FTS

Chứng khoán FPT ·HOSE ·2026Q1

● PROVISION HEAVY

Provision drag PBT margin 41.0%, -14.5% YoY

Price

23,700

Latest close

02 Jun 2026

EPS TTM (TTM) 1,165

BVPS (Latest) 13,072

P/E (Price/EPS) 20.3x

P/B (Price/BVPS) 1.8x

ROAE TTM (TTM) 9.2%

PBT Margin (TTM) 41.0%

Trading Share (Mix) 14.8%

Service & Brokerage Share (Mix) 23.4%

Equity / Assets (Latest) 34.7%

Leverage (Latest) 1.9x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 522.0bn, equivalent to a pre-tax margin of 41.0%, but earnings quality is still being dragged down by provisioning, while margin has narrowed by 14.5pp, pointing to greater pressure on earnings quality. The revenue mix is now leaning more toward lending at 61.8% after expanding by +7.2pp, while trading is down to 14.8% after narrowing by 6.6pp; brokerage and services are still 23.4% but have narrowed by 0.6pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 34.7% while Leverage is about 1.88x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 188 tỷ
−24,2%
Lãi thuần 185 tỷ
−25,0%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 786 tỷ
+24,1%
Dư nợ 6.243 tỷ
−18,0%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 215 tỷ
+1,0%
Lãi thuần 22,6 tỷ
−47,0%

Metric	2025	2024
PBT	510.7	663.2
Trading Share	13.1%	21.4%
Lending Share	62.5%	51.3%
Service & Brokerage Share	24.4%	27.3%
PBT Margin	42.35%	57.78%
Equity / Assets	31.8%	42.2%
Leverage	2.15x	1.37x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	184.4	164.3	88.6	84.7	173.1	179.1	103.2	189.6	191.3
Trading Share	31.3%	22.9%	-2.0%	-3.9%	28.2%	30.5%	1.2%	19.7%	28.6%
Lending Share	54.6%	57.5%	68.1%	72.5%	55.7%	50.9%	68.1%	47.4%	43.3%
Service & Brokerage Share	14.2%	19.6%	33.9%	31.4%	16.1%	18.6%	30.7%	32.9%	28.2%
PBT Margin	48.74%	44.38%	31.15%	35.41%	55.47%	56.19%	45.96%	62.11%	63.92%
Equity / Assets	34.7%	31.8%	31.4%	37.6%	39.9%	42.2%	45.5%	42.6%	46.3%
Leverage	1.88x	2.15x	2.19x	1.66x	1.51x	1.37x	1.20x	1.35x	1.16x

Drivers of FTS's profit

TTM

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

Margin lending +VND 153bn

Other fees +VND 16.8bn

Total costs −VND 211bn

Trading −VND 61.9bn

Tax −VND 27.0bn

Brokerage −VND 20.0bn

TTM

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

Margin lending +VND 32.7bn

Trading +VND 30.0bn

Other fees +VND 4.2bn

Total costs −VND 49.6bn

Brokerage −VND 5.9bn

Tax −VND 4.4bn

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 61.8%, trading is at 14.8%, brokerage and services together remain around 23.4% of the engine mix.

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

Revaluation is currently a drag rather than a standalone headline driver.

The revenue headline should be read together with leakage into provisioning and net margin, not just the surface mix.

Key risks

Provision drag is eroding revenue

Provision load is large enough relative to revenue to weaken the quality of the earnings engine.

Key signals

Securities business revenue 1,272.1bn +9.6% YoY

PBT margin 41.0% −14.5pp

Lending Share 61.8% +7.2pp

Brokerage Share 16.9% −1.4pp

Other Fee Share 6.5% +0.8pp

TTM YoY · 2026Q1

Profitability Quality & Volatility

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

Profit remains positive, but quality is no longer clean because provisioning is materially eroding headline returns.

Pre-tax margin is currently 41.0%, Return on assets is about 3.4%, provisions equal 79.2% of pre-tax profit, revaluation accounts for -22.5% of pre-tax profit.

Headline profit needs a discount because provisioning is eating into core returns.

Profit remains sensitive to revaluation swings.

Provisioning is a meaningful drag on profit.

Key risks

Provision drag remains meaningful

Provision load relative to PBT is high enough to weigh on profitability quality.

