VCK

Chứng khoán VPS ·HOSE ·2026Q1

▲▲ BALANCED REVENUE MIX

Balanced revenue Brokerage and services 50.2%

Price

32,200

Latest close

02 Jun 2026

EPS TTM (TTM) 4,050

BVPS (Latest) 11,260

P/E (Price/EPS) 8.0x

P/B (Price/BVPS) 2.9x

ROAE TTM (TTM) 19.3%

PBT Margin (TTM) 54.7%

Trading Share (Mix) 15.9%

Service & Brokerage Share (Mix) 50.2%

Equity / Assets (Latest) 56.6%

Leverage (Latest) 0.8x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 5,098.9bn, equivalent to a pre-tax margin of 54.7%, showing a relatively clean and sufficiently thick earnings base, while pre-tax profit is also rising clearly year on year. The revenue mix is now leaning more toward lending at 34.0% after expanding by +2.2pp, while trading is down to 15.9% after narrowing by 1.9pp; brokerage and services are still 50.2% but have narrowed by 0.3pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 56.6% while Leverage is about 0.77x, indicating a still relatively balanced capital posture, with buffers thickening and leverage easing further.

	                            
	                                Trading
	                            
	                        
Doanh thu 1.813 tỷ
+24,2%
Lãi thuần 1.686 tỷ
+21,7%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 2.949 tỷ
+57,6%
Dư nợ 30.407 tỷ
+65,8%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 4.194 tỷ
+49,6%
Lãi thuần 774 tỷ
+94,1%

Metric	2025	2024
PBT	4,471.4	3,153.8
Trading Share	15.5%	15.6%
Lending Share	32.2%	28.7%
Service & Brokerage Share	52.3%	55.7%
PBT Margin	54.13%	48.77%
Equity / Assets	59.6%	37.4%
Leverage	0.68x	1.67x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	1,546.9	1,279.4	1,394.6	878.0	918.5	1,052.1	820.0	653.2	631.2
Trading Share	16.5%	18.1%	12.2%	16.4%	16.6%	19.9%	19.7%	14.5%	8.7%
Lending Share	39.7%	33.8%	27.3%	33.6%	37.3%	32.7%	29.0%	27.8%	25.8%
Service & Brokerage Share	43.8%	48.1%	60.5%	50.0%	46.1%	47.4%	51.3%	57.7%	65.5%
PBT Margin	61.41%	54.05%	51.49%	50.94%	62.55%	68.14%	49.87%	38.25%	40.20%
Equity / Assets	56.6%	59.6%	35.5%	39.8%	33.5%	37.4%	36.4%	31.1%	35.7%
Leverage	0.77x	0.68x	1.81x	1.51x	1.99x	1.67x	1.74x	2.22x	1.80x

Drivers of VCK'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 1,078bn

Brokerage +VND 375bn

Trading +VND 371bn

Tax −VND 327bn

Total costs −VND 231bn

TTM

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

Margin lending +VND 444bn

Trading +VND 174bn

Brokerage +VND 83.9bn

Tax −VND 128bn

Total costs −VND 73.4bn

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?

The revenue engine is now leaning more toward brokerage, so earnings quality depends on whether that service line can hold at a meaningful scale.

Trading currently accounts for about 15.9%, lending is at 34.0%, brokerage is around 48.3%, other services about 1.8%, brokerage plus services together are 50.2%.

The earnings engine is already less one-dimensional, so the more important question is whether diversification can hold.

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 9,318.0bn +46.4% YoY

PBT margin 54.7% +0.6pp

Trading Share 15.9% −1.9pp

Brokerage Share 48.3% +0.7pp

Revaluation / Trading 5.6% —

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 54.7%, Return on assets is about 9.1%, revaluation accounts for 1.5% 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 54.7% +0.6pp

Net margin 43.8% +0.5pp

ROAA 9.1% +2.1pp

ROAE 19.3% +5.6pp

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 57.1% of assets, the prop book about 17.6%, liquid assets around 15.9%, equity roughly 56.6%.

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 57.1% +6.4pp

Prop book / Assets 17.6% −10.9pp

Liquid assets / Assets 15.9% −1.9pp

Equity / Assets 56.6% +23.1pp

Liabilities / Equity 0.77x −1.22x

Quarterly YoY · 2026Q1

Is leverage safe?

Capital, Funding & Risk Posture

Are capital buffers and funding posture sufficiently safe?

Funding and liquidity look relatively comfortable, so risk posture is not currently the veto point for the case.

Equity currently equals 56.6% of assets, liabilities stand at 0.77x of equity, short-term borrowings are about 31.6% of assets, cash covers roughly 0.37x of short-term borrowings.

Capital and funding are mainly acting as a buffer for the case, rather than the main source of headline distortion.

When funding and liquidity remain adequate, capital posture works more as a buffer than a veto point.

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

Key risks

Key signals

Equity / Assets 56.6% +23.1pp

Liabilities / Equity 0.77x −1.22x

Short-term borrowings / Assets 31.6% −19.2pp

Liquid assets / Assets 15.9% −1.9pp

Cash / Short-term borrowings 0.37x —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, VCK is showing a more balanced earnings mix thanks to brokerage and service income, making it cleaner than a pure trading-led case.

