VDS

Chứng khoán Rồng Việt ·HOSE ·2026Q1

● PROVISION HEAVY

Provision drag PBT margin 26.8%, +0.6% YoY

Price

13,700

Latest close

03 Jun 2026

EPS TTM (TTM) 851

BVPS (Latest) 11,099

P/E (Price/EPS) 16.1x

P/B (Price/BVPS) 1.2x

ROAE TTM (TTM) 8.0%

PBT Margin (TTM) 26.8%

Trading Share (Mix) 29.3%

Service & Brokerage Share (Mix) 26.0%

Equity / Assets (Latest) 38.5%

Leverage (Latest) 1.6x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 288.1bn, equivalent to a pre-tax margin of 26.8%, but earnings quality is still being dragged down by provisioning, while pre-tax profit is also rising clearly year on year. The revenue mix is now leaning more toward lending at 44.7% but narrowing by 1.4pp, while trading is down to 29.3% after narrowing by 2.7pp; brokerage and services have reached 26.0% and improved by +4.1pp, making diversification more visible. On the balance sheet, Equity / Assets is 38.5% while Leverage is about 1.60x, indicating a still relatively balanced capital posture, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 337 tỷ
+19,8%
Lãi thuần 221 tỷ
+5,2%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 440 tỷ
+12,5%
Dư nợ 3.842 tỷ
+20,3%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 236 tỷ
+39,7%
Lãi thuần 66,6 tỷ
+85,0%

Metric	2025	2024
PBT	346.8	355.6
Trading Share	34.6%	39.0%
Lending Share	41.7%	39.9%
Service & Brokerage Share	23.7%	21.1%
PBT Margin	33.29%	36.02%
Equity / Assets	38.2%	43.9%
Leverage	1.62x	1.28x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	-36.0	15.7	325.8	-17.4	22.6	-33.6	92.3	145.8	151.1
Trading Share	-13.8%	11.0%	57.2%	16.4%	20.8%	2.1%	32.9%	51.6%	49.1%
Lending Share	76.6%	57.4%	23.8%	56.0%	56.3%	67.9%	46.1%	30.4%	31.0%
Service & Brokerage Share	37.2%	31.6%	19.0%	27.6%	23.0%	29.9%	21.0%	18.0%	19.9%
PBT Margin	-17.77%	7.09%	69.34%	-9.64%	13.40%	-21.94%	40.76%	45.84%	52.40%
Equity / Assets	38.5%	38.2%	40.8%	41.3%	44.8%	43.9%	46.7%	43.9%	45.4%
Leverage	1.60x	1.62x	1.45x	1.42x	1.23x	1.28x	1.14x	1.28x	1.20x

Drivers of VDS'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 48.9bn

Trading +VND 44.8bn

Brokerage +VND 30.6bn

Total costs −VND 66.7bn

Tax −VND 14.3bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower trading. Supporting and offsetting drivers:

Margin lending +VND 26.6bn

Tax +VND 10.2bn

Brokerage +VND 8.8bn

Trading −VND 60.5bn

Total costs −VND 33.1bn

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 44.7%, trading is at 29.3%, brokerage and services together remain around 26.0% 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 1,075.7bn +24.1% YoY

PBT margin 26.8% +0.6pp

Lending Share 44.7% −1.4pp

Brokerage Share 23.9% +4.1pp

Provisions / Revenue 26.5% −4.5pp

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 26.8%, Return on assets is about 3.3%, provisions equal 98.9% of pre-tax profit, revaluation accounts for -23.1% 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 26.8% +0.6pp

Net margin 21.7% +0.2pp

ROAA 3.3% +0.7pp

ROAE 8.0% +1.6pp

Provisions / PBT 98.9% −19.4pp

TTM YoY · 2026Q1

Are assets at risk?

Balance Sheet Quality & Asset Composition

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

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

The margin book is about 48.8% of assets, the prop book about 16.2%, liquid assets around 26.2%, equity roughly 38.5%.

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 48.8% −1.5pp

Prop book / Assets 16.2% −7.7pp

Liquid assets / Assets 26.2% +15.7pp

Equity / Assets 38.5% −6.3pp

Liabilities / Equity 1.60x +0.37x

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 38.5% of assets, liabilities stand at 1.60x of equity, short-term borrowings are about 28.4% of assets, cash covers roughly 0.38x 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 38.5% −6.3pp