Key signals

PBT margin 41.0% −14.5pp

Net margin 31.7% −16.0pp

ROAA 3.4% −1.3pp

ROAE 9.2% −3.8pp

Provisions / PBT 79.2% +45.3pp

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 47.8% of assets, the prop book about 45.3%, liquid assets around 4.9%, equity roughly 34.7%.

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.

Prop-book concentration risk

A high share of FVTPL assets increases sensitivity to market revaluation and trading volatility.

Key signals

Margin book / Assets 47.8% −23.3pp

Prop book / Assets 45.3% +26.0pp

Liquid assets / Assets 4.9% −2.7pp

Equity / Assets 34.7% −5.2pp

Liabilities / Equity 1.88x +0.38x

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 34.7% of assets, liabilities stand at 1.88x of equity, short-term borrowings are about 63.6% 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 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 34.7% −5.2pp

Liabilities / Equity 1.88x +0.38x

Short-term borrowings / Assets 63.6% +6.8pp

Liquid assets / Assets 4.9% −2.7pp

Cash / Short-term borrowings 0.08x −0.06x

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, FTS is still profitable, but headline quality is being pulled down more clearly by provisioning, so earnings should be read with caution.

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

Profit is still positive, but provisioning is large enough to make earnings durability less certain.

Provisioning is now large enough that headline profitability should be read with more caution.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	157.8	245.5
a. Realised gains on disposals of FVTPL financial assets	93.2	2.5
b. Gains from revaluation of FVTPL financial assets	-106.6	150.5
c. Dividends and interest income from FVTPL financial assets	171.1	92.5
1.3. Interest income from loans and receivables	753.6	589.3
1.6. Revenue from brokerage services	215.5	250.4
1.7. Revenue from share issue guarantee and agency activities	0.6	—
1.8. Revenue from investment advisory services	58.5	49.7
1.10. Revenue from securities custody services	19.3	12.6
1.11. Other revenue	0.6	0.3
Revenue from securities business (01->11)	1,205.8	1,147.7
Net sales	1,205.8	1,147.7
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	2.6	0.9
a. Loss from disposals of financial assets at FVTPL	2.6	0.9
b. Loss from revaluation of financial assets at FVTPL	-0.0	-0.0
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	368.5	179.0
2.6. Expenses for proprietary trading activities	0.8	0.4
2.7. Expenses for brokerage services	187.1	180.6
2.8. Expenses for underwriting and issurance agency services	0.5	—
2.9. Expenses for financial advisory services	36.7	26.7
2.11. Expenses for secutiries custodian services	24.0	18.0
Operating expenses (21->33)	620.1	405.6
Gross profit	585.7	742.2
3.2. Dividends, interest income from demand deposits	9.3	8.8
Total financial income (41->44)	9.3	8.8
VI. General and Administrative expenses	85.6	89.8
VII. Net profit from securities business (20+50-40-60-61-62)	509.4	661.2
8.1. Other incomes	69.9	58.1
8.2. Other expenses	68.6	56.1
Other profit (71-72)	1.3	2.0
IX. Profit before tax (70+80)	510.7	663.2
9.1. Realised profit	617.3	512.7
9.2. Unrealised profit	-106.6	150.5
CORPORATE INCOME TAX	113.9	95.9
10.1. Current corporate income tax expenses	113.9	95.9
XI. Net profit after tax (90-100)	396.8	567.3
11.1. Profit after tax for shareholders of the parents company	396.8	567.3
13.1. Earning per share	1,161.00	1,869.00
13.2. Diluted earning per share	1,161.00	1,869.00
Earnings per Share	1,145.01	1,854.42

