SSI

Chứng khoán SSI ·HOSE ·2026Q1

▲▲ TRADING-LED STRONG

Trading-led Trading share 47.7%, NPAT +55.2% YoY

Price

27,000

Latest close

02 Jun 2026

EPS TTM (TTM) 1,840

BVPS (Latest) 13,093

P/E (Price/EPS) 14.7x

P/B (Price/BVPS) 2.1x

ROAE TTM (TTM) 13.5%

PBT Margin (TTM) 40.4%

Trading Share (Mix) 47.7%

Service & Brokerage Share (Mix) 22.6%

Equity / Assets (Latest) 42.6%

Leverage (Latest) 1.3x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 5,629.3bn, equivalent to a pre-tax margin of 40.4%, showing a relatively clean and sufficiently thick earnings base, while margin has narrowed by 1.5pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 47.7% but narrowing by 1.8pp, while lending has widened to 29.7%; brokerage and services are still 22.6% but have narrowed by 1.0pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 42.6% while Leverage is about 1.35x, indicating that buffers and funding are not yet truly roomy, with buffers thickening and leverage easing further.

	                            
	                                Trading
	                            
	                        
Doanh thu 6.912 tỷ
+54,8%
Lãi thuần 3.625 tỷ
+26,1%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 3.984 tỷ
+76,2%
Dư nợ 36.928 tỷ
+35,9%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 2.640 tỷ
+72,6%
Lãi thuần 935 tỷ
+194,1%

Metric	2025	2024
PBT	5,083.0	3,543.5
Trading Share	49.4%	49.1%
Lending Share	28.6%	25.4%
Service & Brokerage Share	22.0%	25.6%
PBT Margin	39.31%	41.55%
Equity / Assets	34.1%	36.5%
Leverage	1.93x	1.74x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	1,593.4	1,003.2	1,834.9	1,197.8	1,047.1	554.8	986.6	1,059.5	942.7
Trading Share	41.9%	46.8%	50.7%	50.3%	50.2%	49.7%	50.8%	47.2%	48.8%
Lending Share	34.4%	31.9%	24.7%	29.0%	30.3%	26.5%	28.0%	23.2%	24.0%
Service & Brokerage Share	23.6%	21.3%	24.7%	20.7%	19.5%	23.8%	21.2%	29.7%	27.3%
PBT Margin	50.14%	27.85%	43.93%	40.02%	48.49%	24.98%	48.65%	45.92%	47.78%
Equity / Assets	42.6%	34.1%	31.0%	31.1%	33.0%	36.5%	36.4%	34.9%	36.7%
Leverage	1.35x	1.93x	2.22x	2.22x	2.03x	1.74x	1.74x	1.86x	1.73x

Drivers of SSI'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 1,723bn

Trading +VND 751bn

Brokerage +VND 617bn

Total costs −VND 1,063bn

Tax −VND 366bn

TTM

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

Margin lending +VND 422bn

Brokerage +VND 178bn

Trading +VND 74.3bn

Total costs −VND 150bn

Tax −VND 113bn

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?

Revenue remains tilted toward trading, but the quality of that engine still needs to be read alongside concentration and the real contribution from brokerage and services.

Trading currently accounts for about 47.7%, lending is at 29.7%, brokerage is around 19.7%, other services about 2.9%, brokerage plus services together are 22.6%.

Trading is still the main engine, but brokerage and services have become large enough to start providing a more tangible diversification layer.

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 13,949.6bn +60.1% YoY

PBT margin 40.4% −1.5pp

Trading Share 47.7% −1.8pp

Brokerage Share 19.7% +1.5pp

Revaluation / Trading 11.0% −7.0pp

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 40.4%, Return on assets is about 5.1%, provisions equal -0.7% of pre-tax profit, revaluation accounts for 12.5% 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 40.4% −1.5pp

Net margin 32.5% −1.0pp

ROAA 5.1% +1.6pp

ROAE 13.5% +3.5pp

Revaluation / PBT 12.5% −8.0pp

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 prop book, making market-valuation sensitivity a key issue to monitor.

The margin book is about 39.7% of assets, the prop book about 45.6%, liquid assets around 8.2%, equity roughly 42.6%.

A high prop-book share lets market-valuation swings flow more directly into the balance sheet.

The prop book is the more prominent balance-sheet component.

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 39.7% +7.3pp

Prop book / Assets 45.6% −9.6pp

Liquid assets / Assets 8.2% −0.6pp

Equity / Assets 42.6% +9.6pp

Liabilities / Equity 1.35x −0.69x

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 42.6% of assets, liabilities stand at 1.35x of equity, short-term borrowings are about 55.8% of assets, cash covers roughly 0.02x 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 42.6% +9.6pp