Liabilities / Equity 1.60x +0.37x

Short-term borrowings / Assets 28.4% +21.5pp

Liquid assets / Assets 16.0% +5.5pp

Cash / Short-term borrowings 0.38x −1.15x

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, VDS 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)	343.8	380.7
a. Realised gains on disposals of FVTPL financial assets	292.5	241.3
b. Gains from revaluation of FVTPL financial assets	12.5	84.1
c. Dividends and interest income from FVTPL financial assets	38.8	55.2
1.2. Gains from held to maturity investments	39.0	4.8
1.3. Interest income from loans and receivables	413.7	388.9
1.4. Gains from available-for-sale financial assets (AFS)	9.6	7.5
1.6. Revenue from brokerage services	215.0	188.0
1.8. Revenue from investment advisory services	9.4	7.0
1.10. Revenue from securities custody services	7.9	7.3
1.11. Other revenue	3.5	3.2
Revenue from securities business (01->11)	1,041.8	987.4
Net sales	1,041.8	987.4
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	69.0	51.9
a. Loss from disposals of financial assets at FVTPL	38.7	9.9
b. Loss from revaluation of financial assets at FVTPL	29.1	41.0
c. Transaction cost of acquisition of financial assets at FVTPL	1.2	0.9
2.4. Selling loss available-for-sale financial assets (AFS)	0.1	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	268.7	274.4
2.6. Expenses for proprietary trading activities	3.9	4.5
2.7. Expenses for brokerage services	157.3	141.7
2.9. Expenses for financial advisory services	14.0	13.8
2.11. Expenses for secutiries custodian services	8.4	7.8
2.12. Other expenses	20.8	20.3
Operating expenses (21->33)	542.0	514.3
Gross profit	499.8	473.0
3.1. Realized and unrealized gain from changes in foreign exchange rates	0.0	0.0
3.2. Dividends, interest income from demand deposits	54.4	53.4
Total financial income (41->44)	54.4	53.4
4.1. Realized and unrealized loss from changes in foreign exchange rates	2.5	0.2
4.2. Borrowing costs	31.0	5.3
Total financial expenses (51->54)	33.5	5.5
VI. General and Administrative expenses	174.0	165.8
VII. Net profit from securities business (20+50-40-60-61-62)	346.8	355.2
8.1. Other incomes	0.0	0.6
8.2. Other expenses	0.0	0.1
Other profit (71-72)	0.0	0.5
IX. Profit before tax (70+80)	346.8	355.6
9.1. Realised profit	363.5	312.5
9.2. Unrealised profit	-16.7	43.1
CORPORATE INCOME TAX	64.6	64.4
10.1. Current corporate income tax expenses	68.3	49.3
10.2. Deferred income tax expenses	-3.7	15.1
XI. Net profit after tax (90-100)	282.2	291.2
11.1. Profit after tax for shareholders of the parents company	283.1	289.8
11.3. Profit after tax attribute to non-controling interest	-1.0	1.4
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	-51.6	-2.5
Total other comprehensive income	-51.6	-2.5
Other comprehensive income attribute to the Parent Company's owners	-51.6	-2.5
13.1. Earning per share	1,054.00	1,216.00
13.2. Diluted earning per share	1,054.00	1,216.00
Earnings per Share	1,033.88	1,193.86

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	6,925.8	6,096.5
Short-term financial assets	6,911.0	6,081.3
1. Cash and cash equivalents	997.0	1,207.1
1.1. Cash	847.0	632.1
1.2. Cash equivalents	150.0	575.0
2. Financial assets at fair value through profit or loss (FVTPL)	1,353.5	1,161.9
3. Held to maturity investments (HTM)	—	400.0
4. Loans	4,003.5	2,746.1
5. Available-for-sale financial assets (AFS)	495.9	529.9
6. Provisions for impairment loss of financial assets and mortgages	-44.2	-44.2
7. Short-term receivables	79.4	65.4
7.1. Receivables from disposal of financial assets	49.0	55.6
7.2. Receivables and accruals from dividends and interest income	30.3	9.8
7.2.1. Due dividend and interest receivables	0.1	0.1
7.2.2. Undue dividend and interest receivables	30.3	9.7
Prepayments to suppliers	1.8	1.0
9. Service related receivable	24.0	14.0
12. Other receivables	2.1	2.0
13. Provision for doubtful debts	-2.0	-2.0
II. Other short-term assets	14.8	15.2
1. Advances	0.1	0.2
2. Office supplies, tools	1.5	2.1
3. Short-term prepayments	12.7	11.9
4. Pledged assets, mortgages, security deposits in short term	0.1	0.1
Taxes and other receivables from state authorities	0.5	1.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	1,195.7	298.5
I. Long-term financial assets	1,091.9	178.6
2. Long-term investments	1,091.9	178.6
2.1. Held to maturity investments (HTM)	800.0	—
2.5. Other long-term investments	291.9	178.6
II. Fixed assets	61.5	64.0
1. Tangible fixed assets	41.0	44.2
- Cost	125.9	110.2
- Accumulated depreciation	-84.9	-66.1
3. Intangible fixed assets	20.5	19.9
- Cost	53.5	47.1
- Accumulated depreciation	-33.0	-27.2
IV. Construction in progress	0.7	12.4
V. Other long-term assets	41.6	43.5
1. Pledged assets, mortgages, security deposits in long term	5.8	5.7
2. Long-term prepayments	2.3	2.8
3. Deferred income tax assets	3.5	1.8
4. Payment for Settlement Assistance Fund	20.0	20.0
5. Other long-term assets	10.0	10.0
6. Goodwill	—	3.2
TOTAL ASSETS (270=100+200)	8,121.5	6,395.0
A. LIABILITIES (300=310+340)	5,022.3	3,587.4
I. Short -term liabilities	4,998.5	3,554.4
1. Short-term borrowings	1,919.0	392.0
1.1. Short-term borrowings	1,919.0	392.0
4. Short-term bonds	2,959.1	3,089.1
6. Payables to securities trading activities	3.2	2.3
8. Trade accounts payable	2.5	12.6
9. Advances from customers	13.1	13.2
10. Taxes and other payables to state authorities	47.2	13.4
11. Payable to employees	23.4	13.3
13. Accrued expenses	24.0	15.6
17. Other payables	0.4	0.4
19. Bonus and welfare fund	6.6	2.5
II. Long-term liabilities	23.8	33.0
14. Deferred income tax liabilities	23.7	32.7
B. OWNER'S EQUITY (400=410+420)	3,099.1	2,807.6
I. Owner's equity	3,099.1	2,807.6
1. Investment capital from owners	2,729.2	2,439.2
1.1. Capital from owners	2,720.0	2,430.0
a. Common stock	2,720,000,000,000.00	2,430,000,000,000.00
1.2. Share premium	9.2	9.2
2. Assets revaluation differences	-59.3	-7.7
7. Undistributed earnings after tax	358.6	326.1
7.1. Realised profits	310.6	265.6
7.2. Unrealised losses	47.9	60.4
8. Minority interest	67.5	48.5
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	8,121.5	6,395.0