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	13,750.8	9,580.2
Short-term financial assets	13,746.4	9,574.6
1. Cash and cash equivalents	2,913.6	565.6
1.1. Cash	1,563.6	155.7
1.2. Cash equivalents	1,350.0	409.9
2. Financial assets at fair value through profit or loss (FVTPL)	2,508.8	1,914.0
4. Loans	8,248.1	7,068.1
6. Provisions for impairment loss of financial assets and mortgages	-10.9	-10.9
7. Short-term receivables	82.7	32.4
7.2. Receivables and accruals from dividends and interest income	82.7	32.4
7.2.1. Due dividend and interest receivables	0.3	0.1
7.2.2. Undue dividend and interest receivables	82.4	32.3
Prepayments to suppliers	0.7	2.2
9. Service related receivable	2.0	2.3
12. Other receivables	1.6	1.1
13. Provision for doubtful debts	-0.2	-0.2
II. Other short-term assets	4.4	5.6
2. Office supplies, tools	1.0	1.3
3. Short-term prepayments	2.4	3.1
4. Pledged assets, mortgages, security deposits in short term	0.0	0.1
Taxes and other receivables from state authorities	1.0	1.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	168.8	179.4
II. Fixed assets	132.8	142.6
1. Tangible fixed assets	113.1	122.4
- Cost	263.8	262.2
- Accumulated depreciation	-150.7	-139.8
3. Intangible fixed assets	19.7	20.2
- Cost	44.9	44.9
- Accumulated depreciation	-25.2	-24.7
V. Other long-term assets	36.0	36.8
1. Pledged assets, mortgages, security deposits in long term	0.9	1.2
2. Long-term prepayments	5.0	5.5
4. Payment for Settlement Assistance Fund	30.1	30.1
TOTAL ASSETS (270=100+200)	13,919.7	9,759.6
A. LIABILITIES (300=310+340)	9,499.7	5,641.6
I. Short -term liabilities	9,499.7	5,641.6
1. Short-term borrowings	8,758.1	5,475.9
1.1. Short-term borrowings	8,758.1	5,475.9
6. Payables to securities trading activities	9.8	7.4
8. Trade accounts payable	1.2	1.0
9. Advances from customers	4.7	4.1
10. Taxes and other payables to state authorities	73.4	30.7
11. Payable to employees	21.3	21.2
12. Employee welfare payables	2.1	2.0
13. Accrued expenses	21.5	9.2
17. Other payables	506.6	6.2
19. Bonus and welfare fund	100.9	83.8
B. OWNER'S EQUITY (400=410+420)	4,420.0	4,118.0
I. Owner's equity	4,420.0	4,118.0
1. Investment capital from owners	3,465.1	3,059.3
1.1. Capital from owners	3,465.0	3,059.2
a. Common stock	3,464,980,090,000.00	3,059,193,660,000.00
1.2. Share premium	0.1	0.1
7. Undistributed earnings after tax	954.9	1,058.7
7.1. Realised profits	576.0	573.2
7.2. Unrealised losses	378.9	485.5
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	13,919.7	9,759.6

Item	2025	2024
1. Profit before tax	510.7	663.2
2. Adjustments for	-34.6	34.9
- Depreciation and amortization	15.5	19.1
- (Reversal of provisions)/provisions	0.0	0.0
- Loss/(profits) from other investing activities	-0.1	-0.1
- Accrued interest income	-50.1	15.8
3. Add non-cash expenses	-0.0	-0.0
- Loss from revaluation losses of FVTPL financial assets	-0.0	-0.0
4. Less non-cash income	106.6	-150.5
- Gains from revaluation gains of FVTPL financial assets	106.6	-150.5
5. Changes of assets and liabilities	-1,881.4	-2,088.3
- Increase/decrease in FVTPL financial assets	-701.4	-414.2