Liabilities / Equity 1.35x −0.69x

Short-term borrowings / Assets 55.8% −9.9pp

Liquid assets / Assets 5.0% −2.5pp

Cash / Short-term borrowings 0.02x —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, SSI 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)	6,160.8	4,021.6
a. Realised gains on disposals of FVTPL financial assets	3,137.4	1,418.7
b. Gains from revaluation of FVTPL financial assets	454.4	377.3
c. Dividends and interest income from FVTPL financial assets	2,264.3	2,066.3
d. Gain from revaluation of outstanding covered warrant payables	304.7	159.3
1.2. Gains from held to maturity investments	440.1	327.9
1.3. Interest income from loans and receivables	3,562.0	2,079.4
1.4. Gains from available-for-sale financial assets (AFS)	31.3	5.9
1.6. Revenue from brokerage services	2,344.7	1,667.4
1.7. Revenue from share issue guarantee and agency activities	7.1	10.2
1.8. Revenue from investment advisory services	83.7	62.0
1.10. Revenue from securities custody services	58.6	37.1
1.11. Other revenue	242.5	317.8
Revenue from securities business (01->11)	12,930.7	8,529.3
Net sales	12,930.7	8,529.3
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	3,081.3	1,458.5
a. Loss from disposals of financial assets at FVTPL	2,403.1	803.2
b. Loss from revaluation of financial assets at FVTPL	381.3	454.1
c. Transaction cost of acquisition of financial assets at FVTPL	13.8	9.6
d. Loss from revaluation of outstanding covered warrant payables	283.1	191.6
2.4. Selling loss available-for-sale financial assets (AFS)	4.7	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	-41.9	34.7
2.6. Expenses for proprietary trading activities	104.7	143.0
2.7. Expenses for brokerage services	1,587.5	1,310.6
2.8. Expenses for underwriting and issurance agency services	8.9	9.5
2.9. Expenses for financial advisory services	48.1	46.5
2.11. Expenses for secutiries custodian services	56.6	41.4
2.12. Other expenses	257.2	243.7
Operating expenses (21->33)	5,107.2	3,288.0
Gross profit	7,823.6	5,241.3
3.1. Realized and unrealized gain from changes in foreign exchange rates	36.7	30.5
3.2. Dividends, interest income from demand deposits	43.6	36.3
3.3. Gains from disposal investments in subsidiaries, associates, joint-ventures	9.6	—
3.4. Other income about investment	91.8	112.5
Total financial income (41->44)	181.7	179.3
4.1. Realized and unrealized loss from changes in foreign exchange rates	85.7	28.6
4.2. Borrowing costs	2,561.8	1,505.8
4.3. Loss from disposal investments in subsidiaries, associates, joint-ventures	5.4	—
4.4. Other investment expenses	14.7	40.5
Total financial expenses (51->54)	2,667.7	1,574.9
VI. General and Administrative expenses	260.6	301.7
VII. Net profit from securities business (20+50-40-60-61-62)	5,077.0	3,543.9
8.1. Other incomes	8.2	2.5
8.2. Other expenses	2.2	2.9
Other profit (71-72)	5.9	-0.4
IX. Profit before tax (70+80)	5,083.0	3,543.5
9.1. Realised profit	4,989.5	3,639.8
9.2. Unrealised profit	93.4	-96.3
CORPORATE INCOME TAX	976.1	698.4
10.1. Current corporate income tax expenses	966.4	694.5
10.2. Deferred income tax expenses	9.7	3.9
XI. Net profit after tax (90-100)	4,106.9	2,845.1
11.1. Profit after tax for shareholders of the parents company	4,106.1	2,835.0
11.3. Profit after tax attribute to non-controling interest	0.8	10.1
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	9.9	35.5
Total other comprehensive income	9.9	35.5
Other comprehensive income attribute to the Parent Company's owners	9.9	35.5
13.1. Earning per share	2,053.00	1,554.00
13.2. Diluted earning per share	1,939.00	1,465.00
Earnings per Share	1,706.30	1,373.58

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	89,322.8	70,932.4
Short-term financial assets	89,191.5	70,813.5
1. Cash and cash equivalents	3,646.5	239.0
1.1. Cash	1,174.3	209.0
1.2. Cash equivalents	2,472.2	30.0
2. Financial assets at fair value through profit or loss (FVTPL)	38,257.7	42,438.1
3. Held to maturity investments (HTM)	5,231.0	3,893.9
4. Loans	38,940.1	21,998.6
5. Available-for-sale financial assets (AFS)	599.4	562.3
6. Provisions for impairment loss of financial assets and mortgages	-0.0	-55.1
7. Short-term receivables	573.6	800.6
7.1. Receivables from disposal of financial assets	192.1	507.8
7.2. Receivables and accruals from dividends and interest income	381.5	292.8
7.2.2. Undue dividend and interest receivables	381.5	292.8
Prepayments to suppliers	1,576.8	927.8
9. Service related receivable	33.3	30.2
12. Other receivables	523.7	210.1
13. Provision for doubtful debts	-190.5	-232.0
II. Other short-term assets	131.3	118.9
1. Advances	5.5	20.9
2. Office supplies, tools	0.2	0.6
3. Short-term prepayments	96.8	54.9
4. Pledged assets, mortgages, security deposits in short term	0.9	0.8
Taxes and other receivables from state authorities	0.0	0.1
5. Other short-term assets	27.8	41.7
B. LONG-TERM ASSETS (200=210+220+240+250-260)	4,727.2	2,574.9
I. Long-term financial assets	3,687.4	1,625.6
2. Long-term investments	3,687.4	1,625.6
2.1. Held to maturity investments (HTM)	2,971.9	938.1
2.3. Investments in associates, joint-ventures	715.5	687.5
II. Fixed assets	187.1	231.4
1. Tangible fixed assets	80.1	118.5
- Cost	404.6	408.4
- Accumulated depreciation	-324.5	-289.9
3. Intangible fixed assets	107.0	112.8
- Cost	334.0	314.0
- Accumulated depreciation	-227.0	-201.2
III. Investment property	289.6	200.2
- Cost	388.7	287.5
- Accumulated depreciation	-99.1	-87.3
IV. Construction in progress	472.1	387.6
V. Other long-term assets	91.0	130.1
1. Pledged assets, mortgages, security deposits in long term	29.2	31.2
2. Long-term prepayments	13.6	21.6
3. Deferred income tax assets	13.2	24.0
4. Payment for Settlement Assistance Fund	20.0	20.0
5. Other long-term assets	15.0	33.3
TOTAL ASSETS (270=100+200)	94,050.0	73,507.3
A. LIABILITIES (300=310+340)	61,983.7	46,680.7
I. Short -term liabilities	61,901.7	46,599.4
1. Short-term borrowings	60,160.5	45,502.0
1.1. Short-term borrowings	60,160.5	45,502.0
6. Payables to securities trading activities	327.6	227.9
8. Trade accounts payable	95.2	103.1
9. Advances from customers	10.0	26.5
10. Taxes and other payables to state authorities	631.2	201.3
11. Payable to employees	150.2	93.8
12. Employee welfare payables	0.9	0.9
13. Accrued expenses	103.8	67.8
15. Unearned revenue	0.9	1.3
16. Short-term deposits, collateral received	0.4	0.4
17. Other payables	20.5	18.0
19. Bonus and welfare fund	400.4	356.5
II. Long-term liabilities	82.0	81.2
9. Unearned revenue	53.6	54.6
14. Deferred income tax liabilities	28.4	26.7
B. OWNER'S EQUITY (400=410+420)	32,066.3	26,826.7
I. Owner's equity	32,066.3	26,826.7
1. Investment capital from owners	24,069.0	20,713.1
1.1. Capital from owners	20,779.1	19,638.6
a. Common stock	20,779,062,620,000.00	19,638,639,180,000.00
1.2. Share premium	3,309.0	1,093.5
1.5. Treasury shares	-19,115,006,409.00	-19,115,006,409.00
2. Assets revaluation differences	41.6	31.7
3. Foreign exchange differences	85.1	72.2
4. Supplementary capital reserve	3.0	3.0
7. Undistributed earnings after tax	7,737.5	5,856.1
7.1. Realised profits	7,813.1	6,025.2
7.2. Unrealised losses	-75.5	-169.1
8. Minority interest	130.2	150.6
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	94,050.0	73,507.3