Item	2025	2024
1. Profit before tax	346.8	355.6
2. Adjustments for	-25.5	-33.4
- Depreciation and amortization	24.7	21.6
- (Reversal of provisions)/provisions	-0.0	0.0
- Unrealized foreign exchange (gains)/losses	0.3	—
- Loss/(profits) from other investing activities	-54.4	-53.8
- Interest expense	31.0	5.3
- Accrued interest income	-30.3	-9.8
- Adjustments for	3.2	3.2
3. Add non-cash expenses	29.2	41.0
- Loss from revaluation losses of FVTPL financial assets	29.1	41.0
- Value decline of available-for-sale financial assets	0.1	—
4. Less non-cash income	-17.2	-84.1
- Gains from revaluation gains of FVTPL financial assets	-12.5	-84.1
- Reversal of value decline of available-for-sale financial assets	-4.8	—
5. Changes of assets and liabilities	-1,130.5	-674.2
- Increase/decrease in FVTPL financial assets	-203.5	-10.2
- Increase/decrease in held to maturity investments	400.0	-400.0
- Increase/decrease in loan	-1,257.4	27.3
- Increase/decrease in AFS financial assets	-69.6	-291.3
6. Operating profit before changes in working capital	-797.3	-395.1
Increase/decrease in receiables sale of financial assets	6.5	-44.7
Increase/decrease in receiables interest of financial assets	9.8	11.3
Increase/decrease in service related receivables	-10.0	3.8
Increases/decreases in other receivables	-0.9	10.8
Increase/decrease in other assets	1.0	0.0
- Increase/(decrease) in payables (other than interest, corporate income tax)	6.8	0.8
- (Increase)/decrease in prepaid expenses	-0.3	1.6
- Corporate income tax paid	-35.7	-61.4
- Interest paid	-32.0	-5.8
Increases/decreaese in trade payables	-7.6	-25.1
Increases/decreases in tax and other payables to the State Budget	1.3	-2.6
Increases/dcreases in payable to employees	10.1	-6.2
Increases/dcreases in other payables	0.7	-0.8
- Other payments for operating activities	-2.8	-0.9
Net cash flows from securities trading activities	-850.3	-514.4
1. Payment for fixed assets, constructions and other long-term assets	-10.4	-35.1
2. Proceeds from disposals of fixed assets and other long-term assets	0.0	1.0
5. Payments for investment in other entities	-1,020.0	-34.3
6. Collections on investment in other entities	151.5	55.6
7. Dividends, interest and profit received	54.4	53.4
Net cash flows from investing activities	-824.5	40.7
1. Receipts from equity issue and owner's capital contribution	68,000,000,000.00	95,500,000,000.00
3. Short-term and long-term borrowings	8,949.5	5,360.3
3.2. Other borrowings	8,949.5	5,360.3
4. Principal repayments	-7,552.9	-4,645.2
4.3. Other principal repayments	-7,552.9	-4,645.2
Net cash flows from financing activities	1,464.6	810.6
IV. Net cash flows during the period	-210.2	336.9
V. Cash and cash equivalents at begingning of the period	1,207.1	870.2
Cash at bank	1,207.1	870.2
- Cash at bank for securities company activities	632.1	394.2
- Cash equivalents	575.0	476.0
Cash and cash equivalents at end of period	997.0	1,207.1
Cash at bank	997.0	1,207.1
- Cash at bank for securities company activities	847.0	632.1
- Cash equivalents	150.0	575.0
1. Proceeds from sale of brokerage securities to customers	12,893.8	9,619.0
2. Money spent on buying brokerage securities for customers	-12,893.7	-9,618.5
9. Receive deposits to pay for securities transactions of customers	97,737.6	95,743.5
10. Margin deposit of investors at VSD	105.1	217.7
11. Payment for customers' securities transactions	-96,930.0	-96,921.7
17. Proceeds from Securities Issuers	1,160.3	1,437.2
18. Payments to Securities Issuers	-1,160.5	-1,436.8
Increase / decrease of net money during the period	912.6	-959.5
II. Cash and cash equivalents at the beginning of the period of the customer	835.5	1,795.1
Cash at bank	835.5	1,795.1
-Deposits of investors on securities transactions under the Securities Company management method	833.0	1,793.5
-Securities clearing and settlement deposits	2.1	1.5
-Deposits from issuing organizations	0.5	0.0
III. Cash and cash equivalents at the end of the period of the customer	1,748.1	835.5
Cash at bank	1,748.1	835.5
-Deposits of investors on securities transactions under the Securities Company management method	1,745.7	833.0
-Securities clearing and settlement deposits	2.1	2.1
-Deposits from issuing organizations	0.3	0.5