- Increase/decrease in loan	-1,180.0	-1,674.1
6. Operating profit before changes in working capital	-1,298.7	-1,540.8
Increase/decrease in receiables interest of financial assets	-0.2	0.2
Increase/decrease in service related receivables	0.2	0.6
Increases/decreases in other receivables	1.1	1.2
Increase/decrease in other assets	0.3	0.0
- Increase/(decrease) in payables (other than interest, corporate income tax)	14.7	5.0
- (Increase)/decrease in prepaid expenses	1.2	-4.4
- Corporate income tax paid	-74.3	-99.9
Increases/decreaese in trade payables	0.3	0.5
Increases/decreases in employee welfare payables	0.1	0.3
Increases/decreases in tax and other payables to the State Budget	3.1	2.2
Increases/dcreases in payable to employees	0.1	0.5
Increases/dcreases in other payables	500.3	-1,300.3
- Other receipts from operating activities	0.9	0.3
- Other payments for operating activities	-25.2	-23.2
Net cash flows from securities trading activities	-876.0	-2,957.8
1. Payment for fixed assets, constructions and other long-term assets	-5.7	-6.3
2. Proceeds from disposals of fixed assets and other long-term assets	0.1	0.1
Net cash flows from investing activities	-5.7	-6.2
1. Receipts from equity issue and owner's capital contribution	99,884,000,000.00	55,299,500,000.00
3. Short-term and long-term borrowings	20,739.4	14,160.2
3.2. Other borrowings	20,739.4	14,160.2
4. Principal repayments	-17,457.2	-11,832.4
4.3. Other principal repayments	-17,457.2	-11,832.4
6. Dividends paid, profits distributed to owners	-152.3	-106.9
Net cash flows from financing activities	3,229.8	2,276.2
IV. Net cash flows during the period	2,348.1	-687.8
V. Cash and cash equivalents at begingning of the period	565.6	1,253.4
Cash at bank	565.6	1,253.4
- Cash at bank for securities company activities	155.7	415.4
- Cash equivalents	409.9	838.0
Cash and cash equivalents at end of period	2,913.6	565.6
Cash at bank	2,913.6	565.6
- Cash at bank for securities company activities	1,563.6	155.7
- Cash equivalents	1,350.0	409.9
1. Proceeds from sale of brokerage securities to customers	191,373.7	146,823.5
2. Money spent on buying brokerage securities for customers	-192,469.8	-147,265.0
9. Receive deposits to pay for securities transactions of customers	1,726.4	-218.0
14. Payment of customers' securities depository fees	-20.5	-14.8
17. Proceeds from Securities Issuers	1,979.7	1,671.5
18. Payments to Securities Issuers	-1,979.5	-1,670.0
Increase / decrease of net money during the period	610.0	-672.8
II. Cash and cash equivalents at the beginning of the period of the customer	2,775.5	3,448.3
Cash at bank	2,775.5	3.8
-Deposits of investors on securities transactions under the Securities Company management method	2,773.6	3.4
-Deposits from issuing organizations	1.9	0.4
III. Cash and cash equivalents at the end of the period of the customer	3,385.5	2,775.5
Cash at bank	3,385.5	1.9
-Deposits of investors on securities transactions under the Securities Company management method	3,383.4	—
-Deposits from issuing organizations	2.2	1.9