Item	2025	2024
1. Profit before tax	5,083.0	3,543.5
2. Adjustments for	-3,413.5	-2,742.4
- Depreciation and amortization	97.4	107.6
- (Reversal of provisions)/provisions	-41.9	34.9
- Unrealized foreign exchange (gains)/losses	1.2	-12.8
- Loss/(profits) from other investing activities	-207.4	-231.0
- Interest expense	2,561.8	1,505.8
- Accrued interest income	-5,824.7	-4,150.3
- Adjustments for	0.2	3.5
3. Add non-cash expenses	670.7	647.8
- Loss from revaluation losses of FVTPL financial assets	664.4	645.7
- Loss for impairment of loans	-0.1	0.0
- Value decline of available-for-sale financial assets	4.7	—
- Other loss	1.7	2.1
4. Less non-cash income	-820.6	-553.7
- Gains from revaluation gains of FVTPL financial assets	-759.1	-536.6
- Reversal of value decline of available-for-sale financial assets	-28.2	—
- Other income	-33.3	-17.1
5. Changes of assets and liabilities	-13,781.3	-4,126.0
- Increase/decrease in FVTPL financial assets	4,558.9	1,586.6
- Increase/decrease in held to maturity investments	-1,037.4	1,295.0
- Increase/decrease in loan	-16,941.5	-6,864.9
- Increase/decrease in AFS financial assets	-361.4	-142.7
6. Operating profit before changes in working capital	-12,261.6	-3,230.8
Increase/decrease in receiables sale of financial assets	315.6	-239.8
Increase/decrease in service related receivables	3.0	-9.5
Increases/decreases in other receivables	-1,214.0	-808.7
Increase/decrease in other assets	27.9	-39.9
- Increase/(decrease) in payables (other than interest, corporate income tax)	-3.4	-6.9
- (Increase)/decrease in prepaid expenses	-34.0	17.2
- Corporate income tax paid	-579.1	-849.1
- Interest paid	-2,527.6	-1,498.9
Increases/decreaese in trade payables	7.8	-832.1
Increases/decreases in employee welfare payables	0.0	-0.2
Increases/decreases in tax and other payables to the State Budget	43.2	-4.0
Increases/dcreases in payable to employees	56.5	-14.7
Increases/dcreases in other payables	84.4	-828.1
- Other receipts from operating activities	5,746.2	4,178.3
- Other payments for operating activities	-90.4	-97.3
Net cash flows from securities trading activities	-10,425.6	-4,264.3
1. Payment for fixed assets, constructions and other long-term assets	-148.2	-436.6
2. Proceeds from disposals of fixed assets and other long-term assets	0.9	84.0
5. Payments for investment in other entities	-2,796.3	-820.0
6. Collections on investment in other entities	732.5	1,800.0
7. Dividends, interest and profit received	71.5	174.1
Net cash flows from investing activities	-2,139.5	801.5
1. Receipts from equity issue and owner's capital contribution	3,356,137,180,496.00	2,363,708,005,000.00
3. Short-term and long-term borrowings	370,308.9	257,590.5
3.2. Other borrowings	370,308.9	257,590.5
4. Principal repayments	-355,617.1	-255,240.4
4.3. Other principal repayments	-355,617.1	-255,240.4
6. Dividends paid, profits distributed to owners	-2,075.4	-1,506.0
Net cash flows from financing activities	15,972.6	3,207.9
IV. Net cash flows during the period	3,407.5	-254.9
V. Cash and cash equivalents at begingning of the period	239.0	493.9
Cash at bank	239.0	493.9
- Cash at bank for securities company activities	206.8	476.4
- Cash equivalents	30.0	15.3
- Exchange difference due to re-valuation of ending balances	2.2	2.2
Cash and cash equivalents at end of period	3,646.5	239.0
Cash at bank	3,646.5	239.0
- Cash at bank for securities company activities	1,174.0	206.8
- Cash equivalents	2,472.2	30.0
- Exchange difference due to re-valuation of ending balances	0.2	2.2
1. Proceeds from sale of brokerage securities to customers	685,515.4	449,336.2
2. Money spent on buying brokerage securities for customers	-716,397.5	-444,343.7
9. Receive deposits to pay for securities transactions of customers	1,663,002.1	581,411.0
10. Margin deposit of investors at VSD	3.3	-240.8
11. Payment for customers' securities transactions	-1,618,511.3	-581,684.6
14. Payment of customers' securities depository fees	-51.0	-33.2
17. Proceeds from Securities Issuers	1,156.7	2,538.2
18. Payments to Securities Issuers	-11,265.3	-7,316.5
Increase / decrease of net money during the period	3,452.4	-333.3
II. Cash and cash equivalents at the beginning of the period of the customer	4,941.4	5,274.7
Cash at bank	4,941.4	5,274.7
-Deposits of investors on securities transactions under the Securities Company management method	4,919.0	5,166.3
-Cash deposit for securities transactions for customers	11.1	9.4
-Deposits from issuing organizations	11.3	99.1
III. Cash and cash equivalents at the end of the period of the customer	8,393.8	4,941.4
Cash at bank	8,393.8	4,941.4
-Deposits of investors on securities transactions under the Securities Company management method	8,328.6	4,919.0
-Cash deposit for securities transactions for customers	30.2	11.1
-Deposits from issuing organizations	35.0	11.3