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

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	1,200.9	957.3
a. Realised gains on disposals of FVTPL financial assets	613.3	405.9
b. Gains from revaluation of FVTPL financial assets	98.5	30.8
c. Dividends and interest income from FVTPL financial assets	489.1	520.6
1.2. Gains from held to maturity investments	480.4	331.6
1.3. Interest income from loans and receivables	2,504.4	1,762.8
1.4. Gains from available-for-sale financial assets (AFS)	12.8	—
1.6. Revenue from brokerage services	3,770.4	3,186.6
1.8. Revenue from investment advisory services	138.7	61.2
1.10. Revenue from securities custody services	46.2	69.9
1.11. Other revenue	106.9	96.9
Revenue from securities business (01->11)	8,260.7	6,466.3
Net sales	8,260.7	6,466.3
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	111.0	97.0
a. Loss from disposals of financial assets at FVTPL	26.2	51.9
b. Loss from revaluation of financial assets at FVTPL	82.9	45.2
c. Transaction cost of acquisition of financial assets at FVTPL	1.9	—
2.6. Expenses for proprietary trading activities	71.3	94.6
2.7. Expenses for brokerage services	3,080.1	2,618.1
2.9. Expenses for financial advisory services	13.6	15.3
2.11. Expenses for secutiries custodian services	45.8	76.8
Operating expenses (21->33)	3,321.8	2,901.8
Gross profit	4,938.9	3,564.5
3.1. Realized and unrealized gain from changes in foreign exchange rates	0.0	0.0
3.2. Dividends, interest income from demand deposits	84.6	58.9
3.3. Gains from disposal investments in subsidiaries, associates, joint-ventures	2.5	—
3.4. Other income about investment	971.2	560.9
Total financial income (41->44)	1,058.3	619.8
4.2. Borrowing costs	985.0	576.2
4.4. Other investment expenses	7.2	15.5
Total financial expenses (51->54)	992.2	591.8
VI. General and Administrative expenses	539.5	438.1
VII. Net profit from securities business (20+50-40-60-61-62)	4,465.4	3,154.4
8.1. Other incomes	6.8	0.7
8.2. Other expenses	0.8	1.3
Other profit (71-72)	6.0	-0.6
IX. Profit before tax (70+80)	4,471.4	3,153.8
9.1. Realised profit	4,455.8	3,168.1
9.2. Unrealised profit	15.6	-14.3
CORPORATE INCOME TAX	892.7	635.0
10.1. Current corporate income tax expenses	892.7	635.0
XI. Net profit after tax (90-100)	3,578.7	2,518.8
11.1. Profit after tax for shareholders of the parents company	3,578.7	2,518.8
OTHER COMPREHENSIVE INCOME AFTER TAX	-35.4	—
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	-35.4	—
Total other comprehensive income	-35.4	—
13.1. Earning per share	2,742.00	5,934.00
13.2. Diluted earning per share	—	5,934.00
Earnings per Share	1,338.87	4,418.84

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	47,710.7	29,823.6
Short-term financial assets	47,692.4	29,796.9
1. Cash and cash equivalents	8,681.0	1,732.7
1.1. Cash	4,515.0	632.3
1.2. Cash equivalents	4,166.0	1,100.4
2. Financial assets at fair value through profit or loss (FVTPL)	7,294.5	8,078.9
3. Held to maturity investments (HTM)	3,666.0	7,075.0
4. Loans	22,596.3	12,493.4
5. Available-for-sale financial assets (AFS)	4,969.0	—
6. Provisions for impairment loss of financial assets and mortgages	—	-4.9
7. Short-term receivables	437.4	381.6
7.1. Receivables from disposal of financial assets	7.9	6.1
7.2. Receivables and accruals from dividends and interest income	429.5	375.5
7.2.2. Undue dividend and interest receivables	429.5	375.5
Prepayments to suppliers	13.8	19.6
9. Service related receivable	24.4	9.6
12. Other receivables	10.0	22.1
13. Provision for doubtful debts	—	-11.3
II. Other short-term assets	18.2	26.8
1. Advances	0.5	2.2
2. Office supplies, tools	0.2	0.8
3. Short-term prepayments	15.3	19.0
4. Pledged assets, mortgages, security deposits in short term	2.2	4.7
B. LONG-TERM ASSETS (200=210+220+240+250-260)	691.7	544.2
I. Long-term financial assets	97.3	18.1
2. Long-term investments	34.8	18.1
2.5. Other long-term investments	39.7	23.0
II. Fixed assets	428.4	425.5
1. Tangible fixed assets	219.5	206.5
- Cost	602.4	534.8
- Accumulated depreciation	-382.9	-328.3
3. Intangible fixed assets	208.9	219.0
- Cost	586.9	495.7
- Accumulated depreciation	-378.0	-276.7
IV. Construction in progress	26.0	20.8
V. Other long-term assets	139.9	79.8
1. Pledged assets, mortgages, security deposits in long term	6.7	3.4
2. Long-term prepayments	103.0	46.2
4. Payment for Settlement Assistance Fund	20.0	20.0
5. Other long-term assets	10.2	10.2
TOTAL ASSETS (270=100+200)	48,402.4	30,367.9
A. LIABILITIES (300=310+340)	19,567.3	19,005.0
I. Short -term liabilities	14,567.4	19,005.0
1. Short-term borrowings	12,924.4	18,328.6
1.1. Short-term borrowings	12,924.4	18,328.6
6. Payables to securities trading activities	67.2	—
8. Trade accounts payable	60.2	76.5
9. Advances from customers	—	0.2
10. Taxes and other payables to state authorities	719.1	391.8
12. Employee welfare payables	1.3	1.8
13. Accrued expenses	351.8	170.4
15. Unearned revenue	0.0	—
17. Other payables	443.4	35.6
19. Bonus and welfare fund	—	0.0
II. Long-term liabilities	4,999.9	—
4. Long-term bonds	4,999.9	—
B. OWNER'S EQUITY (400=410+420)	28,835.1	11,362.9
I. Owner's equity	28,835.1	11,362.9
1. Investment capital from owners	26,729.0	5,700.1
1.1. Capital from owners	15,218.3	5,700.1
a. Common stock	15,218,257,000,000.00	5,700,057,000,000.00
1.2. Share premium	11,510.8	—
2. Assets revaluation differences	-35.4	—
4. Supplementary capital reserve	—	85.5
7. Undistributed earnings after tax	2,141.5	5,474.4
7.1. Realised profits	2,138.6	5,487.1
7.2. Unrealised losses	2.9	-12.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	48,402.4	30,367.9