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)	118.3	84.8	-5.8	-9.3	88.1	97.1	2.7	60.2	85.4
a. Realised gains on disposals of FVTPL financial assets	0.2	47.4	45.2	0.7	0.1	0.0	0.0	0.0	2.5
b. Gains from revaluation of FVTPL financial assets	61.8	-64.9	-78.8	-35.7	72.8	47.9	-9.6	44.1	68.0
c. Dividends and interest income from FVTPL financial assets	56.3	102.4	27.9	25.7	15.2	49.2	12.3	16.1	14.9
1.3. Interest income from loans and receivables	206.5	212.7	193.7	173.4	173.8	162.2	152.9	144.6	129.5
1.6. Revenue from brokerage services	36.8	47.8	81.1	49.1	37.5	41.0	56.6	77.5	75.4
1.7. Revenue from share issue guarantee and agency activities	—	0.6	—	—	—	—	—	—	—
1.8. Revenue from investment advisory services	11.0	17.2	10.1	21.8	9.5	15.1	9.1	19.6	5.9
1.10. Revenue from securities custody services	5.2	6.7	5.3	4.2	3.1	3.2	3.2	3.2	2.9
1.11. Other revenue	0.6	0.4	0.0	0.0	0.1	0.0	0.1	0.1	0.1
Revenue from securities business (01->11)	378.4	370.2	284.4	239.1	312.1	318.7	224.6	305.2	299.2
Net sales	378.4	370.2	284.4	239.1	312.1	318.7	224.6	305.2	299.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	0.7	0.3	0.9	0.9	0.4	0.3	0.3	0.1	0.2
a. Loss from disposals of financial assets at FVTPL	0.7	0.3	0.9	0.9	0.4	0.3	0.3	0.1	0.2
b. Loss from revaluation of financial assets at FVTPL	-0.0	0.0	-0.0	0.0	0.0	-0.0	-0.0	-0.0	-0.0
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	121.9	113.0	95.8	82.7	77.0	55.5	46.3	39.9	37.3
2.6. Expenses for proprietary trading activities	0.4	0.2	0.3	0.2	0.2	0.2	0.1	0.0	0.1
2.7. Expenses for brokerage services	39.3	48.5	63.6	40.8	34.2	43.7	43.5	48.5	44.8
2.8. Expenses for underwriting and issurance agency services	—	0.5	—	—	—	—	—	—	—
2.9. Expenses for financial advisory services	8.2	14.1	9.8	7.7	5.1	10.1	6.6	5.6	4.4
2.11. Expenses for secutiries custodian services	6.3	7.3	7.0	4.7	5.0	4.9	4.5	4.4	4.3
Operating expenses (21->33)	176.8	183.8	177.4	136.9	122.0	114.8	101.3	98.5	91.0
Gross profit	201.6	186.4	107.0	102.2	190.1	203.9	123.3	206.8	208.2
3.2. Dividends, interest income from demand deposits	2.2	2.8	2.5	2.4	1.5	2.1	2.1	2.5	2.1
Total financial income (41->44)	2.2	2.8	2.5	2.4	1.5	2.1	2.1	2.5	2.1
VI. General and Administrative expenses	19.8	24.9	21.5	20.2	18.9	27.6	22.6	20.2	19.5
VII. Net profit from securities business (20+50-40-60-61-62)	184.0	164.3	88.0	84.4	172.7	178.4	102.9	189.0	190.9
8.1. Other incomes	17.8	18.2	25.8	14.8	11.1	15.0	14.4	16.4	12.3
8.2. Other expenses	17.4	18.2	25.2	14.6	10.7	14.4	14.0	15.9	11.9
Other profit (71-72)	0.4	0.0	0.6	0.3	0.4	0.7	0.4	0.5	0.4
IX. Profit before tax (70+80)	184.4	164.3	88.6	84.7	173.1	179.1	103.2	189.6	191.3
9.1. Realised profit	122.6	229.2	167.4	120.4	100.3	131.2	112.8	145.5	123.2
9.2. Unrealised profit	61.8	-64.9	-78.8	-35.7	72.8	47.9	-9.6	44.1	68.0
CORPORATE INCOME TAX	24.5	36.2	33.5	24.1	20.1	19.6	22.6	29.1	24.6
10.1. Current corporate income tax expenses	24.5	36.2	33.5	24.1	20.1	19.6	22.6	29.1	24.6
XI. Net profit after tax (90-100)	159.9	128.1	55.1	60.6	153.0	159.5	80.7	160.5	166.6
11.1. Profit after tax for shareholders of the parents company	159.9	128.1	55.1	60.6	153.0	159.5	80.7	160.5	166.6
Earnings per Share	461.51	369.57	159.06	174.94	500.01	521.41	263.72	524.63	776.55