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)	1,278.1	1,614.0	2,065.6	1,439.9	1,041.3	1,069.4	997.3	1,045.0	909.9
a. Realised gains on disposals of FVTPL financial assets	569.7	913.8	1,298.7	664.0	261.0	533.8	242.7	276.0	366.2
b. Gains from revaluation of FVTPL financial assets	78.2	86.0	77.8	130.8	159.8	36.4	210.9	80.3	49.7
c. Dividends and interest income from FVTPL financial assets	492.7	547.3	590.0	617.3	509.6	458.1	499.2	624.8	484.2
d. Gain from revaluation of outstanding covered warrant payables	137.6	66.9	99.1	27.8	110.9	41.0	44.6	63.9	9.7
1.2. Gains from held to maturity investments	128.5	153.6	98.1	103.0	85.4	70.4	61.3	90.4	105.8
1.3. Interest income from loans and receivables	1,049.9	1,098.4	1,006.0	829.6	628.0	570.7	549.0	513.0	446.7
1.4. Gains from available-for-sale financial assets (AFS)	0.7	0.7	0.7	28.9	1.0	-1.9	4.4	1.2	2.2
1.6. Revenue from brokerage services	606.2	628.5	921.8	483.5	311.0	319.1	339.7	559.4	449.3
1.7. Revenue from share issue guarantee and agency activities	15.4	5.0	—	1.7	0.4	9.6	0.3	0.3	—
1.8. Revenue from investment advisory services	8.1	17.5	9.9	34.6	21.7	15.0	8.9	29.5	8.6
1.10. Revenue from securities custody services	15.9	16.3	14.1	19.1	9.1	9.8	9.1	9.1	9.1
1.11. Other revenue	75.1	67.8	60.6	52.7	61.4	159.2	58.1	59.2	41.3
Revenue from securities business (01->11)	3,178.1	3,601.8	4,176.7	2,993.0	2,159.3	2,221.3	2,028.1	2,307.0	1,972.8
Net sales	3,178.1	3,601.8	4,176.7	2,993.0	2,159.3	2,221.3	2,028.1	2,307.0	1,972.8
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	504.3	1,094.0	1,022.2	666.2	298.8	661.2	242.5	388.2	166.6
a. Loss from disposals of financial assets at FVTPL	414.3	916.1	757.4	569.4	160.2	299.8	193.3	229.5	80.6
b. Loss from revaluation of financial assets at FVTPL	67.6	100.6	179.9	4.6	96.2	279.3	5.0	148.2	21.4
c. Transaction cost of acquisition of financial assets at FVTPL	3.5	3.3	5.0	3.0	2.4	3.7	2.2	2.4	1.2
d. Loss from revaluation of outstanding covered warrant payables	18.9	74.0	79.9	89.1	40.0	78.4	41.9	8.1	63.3
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	-41.4	-0.5	-41.4	—	4.7	34.7	-0.0	—	—
2.6. Expenses for proprietary trading activities	11.2	28.5	27.0	32.0	17.2	41.0	34.8	44.1	23.2
2.7. Expenses for brokerage services	365.2	453.9	533.5	352.0	248.1	311.6	294.4	356.9	347.7
2.8. Expenses for underwriting and issurance agency services	1.2	8.3	—	0.4	0.2	9.1	0.4	0.1	—
2.9. Expenses for financial advisory services	3.9	18.9	10.5	10.3	8.3	14.3	8.5	10.5	13.2
2.11. Expenses for secutiries custodian services	17.3	17.4	15.8	12.5	10.9	10.5	10.8	9.9	10.2
2.12. Other expenses	36.2	129.6	47.2	43.4	37.0	123.0	44.6	40.7	35.4
Operating expenses (21->33)	897.9	1,750.3	1,614.8	1,116.8	625.3	1,205.4	635.8	850.5	596.2
Gross profit	2,280.3	1,851.5	2,561.9	1,876.2	1,534.0	1,015.8	1,392.3	1,456.5	1,376.7
3.1. Realized and unrealized gain from changes in foreign exchange rates	14.0	15.3	5.4	9.3	6.7	10.2	4.5	4.9	11.0
3.2. Dividends, interest income from demand deposits	11.8	13.9	16.2	8.8	4.7	6.6	14.2	9.0	6.4
3.3. Gains from disposal investments in subsidiaries, associates, joint-ventures	8.1	9.6	—	—	—	—	—	—	—
3.4. Other income about investment	83.1	38.7	13.5	17.5	22.0	27.2	21.6	41.4	22.3
Total financial income (41->44)	117.0	77.6	35.1	35.7	33.4	44.0	40.4	55.3	39.7
4.1. Realized and unrealized loss from changes in foreign exchange rates	6.0	65.6	6.4	12.6	1.1	3.1	19.0	0.4	6.1
4.2. Borrowing costs	707.4	790.3	687.0	619.0	465.6	405.8	365.5	351.4	383.1
4.3. Loss from disposal investments in subsidiaries, associates, joint-ventures	—	0.0	—	5.4	—	—	—	—	—
4.4. Other investment expenses	40.4	2.7	4.6	5.3	2.0	2.1	0.8	35.9	1.7
Total financial expenses (51->54)	753.9	858.6	698.0	642.4	468.7	410.9	385.4	387.7	390.9
VI. General and Administrative expenses	47.6	71.8	63.6	71.9	53.3	92.7	61.1	64.6	83.2
VII. Net profit from securities business (20+50-40-60-61-62)	1,595.7	998.7	1,835.4	1,197.6	1,045.4	556.1	986.1	1,059.5	942.2
8.1. Other incomes	0.4	4.7	0.3	1.2	1.9	0.7	0.6	0.6	0.5
8.2. Other expenses	2.7	0.2	0.8	1.0	0.2	2.1	0.2	0.6	0.1
Other profit (71-72)	-2.3	4.5	-0.5	0.2	1.7	-1.3	0.5	-0.0	0.5
IX. Profit before tax (70+80)	1,593.4	1,003.2	1,834.9	1,197.8	1,047.1	554.8	986.6	1,059.5	942.7
9.1. Realised profit	1,459.4	1,015.8	1,917.5	1,141.0	915.2	825.1	773.6	1,084.1	957.1
9.2. Unrealised profit	134.0	-12.6	-82.6	56.8	131.8	-270.3	213.0	-24.6	-14.4
CORPORATE INCOME TAX	315.8	183.5	359.3	230.2	203.1	116.4	192.6	211.0	178.4
10.1. Current corporate income tax expenses	300.9	186.9	352.2	229.2	198.1	132.8	171.7	196.7	193.3
10.2. Deferred income tax expenses	15.0	-3.4	7.2	1.0	5.0	-16.4	21.0	14.3	-15.0
XI. Net profit after tax (90-100)	1,277.6	819.7	1,475.6	967.6	844.0	438.4	794.0	848.4	764.3
11.1. Profit after tax for shareholders of the parents company	1,277.9	817.5	1,475.1	969.5	844.0	427.7	794.5	848.5	764.3
11.3. Profit after tax attribute to non-controling interest	-0.3	2.2	0.5	-1.9	-0.0	10.6	-0.5	-0.1	0.0
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	90.3	-10.7	12.9	-22.7	30.4	9.2	2.6	14.8	8.9
Total other comprehensive income	90.3	-10.7	12.9	-22.7	30.4	9.2	2.6	14.8	8.9
Earnings per Share	421.69	340.56	613.06	464.90	407.47	211.64	430.36	461.33	417.85

