	25.5	19.7	19.6	18.6	19.2
1. Tangible fixed assets	15.2	14.4	15.7	17.0	17.7	11.7	12.0	13.1	13.4
- Cost	61.1	—	—	—	—	—	—	—	—
- Accumulated depreciation	-45.8	—	—	—	—	—	—	—	—
3. Intangible fixed assets	8.4	7.7	7.4	7.3	7.8	7.9	7.6	5.5	5.8
- Cost	30.3	—	—	—	—	—	—	—	—
- Accumulated depreciation	-21.9	—	—	—	—	—	—	—	—
IV. Construction in progress	—	0.6	—	—	—	—	—	—	—
V. Other long-term assets	42.5	46.9	50.2	53.3	51.7	56.8	30.8	31.2	29.5
1. Pledged assets, mortgages, security deposits in long term	2.4	2.4	2.3	2.3	2.3	2.2	2.2	2.6	2.6
2. Long-term prepayments	20.1	23.6	27.9	31.1	29.4	33.4	8.6	8.6	6.9
4. Payment for Settlement Assistance Fund	20.0	20.9	20.0	20.0	20.0	21.2	20.0	20.0	20.0
TOTAL ASSETS (270=100+200)	6,998.5	7,032.1	7,320.3	5,959.3	5,856.1	5,628.9	4,618.7	6,334.6	6,721.5
A. LIABILITIES (300=310+340)	4,326.1	4,375.0	4,630.6	3,378.5	3,338.7	3,184.3	2,144.3	3,901.2	4,330.6
I. Short -term liabilities	4,286.7	4,329.5	4,581.7	3,340.5	3,302.9	3,150.0	2,108.9	3,867.8	4,294.7
1. Short-term borrowings	4,050.8	4,070.4	4,318.9	3,191.1	3,178.5	2,908.5	1,881.3	3,605.5	4,084.1
1.1. Short-term borrowings	4,050.8	4,070.4	4,318.9	3,191.1	3,178.5	2,908.5	1,881.3	3,605.5	4,084.1
6. Payables to securities trading activities	8.7	7.3	7.4	5.2	5.0	4.7	4.0	6.7	7.8
8. Trade accounts payable	22.5	1.8	5.6	2.1	4.3	10.9	1.7	4.4	5.0
9. Advances from customers	4.0	4.2	4.6	4.3	23.2	21.3	21.5	21.4	21.1
10. Taxes and other payables to state authorities	24.5	22.9	31.2	14.2	23.8	14.4	22.2	17.6	28.7
11. Payable to employees	92.1	117.5	148.3	68.1	28.4	113.1	110.9	113.8	52.9
12. Employee welfare payables	1.3	1.3	1.6	1.4	1.5	1.7	1.5	2.0	2.0
13. Accrued expenses	37.6	39.5	43.6	32.7	26.5	21.9	47.9	38.0	24.7
17. Other payables	3.3	3.0	3.0	3.0	2.9	2.5	5.4	0.8	11.6
19. Bonus and welfare fund	12.6	16.8	17.6	18.3	8.8	11.9	12.4	13.5	12.8
II. Long-term liabilities	39.4	45.5	49.0	38.0	35.7	34.3	35.4	33.4	35.9
14. Deferred income tax liabilities	39.4	45.5	49.0	38.0	35.7	34.3	35.4	33.4	35.9
B. OWNER'S EQUITY (400=410+420)	2,672.3	2,657.1	2,689.7	2,580.8	2,517.5	2,444.6	2,474.4	2,433.4	2,390.9
I. Owner's equity	2,672.3	2,657.1	2,689.7	2,580.8	2,517.5	2,444.6	2,474.4	2,433.4	2,390.9
1. Investment capital from owners	1,332.1	1,332.1	1,332.1	1,332.1	1,332.1	1,332.1	1,332.1	1,332.1	1,332.1
1.1. Capital from owners	722.3	722.3	722.3	722.3	722.3	722.3	722.3	722.3	722.3
a. Common stock	722,339,370,000.00	722,339,370,000.00	722,339,370,000.00	722,339,370,000.00	722,339,370,000.00	722,339,370,000.00	722,339,370,000.00	722,339,370,000.00	722,339,370,000.00
1.2. Share premium	610.3	610.3	610.3	610.3	610.3	610.3	610.3	610.3	610.3
1.5. Treasury shares	-496,682,500.00	-496,682,500.00	-496,682,500.00	-496,682,500.00	-496,682,500.00	-496,682,500.00	-496,682,500.00	-496,682,500.00	-496,682,500.00
2. Assets revaluation differences	125.1	130.5	136.7	108.9	104.4	103.4	109.1	103.5	103.7
4. Supplementary capital reserve	59.4	59.4	59.4	59.4	59.4	59.4	59.4	59.4	59.4
7. Undistributed earnings after tax	923.1	902.5	928.8	847.7	850.8	778.9	803.1	767.6	772.2
7.1. Realised profits	922.7	861.4	878.0	813.7	831.2	758.0	783.9	754.0	739.5
7.2. Unrealised losses	0.4	41.0	50.8	34.0	19.6	20.9	19.2	13.5	32.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	6,998.5	7,032.1	7,320.3	5,959.3	5,856.1	5,628.9	4,618.7	6,334.6	6,721.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
- Other receipts from operating activities	617.5	1,619.4	2,640.4	1,356.7	1,393.2	1,290.8	1,774.0	2,384.8	1,981.7
- Other payments for operating activities	-509.8	-1,727.4	-2,204.2	-1,272.7	-1,309.8	-1,354.8	-1,764.3	-2,233.0	-1,937.5
Net cash flows from securities trading activities	-34.9	497.0	-957.1	146.3	-360.8	-896.6	890.8	1,056.7	-466.0
1. Payment for fixed assets, constructions and other long-term assets	-2.2	-2.1	-0.8	-0.8	-5.6	-1.8	-2.5	-0.9	-1.8
Net cash flows from investing activities	-2.2	-2.1	-0.8	-0.8	-5.6	-1.8	-2.5	-0.9	-1.8
3. Short-term and long-term borrowings	4,841.2	2,482.0	2,855.2	2,322.3	1,607.1	2,223.0	1,543.4	3,507.7	3,138.0
4. Principal repayments	-4,866.0	-2,561.6	-2,028.9	-2,340.8	-1,394.7	-1,104.7	-3,220.0	-4,009.9	-2,433.0
6. Dividends paid, profits distributed to owners	—	-56.6	0.0	-0.0	—	-56.6	0.0	0.0	-0.0
Net cash flows from financing activities	-24.8	-136.2	826.3	-18.5	212.4	1,061.7	-1,676.6	-502.2	705.0
IV. Net cash flows during the period	-61.9	358.6	-131.6	126.9	-153.9	163.3	-788.3	553.6	237.2
V. Cash and cash equivalents at begingning of the period	367.9	9.3	140.9	13.9	167.9	4.6	792.8	239.2	2.1
Cash and cash equivalents at end of period	306.0	367.9	9.3	140.9	13.9	167.9	4.6	792.8	239.2

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BVS

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