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)	12,892.1	13,750.8	13,513.4	11,103.2	10,524.4	9,580.2	8,517.2	8,921.8	7,950.3
Short-term financial assets	12,885.5	13,746.4	13,510.4	11,099.1	10,517.9	9,574.6	8,513.8	8,917.7	7,944.8
1. Cash and cash equivalents	635.7	2,913.6	554.1	1,277.3	810.0	565.6	470.0	742.5	416.6
1.1. Cash	509.5	1,563.6	30.1	438.1	188.0	155.7	17.8	49.0	12.8
1.2. Cash equivalents	126.2	1,350.0	524.0	839.2	622.0	409.9	452.2	693.4	403.8
2. Financial assets at fair value through profit or loss (FVTPL)	5,914.3	2,508.8	4,038.5	2,536.2	2,065.0	1,914.0	1,103.9	1,533.5	1,232.9
4. Loans	6,243.3	8,248.1	8,895.6	7,243.3	7,611.8	7,068.1	6,916.6	6,607.7	6,266.1
6. Provisions for impairment loss of financial assets and mortgages	-10.9	-10.9	-10.9	-10.9	-10.9	-10.9	-10.9	-10.9	-10.9
7. Short-term receivables	96.6	82.7	29.4	47.0	38.6	32.4	27.9	36.8	33.1
7.2. Receivables and accruals from dividends and interest income	96.6	82.7	29.4	47.0	38.6	32.4	27.9	36.8	33.1
7.2.1. Due dividend and interest receivables	0.1	0.3	0.1	0.1	0.1	0.1	0.1	0.2	0.3
7.2.2. Undue dividend and interest receivables	96.5	82.4	29.3	46.8	38.5	32.3	27.8	36.6	32.8
Prepayments to suppliers	3.5	0.7	0.2	0.9	0.0	2.2	2.8	3.1	2.8
9. Service related receivable	1.8	2.0	2.0	4.1	2.0	2.3	2.3	3.9	2.7
12. Other receivables	1.3	1.6	1.7	1.4	1.6	1.1	1.3	1.3	1.8
13. Provision for doubtful debts	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
II. Other short-term assets	6.6	4.4	3.0	4.1	6.5	5.6	3.4	4.1	5.5
1. Advances	0.5	—	0.1	0.1	0.5	—	0.1	0.3	0.4
2. Office supplies, tools	1.2	1.0	1.2	1.0	1.1	1.3	1.2	0.9	1.1
3. Short-term prepayments	4.0	2.4	1.6	3.0	3.9	3.1	2.0	2.8	2.9
4. Pledged assets, mortgages, security deposits in short term	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.0
Taxes and other receivables from state authorities	0.9	1.0	0.0	0.0	1.0	1.0	—	—	1.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	167.7	168.8	172.8	177.1	182.0	179.4	182.3	187.0	186.6
II. Fixed assets	132.6	132.8	136.1	139.5	143.4	142.6	144.2	148.5	152.9
1. Tangible fixed assets	113.1	113.1	116.2	119.5	123.3	122.4	125.9	130.3	134.6
- Cost	266.9	—	—	—	—	—	—	—	—
- Accumulated depreciation	-153.8	—	—	—	—	—	—	—	—
3. Intangible fixed assets	19.6	19.7	19.8	20.0	20.1	20.2	18.2	18.3	18.3
- Cost	44.9	—	—	—	—	—	—	—	—
- Accumulated depreciation	-25.4	—	—	—	—	—	—	—	—
IV. Construction in progress	—	—	—	—	—	—	0.6	0.6	0.6
V. Other long-term assets	35.1	36.0	36.7	37.6	38.6	36.8	37.6	37.9	33.1
1. Pledged assets, mortgages, security deposits in long term	0.9	0.9	0.9	1.4	1.4	1.2	1.2	1.2	1.2
2. Long-term prepayments	4.1	5.0	5.7	6.2	7.2	5.5	6.3	6.6	1.9
4. Payment for Settlement Assistance Fund	30.1	30.1	30.1	30.1	30.1	30.1	30.0	30.0	30.0
TOTAL ASSETS (270=100+200)	13,059.8	13,919.7	13,686.1	11,280.2	10,706.4	9,759.6	8,699.5	9,108.9	8,136.9
A. LIABILITIES (300=310+340)	8,530.3	9,499.7	9,394.2	7,043.4	6,435.5	5,641.6	4,741.1	5,231.1	4,367.6
I. Short -term liabilities	8,530.3	9,499.7	9,394.2	7,043.4	6,435.5	5,641.6	4,741.1	5,231.1	4,367.6
1. Short-term borrowings	8,309.0	8,758.1	8,086.8	6,852.0	6,087.8	5,475.9	4,343.2	4,111.7	3,472.2
1.1. Short-term borrowings	8,309.0	8,758.1	8,086.8	6,852.0	6,087.8	5,475.9	4,343.2	4,111.7	3,472.2
6. Payables to securities trading activities	13.2	9.8	12.6	9.5	9.1	7.4	—	—	—
8. Trade accounts payable	2.3	1.2	0.9	0.5	4.6	1.0	0.4	0.6	0.2
9. Advances from customers	10.7	4.7	5.5	5.8	9.8	4.1	4.6	5.7	8.6