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)	88,250.1	89,322.8	98,345.4	89,550.3	81,294.0	70,932.4	64,283.7	67,557.6	61,957.6
Short-term financial assets	88,155.4	89,191.5	98,043.9	89,266.5	81,203.3	70,813.5	64,078.7	67,450.8	61,828.6
1. Cash and cash equivalents	918.8	3,646.5	254.5	2,748.9	117.0	239.0	661.3	2,131.6	155.0
1.1. Cash	868.7	1,174.3	166.3	136.9	71.9	209.0	661.3	130.8	142.1
1.2. Cash equivalents	50.1	2,472.2	88.2	2,612.1	45.1	30.0	—	2,000.8	12.9
2. Financial assets at fair value through profit or loss (FVTPL)	42,429.2	38,257.7	50,404.7	45,619.1	46,344.7	42,438.1	37,315.6	40,014.6	39,294.6
3. Held to maturity investments (HTM)	3,732.2	5,231.0	6,105.1	6,196.7	6,156.4	3,893.9	4,979.0	3,400.7	3,592.2
4. Loans	36,928.3	38,940.1	39,231.4	33,133.6	27,167.1	21,998.6	19,498.6	20,385.4	17,570.4
5. Available-for-sale financial assets (AFS)	752.7	599.4	563.9	587.8	581.0	562.3	583.4	591.2	572.7
6. Provisions for impairment loss of financial assets and mortgages	-0.0	-0.0	-55.1	-55.1	-55.1	-55.1	-21.7	-32.7	-32.7
7. Short-term receivables	1,136.5	573.6	643.6	902.5	745.5	800.6	534.2	650.5	613.2
7.1. Receivables from disposal of financial assets	592.0	192.1	237.9	350.5	308.1	507.8	231.6	231.6	234.9
7.2. Receivables and accruals from dividends and interest income	544.5	381.5	405.6	552.0	437.4	292.8	302.6	418.8	378.2
7.2.2. Undue dividend and interest receivables	544.5	381.5	405.6	552.0	437.4	292.8	302.6	418.8	378.2
Prepayments to suppliers	1,636.5	1,576.8	832.4	125.8	147.2	927.8	549.2	335.4	65.7
9. Service related receivable	36.9	33.3	43.2	30.9	20.0	30.2	19.2	20.3	24.1
12. Other receivables	733.3	523.7	210.9	208.4	211.5	210.1	191.7	185.8	205.2
13. Provision for doubtful debts	-149.1	-190.5	-190.7	—	-232.1	-232.0	-232.0	-232.0	-231.9
II. Other short-term assets	94.7	131.3	301.5	283.8	90.7	118.9	205.0	106.8	129.0
1. Advances	8.8	5.5	10.0	3.6	24.2	20.9	27.6	22.8	22.4
2. Office supplies, tools	0.1	0.2	0.3	0.3	0.5	0.6	0.7	0.9	1.2
3. Short-term prepayments	82.5	96.8	57.2	41.3	42.5	54.9	43.6	58.6	56.6
4. Pledged assets, mortgages, security deposits in short term	0.9	0.9	0.8	0.8	0.8	0.8	0.3	0.3	0.3
Taxes and other receivables from state authorities	0.5	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1
5. Other short-term assets	1.9	27.8	233.2	237.8	22.6	41.7	132.8	24.1	48.6
B. LONG-TERM ASSETS (200=210+220+240+250-260)	4,863.6	4,727.2	2,366.4	2,433.2	2,749.9	2,574.9	1,897.5	3,550.0	3,530.7
I. Long-term financial assets	3,805.7	3,687.4	1,390.6	1,441.4	1,827.1	1,625.6	1,280.9	2,902.9	2,873.9
2. Long-term investments	3,805.7	3,687.4	1,390.6	1,441.4	1,827.1	1,625.6	1,280.9	2,902.9	2,873.9
2.1. Held to maturity investments (HTM)	3,018.0	2,971.9	605.2	633.4	1,125.3	938.1	605.2	2,248.8	2,209.8
2.3. Investments in associates, joint-ventures	787.7	715.5	785.4	808.0	701.7	687.5	675.8	654.1	664.0
II. Fixed assets	170.5	187.1	203.0	219.7	211.5	231.4	234.6	228.2	249.1
1. Tangible fixed assets	74.0	80.1	87.0	98.6	107.6	118.5	130.0	143.9	158.3
- Cost	399.9	—	—	—	—	—	—	—	—
- Accumulated depreciation	-325.9	—	—	—	—	—	—	—	—
3. Intangible fixed assets	96.4	107.0	116.1	121.2	103.9	112.8	104.6	84.3	90.9
- Cost	330.9	—	—	—	—	—	—	—	—
- Accumulated depreciation	-234.5	—	—	—	—	—	—	—	—
III. Investment property	289.1	289.6	293.4	292.8	199.5	200.2	231.8	242.3	238.7
- Cost	391.2	—	—	—	—	—	—	—	—
- Accumulated depreciation	-102.1	—	—	—	—	—	—	—	—
IV. Construction in progress	511.1	472.1	379.2	379.7	388.9	387.6	25.7	48.0	38.9
V. Other long-term assets	87.3	91.0	100.2	99.6	123.0	130.1	124.5	128.6	130.1
1. Pledged assets, mortgages, security deposits in long term	29.3	29.2	29.5	30.2	31.2	31.2	35.3	35.0	34.0
2. Long-term prepayments	11.5	13.6	13.8	12.4	15.1	21.6	26.8	29.1	25.8