Item	2025	2024
1. Profit before tax	4,471.4	3,153.8
2. Adjustments for	620.0	302.3
- Depreciation and amortization	168.8	156.6
- (Reversal of provisions)/provisions	-16.2	1.2
- Loss/(profits) from other investing activities	-88.2	-59.3
- Interest expense	985.0	576.2
- Accrued interest income	-429.5	-375.5
- Adjustments for	—	3.0
3. Add non-cash expenses	82.9	45.2
- Loss from revaluation losses of FVTPL financial assets	82.9	45.2
4. Less non-cash income	-98.5	-30.8
- Gains from revaluation gains of FVTPL financial assets	-98.5	-30.8
5. Changes of assets and liabilities	-10,898.3	-8,764.6
- Increase/decrease in FVTPL financial assets	800.0	-2,493.3
- Increase/decrease in held to maturity investments	3,409.0	-5,404.0
- Increase/decrease in loan	-10,102.9	-867.3
- Increase/decrease in AFS financial assets	-5,004.4	—
6. Operating profit before changes in working capital	-5,822.5	-5,294.2
Increase/decrease in receiables sale of financial assets	-1.9	21.0
Increase/decrease in receiables interest of financial assets	459.5	245.7
Increase/decrease in service related receivables	-77.4	-8.5
Increases/decreases in other receivables	12.1	—
Increase/decrease in other assets	1.5	0.5
- Increase/(decrease) in payables (other than interest, corporate income tax)	16.6	-25.5
- (Increase)/decrease in prepaid expenses	-53.0	-15.4
- Corporate income tax paid	-647.5	-471.6
- Interest paid	-820.2	-601.8
Increases/decreaese in trade payables	56.7	-14.1
Increases/decreases in employee welfare payables	-0.5	-0.3
Increases/decreases in tax and other payables to the State Budget	82.1	-28.2
Increases/dcreases in other payables	407.8	-37.2
Net cash flows from securities trading activities	-6,386.8	-6,219.4
1. Payment for fixed assets, constructions and other long-term assets	-177.7	-175.6
2. Proceeds from disposals of fixed assets and other long-term assets	1.8	0.4
5. Payments for investment in other entities	-22.2	-5.5
6. Collections on investment in other entities	8.5	3.5
7. Dividends, interest and profit received	0.6	—
Net cash flows from investing activities	-188.9	-177.2
1. Receipts from equity issue and owner's capital contribution	13,928,966,939,152.00	—
3. Short-term and long-term borrowings	327,255.3	420,868.4
3.2. Other borrowings	327,255.3	420,868.4
4. Principal repayments	-327,659.7	-415,370.7
4.3. Other principal repayments	-327,659.7	-415,370.7
6. Dividends paid, profits distributed to owners	—	-151.8
Net cash flows from financing activities	13,524.6	5,345.9
IV. Net cash flows during the period	6,948.8	-1,050.7
V. Cash and cash equivalents at begingning of the period	1,732.1	2,783.3
Cash at bank	1,732.1	2,783.3
- Cash at bank for securities company activities	631.8	727.6
- Cash equivalents	1,100.4	2,055.7
Cash and cash equivalents at end of period	8,681.0	1,732.7
Cash at bank	8,681.0	1,732.7
- Cash at bank for securities company activities	4,515.0	632.3
- Cash equivalents	4,166.0	1,100.4
1. Proceeds from sale of brokerage securities to customers	1,209,435.6	1,017,280.6
2. Money spent on buying brokerage securities for customers	-1,216,017.6	-1,014,114.5
9. Receive deposits to pay for securities transactions of customers	1,831,930.9	1,248,385.2
11. Payment for customers' securities transactions	-1,825,689.7	-1,250,892.0
17. Proceeds from Securities Issuers	5,612.5	6,720.1
18. Payments to Securities Issuers	-5,671.8	-6,720.4
Increase / decrease of net money during the period	-400.2	659.1
II. Cash and cash equivalents at the beginning of the period of the customer	17,214.4	16,555.3
Cash at bank	17,214.4	16,555.3
-Deposits of investors on securities transactions under the Securities Company management method	17,155.0	16,495.7
-Deposits from issuing organizations	59.3	59.6
III. Cash and cash equivalents at the end of the period of the customer	16,814.2	17,214.4
Cash at bank	16,814.2	17,214.4
-Deposits of investors on securities transactions under the Securities Company management method	16,814.2	17,155.0
-Deposits from issuing organizations	—	59.3