10. Taxes and other payables to state authorities	49.0	73.4	59.4	46.4	41.4	30.7	36.7	52.7	47.5
11. Payable to employees	2.8	21.3	3.0	2.3	3.1	21.2	2.3	4.3	5.0
12. Employee welfare payables	2.1	2.1	2.3	2.2	2.1	2.0	2.1	2.0	1.8
13. Accrued expenses	17.9	21.5	16.8	16.4	12.3	9.2	12.2	14.3	16.3
17. Other payables	6.4	506.6	1,106.0	7.4	206.1	6.2	255.6	955.8	731.8
19. Bonus and welfare fund	117.1	100.9	100.9	100.9	59.2	83.8	84.0	84.0	84.1
B. OWNER'S EQUITY (400=410+420)	4,529.5	4,420.0	4,291.9	4,236.8	4,270.9	4,118.0	3,958.5	3,877.8	3,769.3
I. Owner's equity	4,529.5	4,420.0	4,291.9	4,236.8	4,270.9	4,118.0	3,958.5	3,877.8	3,769.3
1. Investment capital from owners	3,465.1	3,465.1	3,465.1	3,465.1	3,059.3	3,059.3	3,059.3	3,059.3	2,145.7
1.1. Capital from owners	3,465.0	3,465.0	3,465.0	3,465.0	3,059.2	3,059.2	3,059.2	3,059.2	2,145.6
a. Common stock	3,464,980,090,000.00	3,464,980,090,000.00	3,464,980,090,000.00	3,464,980,090,000.00	3,059,193,660,000.00	3,059,193,660,000.00	3,059,193,660,000.00	3,059,193,660,000.00	2,145,649,870,000.00
1.2. Share premium	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
7. Undistributed earnings after tax	1,064.5	954.9	826.8	771.7	1,211.7	1,058.7	899.2	818.5	1,623.5
7.1. Realised profits	623.8	576.0	383.0	249.1	653.3	573.2	461.6	371.3	1,220.5
7.2. Unrealised losses	440.7	378.9	443.8	522.7	558.3	485.5	437.6	447.2	403.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	13,059.8	13,919.7	13,686.1	11,280.2	10,706.4	9,759.6	8,699.5	9,108.9	8,136.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	184.4	164.3	88.6	84.7	173.1	179.1	103.2	189.6	191.3
2. Adjustments for	-10.9	-49.5	21.2	-4.3	-2.0	0.1	13.7	1.0	20.2
- Depreciation and amortization	3.2	3.6	3.7	4.0	4.2	4.5	4.9	4.8	4.9
- (Reversal of provisions)/provisions	—	0.0	0.0	0.0	—	0.0	0.0	0.0	—
- Loss/(profits) from other investing activities	—	0.0	-0.1	—	—	0.0	0.0	-0.1	—
- Accrued interest income	-14.1	-53.1	17.6	-8.4	-6.2	-4.5	8.8	-3.8	15.2
3. Add non-cash expenses	-0.0	0.0	-0.0	0.0	0.0	-0.0	-0.0	-0.0	-0.0
- Loss from revaluation losses of FVTPL financial assets	-0.0	0.0	-0.0	0.0	0.0	-0.0	-0.0	-0.0	-0.0
4. Less non-cash income	-61.8	64.9	78.8	35.7	-72.8	-47.9	9.6	-44.1	-68.0
- Gains from revaluation gains of FVTPL financial assets	-61.8	64.9	78.8	35.7	-72.8	-47.9	9.6	-44.1	-68.0
5. Changes of assets and liabilities	-1,338.8	2,112.2	-3,233.4	-138.4	-621.7	-913.8	111.2	-598.1	-687.5
- Increase/decrease in FVTPL financial assets	-3,343.7	1,464.8	-1,581.1	-507.0	-78.1	-762.2	420.1	-256.5	184.5
- Increase/decrease in loan	2,004.8	647.5	-1,652.3	368.5	-543.6	-151.6	-308.9	-341.6	-872.0
6. Operating profit before changes in working capital	-1,227.1	2,291.9	-3,044.7	-22.4	-523.5	-782.6	237.6	-451.7	-544.1
Increase/decrease in receiables interest of financial assets	0.2	-0.2	0.0	0.0	-0.0	0.0	0.1	0.1	-0.0
Increase/decrease in service related receivables	0.2	-0.0	2.1	-2.1	0.3	0.0	1.6	-1.2	0.2
Increases/decreases in other receivables	-2.6	-1.2	0.3	0.3	1.7	-0.2	0.3	1.2	-0.1
Increase/decrease in other assets	-0.7	0.2	-0.2	0.5	-0.3	0.0	-0.1	0.3	-0.2
- Increase/(decrease) in payables (other than interest, corporate income tax)	-0.2	1.9	3.5	4.5	4.8	4.5	-2.2	-2.0	4.7
- (Increase)/decrease in prepaid expenses	-0.6	-0.1	1.8	2.0	-2.5	-0.4	1.2	-4.6	-0.5
- Corporate income tax paid	-54.7	-15.0	-24.1	-20.1	-15.1	-27.1	-29.1	-24.6	-19.1
Increases/decreaese in trade payables	1.0	0.3	0.5	-4.1	3.7	0.6	-0.3	0.4	-0.2