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)	-21.4	23.1	259.3	27.5	33.9	3.2	71.9	162.9	141.6
a. Realised gains on disposals of FVTPL financial assets	42.2	167.7	63.3	45.2	16.4	39.8	33.8	64.6	103.2
b. Gains from revaluation of FVTPL financial assets	-69.0	-148.0	189.4	-39.0	10.1	-46.3	18.7	85.1	26.6
c. Dividends and interest income from FVTPL financial assets	5.5	3.4	6.5	21.3	7.5	9.7	19.3	13.3	11.9
1.2. Gains from held to maturity investments	14.4	11.5	11.5	11.2	4.7	2.2	2.0	0.5	—
1.3. Interest income from loans and receivables	118.4	119.9	108.0	93.9	91.8	102.7	100.9	96.1	89.3
1.4. Gains from available-for-sale financial assets (AFS)	33.7	1.5	5.2	2.0	1.0	—	5.8	1.8	—
1.6. Revenue from brokerage services	54.6	59.3	81.4	40.3	34.0	40.7	41.3	52.6	53.4
1.8. Revenue from investment advisory services	0.4	3.1	1.8	3.5	1.1	1.8	2.2	1.7	1.2
1.10. Revenue from securities custody services	2.0	2.4	2.0	1.8	1.7	2.1	1.8	1.7	1.7
1.11. Other revenue	0.6	1.3	0.8	0.7	0.7	0.5	0.7	0.8	1.2
Revenue from securities business (01->11)	202.8	222.0	469.9	181.0	169.0	153.3	226.5	318.1	288.4
Net sales	202.8	222.0	469.9	181.0	169.0	153.3	226.5	318.1	288.4
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	59.7	37.4	-29.7	49.2	12.0	38.6	4.0	17.2	-8.0
a. Loss from disposals of financial assets at FVTPL	26.4	1.7	15.3	13.5	8.2	1.6	5.3	0.3	2.7
b. Loss from revaluation of financial assets at FVTPL	33.1	35.2	-45.3	35.5	3.7	36.8	-1.4	16.6	-11.0
c. Transaction cost of acquisition of financial assets at FVTPL	0.2	0.5	0.3	0.2	0.2	0.2	0.1	0.3	0.3
2.4. Selling loss available-for-sale financial assets (AFS)	5.3	0.0	0.0	—	—	—	—	—	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	77.1	74.5	66.9	66.5	60.8	69.5	68.5	70.1	66.3
2.6. Expenses for proprietary trading activities	0.9	0.8	1.3	1.0	0.9	1.0	-6.9	9.2	1.2
2.7. Expenses for brokerage services	41.4	39.4	55.1	33.1	29.7	30.1	33.5	39.3	38.8
2.9. Expenses for financial advisory services	3.3	3.0	4.2	3.8	3.0	3.2	3.7	3.6	3.3
2.11. Expenses for secutiries custodian services	2.1	2.2	2.2	2.0	1.9	2.0	2.0	2.0	1.9
2.12. Other expenses	0.6	5.1	6.3	5.1	4.3	5.5	4.7	5.1	5.0
Operating expenses (21->33)	190.5	162.4	106.3	160.7	112.7	150.0	109.4	146.5	108.4
Gross profit	12.2	59.6	363.6	20.3	56.3	3.3	117.0	171.6	180.0
3.1. Realized and unrealized gain from changes in foreign exchange rates	—	—	0.0	0.0	0.0	—	—	—	0.0
3.2. Dividends, interest income from demand deposits	10.0	15.1	19.3	13.3	6.7	9.6	13.7	19.9	11.3
Total financial income (41->44)	10.0	15.1	19.3	13.3	6.7	9.6	13.7	19.9	11.3
4.1. Realized and unrealized loss from changes in foreign exchange rates	0.2	1.9	0.2	0.3	—	—	0.0	—	0.2
4.2. Borrowing costs	12.5	9.7	9.3	8.1	3.8	1.4	2.0	1.0	1.0
Total financial expenses (51->54)	12.7	11.7	9.6	8.5	3.8	1.4	2.0	1.0	1.1
VI. General and Administrative expenses	45.5	47.3	47.5	42.6	36.6	45.0	36.5	44.8	39.6
VII. Net profit from securities business (20+50-40-60-61-62)	-36.0	15.7	325.8	-17.5	22.6	-33.5	92.3	145.8	150.6
8.1. Other incomes	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.5
8.2. Other expenses	—	—	—	—	0.0	0.1	—	—	—
Other profit (71-72)	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	0.0	0.5
IX. Profit before tax (70+80)	-36.0	15.7	325.8	-17.4	22.6	-33.6	92.3	145.8	151.1
9.1. Realised profit	66.1	199.0	91.2	57.0	16.3	49.5	72.2	77.3	113.5
9.2. Unrealised profit	-102.2	-183.2	234.7	-74.5	6.4	-83.1	20.1	68.5	37.6
CORPORATE INCOME TAX	-6.5	5.7	61.6	-6.2	3.6	-4.8	14.9	26.4	27.9
10.1. Current corporate income tax expenses	7.9	37.1	26.3	2.6	2.3	4.8	12.1	9.5	22.8
10.2. Deferred income tax expenses	-14.4	-31.5	35.3	-8.8	1.3	-9.6	2.8	16.9	5.1
XI. Net profit after tax (90-100)	-29.5	10.1	264.3	-11.2	19.0	-28.9	77.4	119.4	123.3
11.1. Profit after tax for shareholders of the parents company	-28.5	13.8	261.2	-9.9	19.1	-27.8	77.4	119.9	120.7
11.3. Profit after tax attribute to non-controling interest	-1.0	-3.7	3.0	-1.3	-0.1	-1.1	-0.0	-0.5	2.5
OTHER COMPREHENSIVE INCOME AFTER TAX	—	-59.1	-11.5	-0.6	—	—	12.4	-43.2	16.6
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	-30.4	-59.1	-11.5	-0.6	19.5	-22.4	12.4	-43.2	16.6
Total other comprehensive income	-30.4	-59.1	-11.5	-0.6	19.5	-22.4	12.4	-43.2	16.6
Other comprehensive income attribute to the Parent Company's owners	-30.4	-59.1	-11.5	-0.6	19.5	-22.4	12.4	-43.2	16.6
13.1. Earning per share	-105.00	51.00	960.00	-41.00	79.00	-114.00	326.00	571.00	575.00
13.2. Diluted earning per share	-105.00	51.00	960.00	-41.00	79.00	-114.00	326.00	571.00	575.00
Earnings per Share	-108.06	36.98	968.25	-45.89	77.94	-118.31	317.25	566.22	584.36