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)	392.8	409.7	314.7	259.4	223.7	278.2	308.3	237.6	133.2
a. Realised gains on disposals of FVTPL financial assets	206.0	272.2	178.5	92.6	76.9	144.7	114.9	77.6	68.8
b. Gains from revaluation of FVTPL financial assets	1.1	3.4	44.6	27.8	22.3	0.3	26.9	0.4	3.2
c. Dividends and interest income from FVTPL financial assets	185.7	134.0	91.5	139.1	124.5	133.3	166.5	159.6	61.2
1.2. Gains from held to maturity investments	75.5	91.9	123.7	144.9	119.9	144.2	80.5	67.5	39.4
1.3. Interest income from loans and receivables	947.8	765.4	705.9	529.8	503.3	458.2	453.5	455.9	395.2
1.4. Gains from available-for-sale financial assets (AFS)	57.9	12.8	—	—	—	—	—	—	—
1.6. Revenue from brokerage services	1,003.0	920.5	1,523.0	747.9	579.0	618.3	713.7	893.5	961.2
1.8. Revenue from investment advisory services	—	125.3	3.3	4.9	5.2	4.9	46.5	9.8	—
1.10. Revenue from securities custody services	9.4	9.8	9.7	11.6	15.1	17.0	17.7	17.9	17.4
1.11. Other revenue	32.6	31.4	28.2	25.0	22.3	23.1	24.2	25.5	24.1
Revenue from securities business (01->11)	2,519.2	2,366.9	2,708.4	1,723.5	1,468.5	1,544.0	1,644.3	1,707.6	1,570.4
Net sales	2,519.2	2,366.9	2,708.4	1,723.5	1,468.5	1,544.0	1,644.3	1,707.6	1,570.4
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	14.9	65.4	29.8	16.2	6.1	31.3	19.2	17.3	29.3
a. Loss from disposals of financial assets at FVTPL	3.7	16.4	2.9	8.3	5.5	3.1	19.0	16.6	13.2
b. Loss from revaluation of financial assets at FVTPL	10.8	48.4	26.2	7.8	0.2	28.2	0.2	0.7	16.1
c. Transaction cost of acquisition of financial assets at FVTPL	0.4	0.6	0.7	0.2	0.4	—	—	—	—
2.4. Selling loss available-for-sale financial assets (AFS)	35.4	—	—	—	—	—	—	—	—
2.6. Expenses for proprietary trading activities	19.8	21.4	19.2	15.2	15.6	22.4	22.2	24.1	25.9
2.7. Expenses for brokerage services	836.8	789.4	1,170.4	623.6	496.7	525.0	604.8	778.9	709.3
2.9. Expenses for financial advisory services	3.6	3.7	3.8	2.9	3.2	6.7	3.0	2.7	2.9
2.11. Expenses for secutiries custodian services	9.4	9.8	9.7	11.5	14.8	18.6	19.4	19.9	19.0
Operating expenses (21->33)	920.1	889.6	1,233.0	669.4	536.5	603.9	668.6	842.9	786.4
Gross profit	1,599.1	1,477.3	1,475.4	1,054.1	932.0	940.1	975.7	864.7	784.0
3.1. Realized and unrealized gain from changes in foreign exchange rates	—	0.0	—	—	—	0.0	—	—	—
3.2. Dividends, interest income from demand deposits	22.4	26.0	29.0	17.6	12.0	14.3	14.0	19.9	10.7
3.3. Gains from disposal investments in subsidiaries, associates, joint-ventures	—	2.5	—	—	—	—	—	—	—
3.4. Other income about investment	304.7	250.5	263.4	194.6	262.7	447.8	75.0	17.2	20.8
Total financial income (41->44)	327.1	279.0	292.4	212.2	274.6	462.0	89.0	37.1	31.6
4.1. Realized and unrealized loss from changes in foreign exchange rates	0.0	—	—	—	—	—	—	—	—
4.2. Borrowing costs	256.6	260.8	262.4	258.5	203.4	162.4	165.9	138.0	109.9
4.4. Other investment expenses	9.4	0.8	0.0	6.4	0.0	14.4	-1.2	—	—
Total financial expenses (51->54)	266.0	261.6	262.4	264.9	203.4	176.8	164.7	138.0	109.9
VI. General and Administrative expenses	113.3	221.0	111.2	123.4	84.8	173.3	79.7	111.1	73.5
VII. Net profit from securities business (20+50-40-60-61-62)	1,546.9	1,273.7	1,394.3	878.0	918.4	1,052.1	820.3	652.8	632.1
8.1. Other incomes	0.0	6.4	0.3	0.1	0.0	0.1	0.1	0.5	0.1
8.2. Other expenses	—	0.7	0.0	0.1	—	—	0.3	0.0	1.0
Other profit (71-72)	0.0	5.7	0.3	-0.0	0.0	0.1	-0.2	0.5	-0.9
IX. Profit before tax (70+80)	1,546.9	1,279.4	1,394.6	878.0	918.5	1,052.1	820.0	653.2	631.2
9.1. Realised profit	1,556.7	1,324.3	1,376.2	858.0	896.3	1,080.0	793.3	653.5	644.2
9.2. Unrealised profit	-9.8	-44.9	18.4	20.0	22.1	-27.9	26.7	-0.2	-12.9
CORPORATE INCOME TAX	311.7	265.2	268.1	175.8	183.7	214.8	164.0	130.7	126.2
10.1. Current corporate income tax expenses	311.7	265.2	268.1	175.8	183.7	214.8	164.0	130.7	126.2
XI. Net profit after tax (90-100)	1,235.2	1,014.3	1,126.5	702.2	734.8	837.3	656.0	522.5	505.1
11.1. Profit after tax for shareholders of the parents company	1,235.2	1,014.3	1,126.5	702.2	734.8	837.3	656.0	522.5	505.1
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	-8.5	35.4	—	—	—	—	—	—	—
Total other comprehensive income	-8.5	35.4	—	—	—	—	—	—	—
13.1. Earning per share	507.00	734.00	1,976.00	1,232.00	1,289.00	495.00	1,309.00	1,529.00	1,474.00
13.2. Diluted earning per share	—	734.00	1,976.00	1,232.00	1,289.00	495.00	1,309.00	1,529.00	1,474.00
Earnings per Share	462.13	379.46	1,976.30	1,231.94	1,289.06	1,468.95	1,150.90	916.66	886.07