Increases/decreases in employee welfare payables	-0.0	-0.2	0.1	0.2	0.1	-0.1	0.1	0.1	0.1
Increases/decreases in tax and other payables to the State Budget	5.7	-7.2	3.6	0.9	5.7	1.5	-9.5	0.8	9.4
Increases/dcreases in payable to employees	-18.6	18.4	0.6	-0.7	-18.1	18.9	-1.9	-0.8	-15.7
Increases/dcreases in other payables	-494.1	-599.8	1,098.3	-203.7	205.5	-249.8	-701.2	220.4	-569.8
- Other receipts from operating activities	—	0.0	0.8	0.0	0.1	0.0	0.0	0.2	0.0
- Other payments for operating activities	-34.2	-0.0	-0.3	-0.1	-24.8	-0.2	-0.0	-0.3	-22.6
Net cash flows from securities trading activities	-1,825.5	1,689.0	-1,957.7	-244.8	-362.5	-1,034.8	-503.4	-261.7	-1,158.0
1. Payment for fixed assets, constructions and other long-term assets	-3.1	-0.3	-0.4	-0.1	-5.0	-2.3	-0.5	-0.5	-2.9
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.0	0.1	—	—	0.0	0.0	0.1	—
Net cash flows from investing activities	-3.1	-0.3	-0.3	-0.1	-5.0	-2.3	-0.5	-0.5	-2.9
1. Receipts from equity issue and owner's capital contribution	—	0.00	0.00	99,884,000,000.00	—	0.00	0.00	55,299,500,000.00	—
3. Short-term and long-term borrowings	6,755.0	5,060.8	6,072.8	4,421.5	5,184.3	4,495.5	3,819.8	2,970.0	2,874.9
3.2. Other borrowings	6,755.0	5,060.8	6,072.8	4,421.5	5,184.3	4,495.5	3,819.8	2,970.0	2,874.9
4. Principal repayments	-7,204.2	-4,389.5	-4,838.0	-3,657.3	-4,572.4	-3,362.7	-3,588.4	-2,330.5	-2,550.8
4.3. Other principal repayments	-7,204.2	-4,389.5	-4,838.0	-3,657.3	-4,572.4	-3,362.7	-3,588.4	-2,330.5	-2,550.8
6. Dividends paid, profits distributed to owners	-0.2	-0.4	-0.0	-151.9	-0.0	-0.1	-0.0	-106.7	-0.0
Net cash flows from financing activities	-449.3	670.9	1,234.7	712.2	611.9	1,132.6	231.4	588.1	324.1
IV. Net cash flows during the period	-2,277.9	2,359.6	-723.2	467.3	244.4	95.5	-272.5	325.9	-836.8
V. Cash and cash equivalents at begingning of the period	2,913.6	554.1	1,277.3	810.0	565.6	470.0	742.5	416.6	1,253.4
- Cash equivalents	1,350.0	—	—	—	—	—	—	—	—
Cash and cash equivalents at end of period	635.7	2,913.6	554.1	1,277.3	810.0	565.6	470.0	742.5	416.6
- Cash equivalents	126.2	—	—	—	—	—	—	—	—
1. Proceeds from sale of brokerage securities to customers	46,341.3	44,536.2	74,622.6	41,966.7	30,248.1	31,218.5	17,556.2	42,008.4	56,040.4
2. Money spent on buying brokerage securities for customers	-44,841.8	-46,125.5	-73,574.1	-41,823.0	-30,947.1	-30,332.4	-17,739.6	-43,198.3	-55,994.7
9. Receive deposits to pay for securities transactions of customers	-859.9	-310.3	103.7	636.0	1,297.0	-1,588.1	-134.1	591.5	912.7
14. Payment of customers' securities depository fees	-5.6	-6.2	-6.2	-4.4	-3.7	-3.8	-3.8	-3.7	-3.5
17. Proceeds from Securities Issuers	144.9	584.8	314.3	966.0	114.7	464.1	553.6	528.0	125.8
18. Payments to Securities Issuers	-145.0	-584.5	-315.9	-966.0	-113.1	-463.9	-553.7	-530.2	-122.2
Increase / decrease of net money during the period	633.8	-1,905.5	1,144.3	775.2	596.0	-705.6	-321.3	-604.4	958.5
II. Cash and cash equivalents at the beginning of the period of the customer	3,385.5	5,291.0	4,146.7	3,371.5	2,775.5	3,481.1	3,802.4	4,406.8	3,448.3
-Deposits from issuing organizations	2.2	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	4,019.3	3,385.5	5,291.0	4,146.7	3,371.5	2,775.5	3,481.1	3,802.4	4,406.8
-Deposits from issuing organizations	2.0	—	—	—	—	—	—	—	—

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FTS

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