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+130)	6,417.2	6,925.8	6,530.5	5,746.6	6,089.6	6,096.5	5,796.5	5,707.3	5,324.9
Short-term financial assets	6,402.0	6,911.0	6,515.0	5,731.6	6,075.2	6,081.3	5,783.1	5,692.4	5,310.7
1. Cash and cash equivalents	858.2	997.0	588.3	1,289.3	663.8	1,207.1	464.1	668.3	1,023.5
1.1. Cash	399.7	847.0	435.3	427.3	257.8	632.1	278.1	212.5	234.7
1.2. Cash equivalents	458.5	150.0	153.0	862.0	406.0	575.0	186.0	455.8	788.8
2. Financial assets at fair value through profit or loss (FVTPL)	1,272.9	1,353.5	1,448.4	1,186.7	1,515.5	1,161.9	1,324.3	1,271.2	827.0
3. Held to maturity investments (HTM)	—	—	—	—	400.0	400.0	200.0	200.0	—
4. Loans	3,842.3	4,003.5	4,005.0	2,946.4	3,194.5	2,746.1	3,359.5	3,138.5	3,218.4
5. Available-for-sale financial assets (AFS)	412.8	495.9	408.8	303.6	295.2	529.9	436.8	431.2	208.6
6. Provisions for impairment loss of financial assets and mortgages	-44.2	-44.2	-44.2	-44.2	-44.2	-44.2	-44.2	-44.2	-44.2
7. Short-term receivables	45.9	79.4	89.9	31.9	33.6	65.4	23.4	12.2	55.1
7.1. Receivables from disposal of financial assets	—	49.0	63.8	14.7	20.7	55.6	4.1	3.8	44.2
7.2. Receivables and accruals from dividends and interest income	45.9	30.3	26.1	17.2	12.8	9.8	19.3	8.4	10.8
7.2.1. Due dividend and interest receivables	0.1	0.1	0.2	0.2	0.1	0.1	0.3	0.6	0.5
7.2.2. Undue dividend and interest receivables	45.9	30.3	25.9	17.1	12.7	9.7	19.0	7.8	10.4
Prepayments to suppliers	0.8	1.8	2.9	3.4	3.4	1.0	3.2	1.4	7.2
9. Service related receivable	12.6	24.0	15.9	13.8	13.4	14.0	12.8	13.5	11.8
12. Other receivables	2.7	2.1	2.0	2.7	2.1	2.0	5.2	2.1	5.2
13. Provision for doubtful debts	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0	-2.0
II. Other short-term assets	15.3	14.8	15.5	15.0	14.4	15.2	13.5	14.9	14.2
1. Advances	0.8	0.1	0.7	0.4	0.3	0.2	1.0	0.5	0.7
2. Office supplies, tools	1.7	1.5	1.5	1.8	2.0	2.1	2.0	1.3	1.4
3. Short-term prepayments	11.8	12.7	13.0	12.1	11.1	11.9	7.8	10.8	10.0
4. Pledged assets, mortgages, security deposits in short term	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Taxes and other receivables from state authorities	0.8	0.5	0.4	0.6	1.0	1.0	2.7	2.2	2.1
B. LONG-TERM ASSETS (200=210+220+240+250-260)	1,451.3	1,195.7	1,202.5	1,109.7	258.6	298.5	297.4	341.4	308.7
I. Long-term financial assets	1,353.2	1,091.9	1,095.9	999.9	144.2	178.6	182.5	220.8	196.2
2. Long-term investments	1,353.2	1,091.9	1,095.9	999.9	144.2	178.6	182.5	220.8	196.2
2.1. Held to maturity investments (HTM)	1,100.0	800.0	800.0	800.0	—	—	—	—	—
2.5. Other long-term investments	253.2	291.9	295.9	199.9	144.2	178.6	182.5	220.8	196.2
II. Fixed assets	55.9	61.5	65.0	69.3	70.8	64.0	67.8	73.3	60.9
1. Tangible fixed assets	37.0	41.0	43.4	46.2	50.3	44.2	47.9	52.1	40.9
- Cost	126.9	—	—	—	—	—	—	—	—
- Accumulated depreciation	-89.9	—	—	—	—	—	—	—	—
3. Intangible fixed assets	18.9	20.5	21.5	23.1	20.5	19.9	19.8	21.2	20.0
- Cost	53.5	—	—	—	—	—	—	—	—
- Accumulated depreciation	-34.5	—	—	—	—	—	—	—	—
IV. Construction in progress	0.7	0.7	—	0.3	0.9	12.4	1.6	1.2	3.3
V. Other long-term assets	41.4	41.6	41.6	40.2	42.7	43.5	45.4	46.0	48.3