3. Deferred income tax assets	11.5	13.2	22.0	22.0	23.3	24.0	16.7	18.9	24.7
4. Payment for Settlement Assistance Fund	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
5. Other long-term assets	15.0	15.0	15.0	15.0	33.3	33.3	25.6	25.6	25.6
TOTAL ASSETS (270=100+200)	93,113.7	94,050.0	100,711.8	91,983.5	84,043.9	73,507.3	66,181.2	71,107.6	65,488.3
A. LIABILITIES (300=310+340)	53,445.5	61,983.7	69,456.4	63,377.9	56,340.5	46,680.7	42,066.4	46,267.8	41,467.4
I. Short -term liabilities	53,335.8	61,901.7	69,359.5	63,291.4	56,248.4	46,599.4	41,980.7	46,201.4	41,413.3
1. Short-term borrowings	51,965.7	60,160.5	65,419.3	61,249.7	55,246.8	45,502.0	39,286.2	45,073.0	40,099.8
1.1. Short-term borrowings	51,965.7	60,160.5	65,419.3	61,249.7	55,246.8	45,502.0	39,286.2	45,073.0	40,099.8
6. Payables to securities trading activities	367.9	327.6	647.6	257.9	258.4	227.9	301.7	262.2	212.9
8. Trade accounts payable	89.9	95.2	46.5	86.4	82.8	103.1	122.1	61.5	418.1
9. Advances from customers	1.4	10.0	61.1	825.2	2.5	26.5	31.0	28.2	33.9
10. Taxes and other payables to state authorities	401.6	631.2	495.1	308.8	264.9	201.3	224.6	259.0	258.8
11. Payable to employees	21.8	150.2	18.4	18.5	18.5	93.8	48.6	48.6	48.6
12. Employee welfare payables	1.3	0.9	0.7	0.8	0.8	0.9	1.1	1.0	1.0
13. Accrued expenses	139.8	103.8	158.6	117.1	66.8	67.8	74.8	82.5	98.1
15. Unearned revenue	0.4	0.9	0.5	1.3	0.5	1.3	0.9	1.6	0.6
16. Short-term deposits, collateral received	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
17. Other payables	24.7	20.5	2,102.4	13.8	21.5	18.0	1,525.8	17.3	24.4
19. Bonus and welfare fund	320.9	400.4	408.8	411.6	284.6	356.5	363.6	366.1	216.8
II. Long-term liabilities	109.8	82.0	96.9	86.5	92.1	81.2	85.7	66.4	54.1
9. Unearned revenue	45.4	53.6	53.6	53.6	53.6	54.6	52.2	52.3	52.3
14. Deferred income tax liabilities	64.4	28.4	43.3	32.9	38.5	26.7	33.5	14.1	1.8
B. OWNER'S EQUITY (400=410+420)	39,668.2	32,066.3	31,255.5	28,605.6	27,703.4	26,826.7	24,114.8	24,839.7	24,020.9
I. Owner's equity	39,668.2	32,066.3	31,255.5	28,605.6	27,703.4	26,826.7	24,114.8	24,839.7	24,020.9
1. Investment capital from owners	30,296.7	24,069.0	24,069.4	20,813.0	20,713.1	20,713.1	18,449.5	18,391.2	18,291.4
1.1. Capital from owners	24,930.9	20,779.1	20,779.1	19,738.6	19,638.6	19,638.6	18,129.5	15,111.3	15,011.3
a. Common stock	24,930,892,200,000.00	20,779,062,620,000.00	20,779,062,620,000.00	19,738,639,180,000.00	19,638,639,180,000.00	19,638,639,180,000.00	18,129,500,510,000.00	15,111,301,370,000.00	15,011,301,370,000.00
1.2. Share premium	5,384.9	3,309.0	3,309.4	1,093.5	1,093.5	1,093.5	339.1	3,299.0	3,299.2
1.5. Treasury shares	-19,115,006,409.00	-19,115,006,409.00	-19,115,006,409.00	-19,115,006,409.00	-19,115,006,409.00	-19,115,006,409.00	-19,115,006,409.00	-19,115,006,409.00	-19,115,006,409.00
2. Assets revaluation differences	131.9	41.6	52.3	39.4	62.1	31.7	22.4	19.9	5.1
3. Foreign exchange differences	87.7	85.1	87.0	82.9	74.2	72.2	60.0	72.0	63.1
4. Supplementary capital reserve	3.0	3.0	3.0	3.0	3.0	3.0	3.0	61.3	61.3
7. Undistributed earnings after tax	9,019.1	7,737.5	6,910.3	7,534.3	6,700.4	5,856.1	5,439.9	6,154.9	5,459.5
7.1. Realised profits	8,974.2	7,813.1	6,987.1	7,521.6	6,737.0	6,025.2	5,353.8	6,262.6	5,533.6
7.2. Unrealised losses	44.9	-75.5	-76.7	12.7	-36.6	-169.1	86.1	-107.7	-74.1
8. Minority interest	129.9	130.2	133.5	133.0	150.6	150.6	140.0	140.5	140.6
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	93,113.7	94,050.0	100,711.8	91,983.5	84,043.9	73,507.3	66,181.2	71,107.6	65,488.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	1,593.4	1,003.2	1,834.9	1,197.8	1,047.1	554.8	986.6	1,059.5	942.7
2. Adjustments for	-989.5	-984.0	-933.5	-812.9	-683.1	-664.0	-699.0	-789.3	-590.0