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)	52,606.5	47,773.2	38,649.9	31,585.2	35,605.8	29,820.7	28,374.9	31,307.5	26,092.2
Short-term financial assets	52,582.5	47,755.0	38,632.1	31,561.6	35,583.5	29,797.3	28,357.7	31,284.8	26,077.3
1. Cash and cash equivalents	6,162.2	8,681.0	8,678.3	5,153.9	1,623.4	1,732.7	3,248.6	10,222.5	6,235.8
1.1. Cash	4,266.0	4,515.0	8,678.3	5,153.9	1,623.4	1,732.7	3,248.6	10,222.5	6,235.8
1.2. Cash equivalents	1,896.2	4,166.0	—	—	—	—	—	—	—
2. Financial assets at fair value through profit or loss (FVTPL)	9,346.1	7,294.5	3,680.7	2,528.2	10,272.5	8,078.9	5,880.2	5,570.0	6,411.5
3. Held to maturity investments (HTM)	2,296.0	3,666.0	2,966.0	6,000.0	4,800.0	7,075.0	6,775.0	3,521.0	1,171.0
4. Loans	30,407.2	22,596.3	22,748.7	17,435.6	18,337.0	12,493.4	12,145.1	11,638.4	11,941.5
5. Available-for-sale financial assets (AFS)	3,714.8	4,969.0	—	—	—	—	—	—	—
6. Provisions for impairment loss of financial assets and mortgages	—	—	—	-4.9	-4.9	-4.9	-4.9	-4.9	-4.9
7. Short-term receivables	577.1	437.4	469.7	388.5	495.1	381.6	275.7	283.3	271.1
7.1. Receivables from disposal of financial assets	0.0	7.9	0.1	0.2	0.2	6.1	0.2	0.2	0.2
7.2. Receivables and accruals from dividends and interest income	577.1	429.5	469.6	388.3	494.9	375.5	275.5	283.1	271.0
7.2.2. Undue dividend and interest receivables	577.1	429.5	469.6	388.3	494.9	375.5	275.5	283.1	271.0
Prepayments to suppliers	14.3	13.8	54.9	31.6	29.8	20.1	20.3	18.8	9.2
9. Service related receivable	39.1	86.9	18.2	12.9	13.8	9.6	1.6	1.3	1.8
12. Other receivables	25.6	10.0	15.6	27.1	28.0	22.1	27.4	45.7	51.6
13. Provision for doubtful debts	—	—	—	-11.3	-11.3	-11.3	-11.3	-11.3	-11.3
II. Other short-term assets	24.1	18.2	17.8	23.6	22.3	23.4	17.2	22.7	14.9
1. Advances	1.4	0.5	0.8	2.4	2.4	2.2	2.6	1.3	1.1
2. Office supplies, tools	0.2	0.2	0.2	0.6	0.6	0.8	0.8	1.0	0.6
3. Short-term prepayments	21.0	15.3	12.1	15.8	14.5	20.3	13.7	20.2	13.0
4. Pledged assets, mortgages, security deposits in short term	1.5	2.2	4.8	4.8	4.9	0.1	0.1	0.1	0.1
B. LONG-TERM ASSETS (200=210+220+240+250-260)	610.6	629.2	528.1	553.1	524.6	550.0	515.6	474.7	483.2
I. Long-term financial assets	75.5	34.8	24.7	24.7	20.7	20.4	20.4	15.9	17.3
2. Long-term investments	25.4	34.8	24.7	24.7	20.7	20.4	20.4	15.9	17.3
2.5. Other long-term investments	39.7	39.7	29.6	29.6	25.6	23.0	23.0	19.6	21.0
II. Fixed assets	406.7	428.4	398.0	390.7	387.2	425.5	393.4	363.4	353.9
1. Tangible fixed assets	219.0	219.5	197.6	183.1	189.8	206.5	220.1	235.2	221.0
- Cost	620.7	—	—	—	—	—	—	—	—
- Accumulated depreciation	-401.8	—	—	—	—	—	—	—	—
3. Intangible fixed assets	187.7	208.9	200.4	207.6	197.5	219.0	173.3	128.3	132.9
- Cost	597.6	—	—	—	—	—	—	—	—
- Accumulated depreciation	-409.9	—	—	—	—	—	—	—	—
IV. Construction in progress	3.7	26.0	28.8	54.6	36.9	20.8	33.7	23.4	42.0
V. Other long-term assets	124.7	139.9	76.5	83.0	79.9	83.2	68.1	72.0	70.0
1. Pledged assets, mortgages, security deposits in long term	7.5	6.7	6.7	6.7	6.6	8.1	8.1	8.2	8.2