1. Pledged assets, mortgages, security deposits in long term	5.8	5.8	5.8	5.8	5.7	5.7	5.7	5.7	5.6
2. Long-term prepayments	2.1	2.3	2.5	1.0	1.9	2.8	3.4	4.5	4.7
3. Deferred income tax assets	3.5	3.5	1.7	1.8	1.8	1.8	1.5	1.0	1.5
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	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
6. Goodwill	—	—	1.6	1.6	—	3.2	4.9	4.9	6.5
TOTAL ASSETS (270=100+200)	7,868.5	8,121.5	7,733.0	6,856.3	6,348.2	6,395.0	6,093.9	6,048.6	5,633.5
A. LIABILITIES (300=310+340)	4,839.4	5,022.3	4,578.7	4,022.1	3,502.2	3,587.4	3,250.2	3,395.2	3,073.7
I. Short -term liabilities	4,831.6	4,998.5	4,522.6	4,001.5	3,470.9	3,554.4	3,209.0	3,360.7	3,006.4
1. Short-term borrowings	2,231.9	1,919.0	1,561.4	981.0	433.0	392.0	196.0	286.0	190.0
1.1. Short-term borrowings	2,231.9	1,919.0	1,561.4	981.0	433.0	392.0	196.0	286.0	190.0
4. Short-term bonds	2,529.1	2,959.1	2,859.1	2,924.5	2,979.9	3,089.1	2,938.9	2,832.5	2,731.1
6. Payables to securities trading activities	3.9	3.2	3.9	2.4	2.5	2.3	1.7	3.1	4.1
8. Trade accounts payable	0.3	2.5	2.8	47.1	13.3	12.6	6.2	76.7	1.9
9. Advances from customers	13.7	13.1	13.2	13.5	14.6	13.2	13.2	13.4	13.5
10. Taxes and other payables to state authorities	22.9	47.2	43.5	9.7	10.1	13.4	18.3	18.0	34.3
11. Payable to employees	0.5	23.4	0.0	0.0	0.6	13.3	0.0	0.0	0.8
13. Accrued expenses	24.9	24.0	36.8	21.5	14.9	15.6	30.8	37.8	22.1
16. Short-term deposits, collateral received	—	—	—	—	—	—	—	88.5	—
17. Other payables	0.7	0.4	0.9	0.9	1.0	0.4	1.4	2.2	8.6
19. Bonus and welfare fund	3.7	6.6	1.0	1.0	1.0	2.5	2.5	2.5	—
II. Long-term liabilities	7.8	23.8	56.1	20.6	31.4	33.0	41.2	34.5	67.2
4. Long-term bonds	—	—	—	—	—	—	—	—	45.4
14. Deferred income tax liabilities	7.6	23.7	55.9	20.4	31.1	32.7	40.9	34.2	21.5
B. OWNER'S EQUITY (400=410+420)	3,029.1	3,099.1	3,154.3	2,834.2	2,846.0	2,807.6	2,843.7	2,653.4	2,559.8
I. Owner's equity	3,029.1	3,099.1	3,154.3	2,834.2	2,846.0	2,807.6	2,843.7	2,653.4	2,559.8
1. Investment capital from owners	2,729.2	2,729.2	2,729.2	2,439.2	2,439.2	2,439.2	2,439.2	2,109.2	2,109.2
1.1. Capital from owners	2,720.0	2,720.0	2,720.0	2,430.0	2,430.0	2,430.0	2,430.0	2,100.0	2,100.0
a. Common stock	2,720,000,000,000.00	2,720,000,000,000.00	2,720,000,000,000.00	2,430,000,000,000.00	2,430,000,000,000.00	2,430,000,000,000.00	2,430,000,000,000.00	2,100,000,000,000.00	2,100,000,000,000.00
1.2. Share premium	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2
2. Assets revaluation differences	-89.7	-59.3	-0.2	11.3	11.9	-7.7	-0.5	-25.8	4.6
7. Undistributed earnings after tax	327.1	358.6	353.3	335.1	345.1	326.1	353.8	524.9	402.9
7.1. Realised profits	366.8	310.6	157.2	334.1	279.5	265.6	221.4	409.8	329.4
7.2. Unrealised losses	-39.8	47.9	196.1	1.0	65.7	60.4	132.4	115.1	73.5
8. Minority interest	59.7	67.5	71.3	47.3	48.4	48.5	49.6	42.6	43.1
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	7,868.5	8,121.5	7,733.0	6,856.3	6,348.2	6,395.0	6,093.9	6,048.6	5,633.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	-36.0	15.7	325.8	-17.4	22.6	-33.6	92.3	145.8	151.1
2. Adjustments for	-37.0	-1.2	-12.5	-1.7	-10.1	12.9	-19.0	-9.6	-17.7
- Depreciation and amortization	6.6	6.5	6.3	6.2	5.7	5.6	5.9	5.4	4.6