- Depreciation and amortization	24.1	24.6	25.0	24.2	23.6	23.3	28.4	28.3	27.6
- (Reversal of provisions)/provisions	-41.4	-0.6	-41.4	0.0	0.0	34.8	0.0	0.1	—
- Unrealized foreign exchange (gains)/losses	-4.7	-9.1	-0.3	8.0	2.6	-10.0	-4.4	12.5	-10.9
- Loss/(profits) from other investing activities	-132.4	-147.0	-7.3	-16.6	-36.5	-93.9	-35.5	-44.0	-57.6
- Interest expense	707.4	790.3	687.0	619.0	465.6	405.8	365.5	351.4	383.1
- Accrued interest income	-1,543.1	-1,641.7	-1,596.8	-1,447.6	-1,138.6	-1,026.9	-1,052.5	-1,138.2	-932.7
- Adjustments for	0.6	-0.4	0.3	0.2	0.1	3.0	-0.5	0.5	0.5
3. Add non-cash expenses	86.5	175.2	260.6	93.9	141.0	359.8	46.9	156.3	84.7
- Loss from revaluation losses of FVTPL financial assets	86.5	174.6	259.8	93.8	136.3	357.7	46.9	156.3	84.7
- Loss for impairment of loans	—	-0.1	—	—	—	0.0	—	—	—
- Value decline of available-for-sale financial assets	—	0.0	0.0	0.0	4.7	—	—	—	—
- Other loss	—	0.8	0.8	0.1	—	2.0	0.0	—	—
4. Less non-cash income	-216.0	-156.6	-180.2	-203.9	-279.9	-77.4	-255.5	-161.3	-59.5
- Gains from revaluation gains of FVTPL financial assets	-215.8	-152.9	-176.9	-158.6	-270.7	-77.4	-255.5	-144.2	-59.5
- Reversal of value decline of available-for-sale financial assets	-0.2	0.0	0.0	-28.2	—	—	—	—	—
- Other income	—	-3.7	-3.3	-17.2	-9.2	0.0	-17.1	—	—
5. Changes of assets and liabilities	-1,027.3	12,667.0	-10,855.5	-4,675.2	-10,917.6	-6,238.0	2,210.3	-3,508.9	3,410.7
- Increase/decrease in FVTPL financial assets	-4,061.7	12,255.1	-4,847.6	874.6	-3,723.2	-5,337.0	2,904.9	-788.0	4,806.8
- Increase/decrease in held to maturity investments	1,163.1	323.3	90.0	474.8	-1,925.5	1,596.1	-1,581.4	94.1	1,186.1
- Increase/decrease in loan	2,011.8	291.4	-6,097.9	-5,966.5	-5,168.5	-2,500.3	886.8	-2,815.0	-2,436.3
- Increase/decrease in AFS financial assets	-140.5	-202.8	0.0	-58.1	-100.5	3.2	0.0	-0.0	-145.9
6. Operating profit before changes in working capital	-552.9	12,704.9	-9,873.7	-4,400.3	-10,692.6	-6,064.9	2,289.3	-3,243.8	3,788.6
Increase/decrease in receiables sale of financial assets	-399.9	45.8	112.6	-42.5	199.7	-276.1	0.0	3.3	33.1
Increase/decrease in service related receivables	45.6	9.9	-6.2	-10.9	10.2	-11.0	1.1	3.8	-3.4
Increases/decreases in other receivables	-274.8	-1,060.4	-681.8	-262.8	791.0	-402.2	-102.9	-268.4	-35.1
Increase/decrease in other assets	22.7	210.0	-1.8	-196.1	15.9	90.2	-113.4	24.3	-41.0
- Increase/(decrease) in payables (other than interest, corporate income tax)	-43.0	-39.9	-1.3	38.1	-0.3	-26.5	-8.0	-4.5	32.2
- (Increase)/decrease in prepaid expenses	16.5	-39.5	-17.2	3.9	18.9	-5.9	17.2	-5.3	11.2
- Corporate income tax paid	-547.9	-18.7	-228.6	-195.8	-135.9	-173.3	-184.0	-197.7	-294.0
- Interest paid	-677.3	-805.1	-649.3	-606.9	-466.3	-386.2	-365.2	-362.5	-385.0
Increases/decreaese in trade payables	-7.9	26.5	-2.8	3.5	-19.4	-94.4	60.7	-356.4	-442.0
Increases/decreases in employee welfare payables	0.4	0.1	-0.0	0.0	-0.1	-0.2	0.0	0.0	-0.0
Increases/decreases in tax and other payables to the State Budget	15.9	-32.0	62.7	11.1	1.4	17.2	-22.0	1.2	-0.4
Increases/dcreases in payable to employees	-123.3	131.8	-0.0	0.0	-75.3	45.2	-0.0	-0.0	-59.9
Increases/dcreases in other payables	166.6	-384.5	-343.7	754.1	58.4	-115.3	44.2	93.2	-850.2
- Other receipts from operating activities	1,381.0	1,646.7	1,743.1	1,362.3	994.1	1,036.7	1,155.5	1,110.9	875.2
- Other payments for operating activities	-80.5	-9.1	-3.4	-4.3	-73.6	-2.9	-3.4	-4.9	-86.1
Net cash flows from securities trading activities	-1,058.7	12,386.5	-9,891.5	-3,546.6	-9,374.0	-6,369.7	2,769.1	-3,206.6	2,543.0
1. Payment for fixed assets, constructions and other long-term assets	-49.7	-64.7	-69.9	-11.5	-2.0	-290.2	-122.8	-9.3	-14.3