2. Long-term prepayments	87.0	103.0	39.6	46.1	43.1	45.0	29.9	33.6	31.7
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	10.2	10.2	10.2	10.2	10.2	10.2	10.2	10.2	10.2
TOTAL ASSETS (270=100+200)	53,217.1	48,402.4	39,178.0	32,138.3	36,130.5	30,370.7	28,890.5	31,782.2	26,575.4
A. LIABILITIES (300=310+340)	23,119.8	19,567.3	25,250.6	19,337.5	24,032.8	19,005.7	18,362.7	21,913.5	17,077.4
I. Short -term liabilities	18,119.8	14,567.4	20,009.4	14,234.3	18,931.3	19,005.7	18,211.7	21,635.3	16,775.7
1. Short-term borrowings	16,808.1	12,924.4	19,138.5	13,431.5	18,330.6	18,328.6	17,382.9	20,909.2	16,065.7
1.1. Short-term borrowings	16,808.1	12,924.4	19,138.5	13,431.5	18,330.6	18,328.6	17,382.9	20,909.2	16,065.7
6. Payables to securities trading activities	87.6	67.2	—	—	—	—	—	—	—
8. Trade accounts payable	13.8	60.2	82.0	97.6	8.1	76.5	57.5	0.3	2.5
9. Advances from customers	—	—	—	0.2	0.2	0.2	300.2	0.2	0.2
10. Taxes and other payables to state authorities	532.7	719.1	515.7	321.0	325.0	392.5	275.8	308.9	335.9
11. Payable to employees	—	—	—	—	—	—	—	0.1	—
12. Employee welfare payables	1.7	1.3	2.0	1.4	2.3	1.8	2.0	1.7	2.4
13. Accrued expenses	211.1	351.8	233.5	359.3	250.6	170.3	149.5	284.1	269.2
15. Unearned revenue	0.2	0.0	0.1	—	—	—	—	—	—
17. Other payables	464.7	443.4	37.6	23.3	14.6	35.6	43.7	130.9	99.8
19. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	4,999.9	4,999.9	5,241.2	5,103.2	5,101.5	—	151.1	278.1	301.7
4. Long-term bonds	4,999.9	4,999.9	4,999.9	4,999.9	4,999.8	—	—	—	—
B. OWNER'S EQUITY (400=410+420)	30,097.3	28,835.1	13,927.3	12,800.8	12,097.7	11,365.1	10,527.8	9,868.7	9,498.0
I. Owner's equity	30,097.3	28,835.1	13,927.3	12,800.8	12,097.7	11,365.1	10,527.8	9,868.7	9,498.0
1. Investment capital from owners	26,729.0	26,729.0	5,700.1	5,700.1	5,700.1	5,700.1	5,700.1	5,700.1	5,700.1
1.1. Capital from owners	24,349.2	15,218.3	5,700.1	5,700.1	5,700.1	5,700.1	5,700.1	5,700.1	5,700.1
a. Common stock	24,349,197,040,000.00	15,218,257,000,000.00	5,700,057,000,000.00	5,700,057,000,000.00	5,700,057,000,000.00	5,700,057,000,000.00	5,700,057,000,000.00	5,700,057,000,000.00	5,700,057,000,000.00
1.2. Share premium	2,379.8	11,510.8	—	—	—	—	—	—	—
2. Assets revaluation differences	-8.5	-35.4	—	—	—	—	—	—	—
4. Supplementary capital reserve	—	—	85.5	85.5	85.5	85.5	85.5	85.5	85.5
7. Undistributed earnings after tax	3,376.8	2,141.5	8,038.8	6,912.3	6,209.2	5,476.5	4,639.2	3,980.2	3,609.5
7.1. Realised profits	3,383.7	2,138.6	7,991.0	6,882.9	6,199.8	5,489.3	4,624.1	3,991.8	3,620.8
7.2. Unrealised losses	-6.9	2.9	47.8	29.4	9.4	-12.7	15.2	-11.6	-11.4
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	53,217.1	48,402.4	39,178.0	32,138.3	36,130.5	30,370.7	28,890.5	31,782.2	26,575.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	1,546.9	1,279.4	1,394.6	878.9	918.5	1,049.3	820.0	653.2	631.2
2. Adjustments for	-282.7	318.0	180.1	386.7	-264.8	91.7	216.0	126.5	-131.8
- Depreciation and amortization	50.8	46.7	44.2	39.2	38.7	41.2	38.5	37.0	39.9