- (Reversal of provisions)/provisions	—	-0.0	—	—	—	0.0	—	—	—
- Unrealized foreign exchange (gains)/losses	-0.3	0.3	—	—	—	—	—	—	—
- Loss/(profits) from other investing activities	-10.0	-15.1	-19.3	-13.3	-6.7	-9.1	-14.0	-19.1	-11.6
- Interest expense	12.5	9.7	9.3	8.1	3.8	5.3	—	—	—
- Accrued interest income	-45.8	-4.3	-8.8	-4.4	-12.8	9.4	-10.9	2.4	-10.7
- Adjustments for	—	1.6	0.0	1.6	—	1.6	0.0	1.6	—
3. Add non-cash expenses	38.5	35.2	-45.2	35.5	3.7	36.8	-1.4	17.1	-11.6
- Loss from revaluation losses of FVTPL financial assets	33.1	35.2	-45.3	35.5	3.7	36.8	-1.4	17.1	-11.6
- Value decline of available-for-sale financial assets	5.3	0.0	0.1	—	-0.0	—	—	—	—
4. Less non-cash income	36.3	147.4	-193.6	39.0	-10.1	46.3	-18.7	-87.3	-24.3
- Gains from revaluation gains of FVTPL financial assets	69.0	148.0	-189.4	39.0	-10.1	46.3	-18.7	-87.3	-24.3
- Reversal of value decline of available-for-sale financial assets	-32.7	-0.6	-4.2	—	—	—	—	—	—
5. Changes of assets and liabilities	226.4	-231.1	-1,206.3	889.1	-582.1	397.3	-233.1	-749.6	-88.8
- Increase/decrease in FVTPL financial assets	11.2	-87.8	-22.8	254.3	-347.2	79.2	-32.9	-382.6	326.1
- Increase/decrease in held to maturity investments	—	0.0	0.0	400.0	—	-200.0	0.0	-200.0	—
- Increase/decrease in loan	161.3	1.5	-1,058.7	248.1	-448.4	613.3	-221.0	80.0	-445.0
- Increase/decrease in AFS financial assets	53.9	-144.9	-124.8	-13.4	213.5	-95.2	20.8	-246.9	30.0
6. Operating profit before changes in working capital	228.2	-33.9	-1,131.7	944.4	-576.0	459.7	-179.9	-683.6	8.7
Increase/decrease in receiables sale of financial assets	49.0	14.8	-49.1	-1.1	42.0	-50.2	3.8	40.4	-38.8
Increase/decrease in receiables interest of financial assets	30.3	0.0	0.0	-3.6	13.4	-3.3	-0.4	0.0	15.0
Increase/decrease in service related receivables	11.4	-8.1	-2.1	8.1	-7.9	-3.8	-3.4	-1.7	12.8
Increases/decreases in other receivables	0.2	1.1	1.1	-0.6	-2.5	5.4	-4.9	8.9	1.3
Increase/decrease in other assets	-1.3	0.4	0.3	0.4	-0.1	2.4	-1.6	0.0	-0.8
- Increase/(decrease) in payables (other than interest, corporate income tax)	-0.6	-12.3	13.7	6.1	-0.7	-15.3	-7.0	15.7	7.4
- (Increase)/decrease in prepaid expenses	1.0	0.5	-2.3	-0.2	1.7	-3.5	4.2	-0.7	1.7
- Corporate income tax paid	-37.1	-26.3	-2.6	-2.3	-4.6	-12.4	-9.5	-22.4	-17.1
- Interest paid	-13.0	-10.5	-9.7	-8.0	-3.8	-5.8	—	—	—
Increases/decreaese in trade payables	-2.2	-0.3	-44.3	36.1	0.9	8.9	-68.8	73.1	-38.3
Increases/decreases in tax and other payables to the State Budget	4.9	-7.2	10.2	-0.6	-1.1	2.7	-2.3	-3.4	0.4
Increases/dcreases in payable to employees	-22.9	23.4	0.0	-0.6	-12.7	13.3	0.0	-0.8	-18.7
Increases/dcreases in other payables	3.5	-1.0	3.1	-1.2	-0.2	2.6	-92.5	82.7	6.5
- Other payments for operating activities	-3.2	-0.4	-0.7	0.0	-1.7	-0.0	-0.9	—	—
Net cash flows from securities trading activities	248.4	-59.9	-1,214.2	977.0	-553.2	400.6	-363.3	-491.8	-59.9
1. Payment for fixed assets, constructions and other long-term assets	-1.0	-3.7	-1.7	-4.1	-1.0	-13.1	-0.8	-15.9	-5.3
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.0	—	—	—	0.4	0.0	0.1	0.5
5. Payments for investment in other entities	-309.9	29.0	-116.5	-887.5	-45.0	7.0	-7.0	-34.3	—