2. Proceeds from disposals of fixed assets and other long-term assets	2.7	0.0	0.0	0.9	0.0	83.5	0.0	0.5	—
5. Payments for investment in other entities	—	-2,296.3	0.0	0.0	-500.0	-820.0	—	—	—
6. Collections on investment in other entities	320.0	663.4	0.0	69.1	—	0.0	1,500.0	100.0	200.0
7. Dividends, interest and profit received	25.3	33.8	37.7	—	—	0.0	170.7	1.7	1.7
Net cash flows from investing activities	298.2	-1,663.8	-32.3	58.5	-502.0	-1,026.7	1,548.0	92.9	187.4
1. Receipts from equity issue and owner's capital contribution	6,227,744,370,000.00	-388,186,704.00	3,256,525,367,200.00	100,000,000,000.00	—	2,263,708,005,000.00	0.00	100,000,000,000.00	—
3. Short-term and long-term borrowings	87,961.9	72,703.7	126,511.6	104,356.6	66,737.0	73,010.2	59,213.3	67,249.3	58,117.7
3.2. Other borrowings	87,961.9	72,703.7	126,511.6	104,356.6	66,737.0	73,010.2	59,213.3	67,249.3	58,117.7
4. Principal repayments	-96,156.7	-77,958.8	-122,338.7	-98,336.5	-56,983.0	-66,794.4	-65,000.1	-62,259.0	-61,186.8
4.3. Other principal repayments	-96,156.7	-77,958.8	-122,338.7	-98,336.5	-56,983.0	-66,794.4	-65,000.1	-62,259.0	-61,186.8
6. Dividends paid, profits distributed to owners	-0.1	-2,075.2	-0.0	-0.2	-0.0	-1,505.4	-0.5	0.0	-0.1
Net cash flows from financing activities	-1,967.2	-7,330.7	7,429.4	6,119.9	9,754.0	6,974.1	-5,787.3	5,090.2	-3,069.2
IV. Net cash flows during the period	-2,727.7	3,392.0	-2,494.4	2,631.9	-122.0	-422.3	-1,470.3	1,976.5	-338.9
V. Cash and cash equivalents at begingning of the period	3,646.5	254.5	2,748.9	117.0	239.0	661.3	2,131.6	155.0	493.9
- Cash equivalents	2,472.2	—	—	—	—	—	—	—	—
- Exchange difference due to re-valuation of ending balances	-0.4	—	—	—	—	—	—	—	—
Cash and cash equivalents at end of period	918.8	3,646.5	254.5	2,748.9	117.0	239.0	661.3	2,131.6	155.0
- Cash equivalents	50.1	—	—	—	—	—	—	—	—
- Exchange difference due to re-valuation of ending balances	0.6	—	—	—	—	—	—	—	—
1. Proceeds from sale of brokerage securities to customers	172,842.8	186,617.4	257,223.9	142,178.0	99,496.2	112,447.0	93,194.7	131,481.0	112,213.6
2. Money spent on buying brokerage securities for customers	-173,284.6	-194,741.4	-268,120.6	-153,416.0	-100,119.6	-106,053.6	-94,368.8	-133,714.0	-110,207.3
9. Receive deposits to pay for securities transactions of customers	538,405.6	513,966.5	593,710.3	365,277.1	190,048.2	160,188.5	121,372.7	166,647.5	133,202.3
10. Margin deposit of investors at VSD	117.4	-22.7	17.3	-26.1	34.8	-50.0	-29.7	-14.1	-147.0
11. Payment for customers' securities transactions	-538,669.1	-507,324.7	-576,304.8	-349,780.3	-185,101.5	-167,590.3	-120,472.7	-161,959.7	-131,661.9
14. Payment of customers' securities depository fees	-14.4	-16.0	-15.2	-11.2	-8.6	-8.8	-16.6	—	-7.7
17. Proceeds from Securities Issuers	2,705.2	428.4	324.1	22.6	381.7	1,128.2	840.2	261.2	308.6
18. Payments to Securities Issuers	-508.4	-2,642.6	-3,595.2	-3,263.3	-1,764.2	-1,462.8	-1,593.9	-3,460.0	-799.9
Increase / decrease of net money during the period	1,594.7	-3,735.2	3,239.7	980.9	2,967.0	-1,401.8	-1,065.6	-766.5	2,900.6
II. Cash and cash equivalents at the beginning of the period of the customer	8,393.8	12,129.0	8,889.3	7,908.4	4,941.4	6,343.2	7,408.9	8,175.4	5,274.7
-Cash deposit for securities transactions for customers	30.2	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	35.0	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	9,988.5	8,393.8	12,129.0	8,889.3	7,908.4	4,941.4	6,343.2	7,408.9	8,175.4
-Cash deposit for securities transactions for customers	14.8	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	24.7	—	—	—	—	—	—	—	—

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SSI

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