- (Reversal of provisions)/provisions	9.4	0.0	-16.2	—	—	2.3	-1.2	—	—
- Loss/(profits) from other investing activities	-22.4	-29.5	-29.0	-17.6	-12.0	-14.3	-14.0	-20.3	-10.7
- Interest expense	256.6	260.8	262.4	258.5	203.4	162.4	165.9	138.0	109.9
- Accrued interest income	-577.1	40.1	-81.4	106.6	-494.9	-100.0	23.7	-28.2	-271.0
- Adjustments for	—	—	—	—	—	0.0	3.0	—	—
3. Add non-cash expenses	46.3	48.7	26.2	7.8	0.2	28.2	0.2	0.7	16.1
- Loss from revaluation losses of FVTPL financial assets	10.8	48.7	26.2	7.8	0.2	28.2	0.2	0.7	16.1
- Value decline of available-for-sale financial assets	35.4	—	—	—	—	—	—	—	—
4. Less non-cash income	-1.1	-3.8	-44.6	-27.8	-22.3	-0.3	-26.9	-0.4	-3.2
- Gains from revaluation gains of FVTPL financial assets	-1.1	-3.8	-44.6	-27.8	-22.3	-0.3	-26.9	-0.4	-3.2
5. Changes of assets and liabilities	-7,256.5	-9,210.7	-3,413.2	7,465.8	-5,740.1	-2,875.0	-4,044.1	-1,205.7	-639.8
- Increase/decrease in FVTPL financial assets	-2,061.4	-3,658.8	-1,134.1	7,764.4	-2,171.5	-2,226.7	-283.4	841.2	-824.5
- Increase/decrease in held to maturity investments	1,370.0	-700.0	3,034.0	-1,200.0	2,275.0	-300.0	-3,254.0	-2,350.0	500.0
- Increase/decrease in loan	-7,810.9	152.5	-5,313.1	901.4	-5,843.7	-348.3	-506.7	303.1	-315.4
- Increase/decrease in AFS financial assets	1,245.7	-5,004.4	—	—	—	—	—	—	—
6. Operating profit before changes in working capital	-5,947.1	-7,568.4	-1,856.9	8,711.4	-5,108.6	-1,706.2	-3,034.8	-425.7	-127.5
Increase/decrease in receiables sale of financial assets	7.9	-7.9	0.1	-0.0	5.9	-305.9	301.9	-1.9	26.9
Increase/decrease in receiables interest of financial assets	451.9	26.0	29.0	17.0	387.5	14.3	-2.1	36.0	197.5
Increase/decrease in service related receivables	-2.2	-68.8	-5.4	0.9	-4.1	-8.0	-2.3	2.5	-0.7
Increases/decreases in other receivables	-15.6	5.6	11.5	0.9	-5.9	—	18.3	5.9	-19.4
Increase/decrease in other assets	-1.0	2.8	2.1	-0.0	-3.3	0.4	-0.9	-0.6	1.7
- Increase/(decrease) in payables (other than interest, corporate income tax)	-23.9	-16.0	14.6	-11.7	29.7	2.4	-34.0	-64.2	70.3
- (Increase)/decrease in prepaid expenses	10.3	-66.6	10.2	-4.4	7.7	-21.7	10.3	-9.1	5.2
- Corporate income tax paid	-522.6	-10.0	-175.8	-183.7	-278.1	-100.0	-130.7	-126.2	-114.7
- Interest paid	-373.4	-132.8	-399.8	-136.3	-151.3	-155.9	-201.6	-127.3	-117.0
Increases/decreaese in trade payables	-26.4	86.4	-38.9	87.8	-78.6	19.6	-16.1	60.0	-77.6
Increases/decreases in employee welfare payables	0.4	-0.7	0.6	-0.8	0.4	-0.2	0.4	-0.7	0.3
Increases/decreases in tax and other payables to the State Budget	24.4	-51.7	102.4	3.9	27.6	1.9	-66.3	-31.6	67.9
Increases/dcreases in payable to employees	—	—	—	—	—	—	—	0.1	—
Increases/dcreases in other payables	21.4	405.8	14.3	8.7	-21.0	-8.1	-87.2	31.1	27.0
Net cash flows from securities trading activities	-6,395.8	-7,396.3	-2,291.9	8,493.5	-5,192.1	-2,262.0	-3,245.4	-651.8	-60.2
1. Payment for fixed assets, constructions and other long-term assets	-6.7	-75.0	-25.8	-60.5	-16.4	-60.5	-78.7	-28.0	-8.4
2. Proceeds from disposals of fixed assets and other long-term assets	—	1.8	—	—	—	0.0	0.0	0.4	—
5. Payments for investment in other entities	—	-15.6	0.0	-4.1	-2.6	-5.5	—	—	—
6. Collections on investment in other entities	—	8.0	0.0	0.0	0.5	5.5	-3.4	1.4	—
7. Dividends, interest and profit received	—	0.0	0.0	0.6	—	—	—	—	—
Net cash flows from investing activities	-6.7	-80.8	-25.8	-63.9	-18.5	-60.5	-82.1	-26.2	-8.4
1. Receipts from equity issue and owner's capital contribution	—	13,928,966,939,152.00	—	—	—	—	—	—	—
3. Short-term and long-term borrowings	26,646.9	43,785.5	64,914.6	122,627.8	95,927.4	128,747.2	132,079.7	102,193.2	57,848.4
3.2. Other borrowings	26,646.9	43,785.5	64,914.6	122,627.8	95,927.4	128,747.2	132,079.7	102,193.2	57,848.4
4. Principal repayments	-22,763.2	-50,234.6	-59,072.6	-127,526.9	-90,825.5	-127,940.6	-135,726.1	-97,376.7	-54,327.3
4.3. Other principal repayments	-22,763.2	-50,234.6	-59,072.6	-127,526.9	-90,825.5	-127,940.6	-135,726.1	-97,376.7	-54,327.3
6. Dividends paid, profits distributed to owners	—	—	—	—	—	0.0	0.0	-151.8	—
Net cash flows from financing activities	3,883.7	7,479.8	5,842.0	-4,899.1	5,101.8	806.6	-3,646.4	4,664.7	3,521.0
IV. Net cash flows during the period	-2,518.8	2.7	3,524.3	3,530.5	-108.7	-1,515.9	-6,973.9	3,986.8	3,452.4
V. Cash and cash equivalents at begingning of the period	8,681.0	8,678.3	5,153.9	1,623.4	1,732.1	3,248.6	10,222.5	6,235.8	2,783.3
- Cash equivalents	4,166.0	—	—	—	—	—	—	—	—
Cash and cash equivalents at end of period	6,162.2	8,681.0	8,678.3	5,153.9	1,623.4	1,732.7	3,248.6	10,222.5	6,235.8
- Cash equivalents	1,896.2	—	—	—	—	—	—	—	—
1. Proceeds from sale of brokerage securities to customers	328,829.0	301,309.2	487,189.9	234,709.4	186,227.1	193,388.4	233,078.2	295,338.8	295,475.2
2. Money spent on buying brokerage securities for customers	-325,117.6	-290,730.8	-501,149.3	-228,519.2	-195,618.3	-187,871.4	-228,472.8	-298,904.4	-298,865.9
9. Receive deposits to pay for securities transactions of customers	213,868.6	302,567.8	1,263,529.7	102,094.6	163,738.8	197,834.2	210,208.0	360,259.8	480,083.2
11. Payment for customers' securities transactions	-211,095.0	-326,500.1	-1,244,322.6	-104,741.9	-150,125.2	-209,021.4	-573,765.4	—	-468,105.1
17. Proceeds from Securities Issuers	1,259.7	1,497.4	1,093.1	2,004.0	1,018.0	1,429.3	1,173.0	2,826.0	1,291.8
18. Payments to Securities Issuers	-1,259.7	-1,497.4	-1,131.9	-2,013.7	-1,028.8	-1,399.0	-1,193.0	-2,849.1	-1,279.2
Increase / decrease of net money during the period	6,485.1	-13,354.0	5,208.9	3,533.2	4,211.7	-5,639.9	1,405.0	-3,706.0	8,600.0
II. Cash and cash equivalents at the beginning of the period of the customer	16,814.2	30,168.2	24,959.3	21,426.1	17,214.4	22,854.3	21,449.3	25,155.3	16,555.3
III. Cash and cash equivalents at the end of the period of the customer	23,299.3	16,814.2	30,168.2	24,959.3	21,426.1	17,214.4	22,854.3	21,449.3	25,155.3

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VCK

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