6. Collections on investment in other entities	30.4	0.0	0.0	34.3	117.2	-7.0	47.5	0.0	15.1
7. Dividends, interest and profit received	10.0	15.1	19.3	13.3	6.7	8.9	14.5	27.7	2.4
Net cash flows from investing activities	-270.5	40.4	-98.9	-844.0	78.0	-3.8	54.2	-22.4	12.7
1. Receipts from equity issue and owner's capital contribution	—	-29,000,000,000.00	97,000,000,000.00	—	—	0.00	88,500,000,000.00	7,000,000,000.00	—
3. Short-term and long-term borrowings	1,615.0	3,346.9	2,282.9	2,578.7	741.0	1,692.0	1,459.2	1,336.0	873.0
3.2. Other borrowings	1,615.0	3,346.9	2,282.9	2,578.7	741.0	1,692.0	1,459.2	1,336.0	873.0
4. Principal repayments	-1,731.8	-2,889.7	-1,767.9	-2,086.1	-809.2	-1,345.8	-1,442.8	-1,184.0	-672.5
4.3. Other principal repayments	-1,731.8	-2,889.7	-1,767.9	-2,086.1	-809.2	-1,345.8	-1,442.8	-1,184.0	-672.5
Net cash flows from financing activities	-116.7	428.2	612.0	492.6	-68.2	346.2	104.9	159.0	200.5
IV. Net cash flows during the period	-138.8	408.7	-701.1	625.6	-543.4	743.0	-204.2	-355.2	153.3
V. Cash and cash equivalents at begingning of the period	997.0	588.3	1,289.3	663.8	1,207.1	464.1	668.3	1,023.5	870.2
- Cash equivalents	150.0	—	—	—	—	—	—	—	—
Cash and cash equivalents at end of period	858.2	997.0	588.3	1,289.3	663.8	1,207.1	464.1	668.3	1,023.5
- Cash equivalents	453.5	—	—	—	—	—	—	—	—
1. Proceeds from sale of brokerage securities to customers	3,958.8	4,313.9	4,479.6	1,804.3	2,296.0	2,415.3	2,466.0	2,155.1	2,582.6
2. Money spent on buying brokerage securities for customers	-3,916.3	-4,315.5	-4,476.7	-1,842.1	-2,259.4	-2,416.8	-2,463.2	-2,284.4	-2,454.0
9. Receive deposits to pay for securities transactions of customers	23,844.0	24,131.7	35,858.7	21,226.2	16,521.0	20,346.8	23,341.0	25,319.9	26,735.8
10. Margin deposit of investors at VSD	3.8	3.1	43.7	35.9	22.4	41.9	77.7	58.1	39.9
11. Payment for customers' securities transactions	-24,417.8	-24,974.0	-35,260.1	-21,007.8	-15,688.1	-21,066.3	-23,766.5	-25,395.0	-26,693.9
17. Proceeds from Securities Issuers	177.2	264.2	267.8	509.4	118.9	245.2	240.3	541.5	410.3
18. Payments to Securities Issuers	-177.2	-264.7	-267.9	-509.4	-118.5	-244.8	-242.0	-539.9	-410.0
Increase / decrease of net money during the period	-527.5	-841.4	645.1	216.5	892.3	-678.7	-346.7	-144.8	210.7
II. Cash and cash equivalents at the beginning of the period of the customer	1,748.1	2,589.5	1,944.4	1,727.9	835.5	1,514.3	1,861.0	2,005.7	1,795.1
-Securities clearing and settlement deposits	2.1	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	0.3	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	1,220.6	1,748.1	2,589.5	1,944.4	1,727.9	835.5	1,514.3	1,861.0	2,005.7
-Securities clearing and settlement deposits	44.6	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	0.4	—	—	—	—	—	—	—	—

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VDS

Securities House Picture

Drivers of VDS's profit

Financial Highlights

Is revenue sustainable?

Revenue Mix & Earnings Engine ▲

Profitability Quality & Volatility ▼

Are assets at risk?

Balance Sheet Quality & Asset Composition ●

Is leverage safe?

Capital, Funding & Risk Posture ▲▲

Investment Takeaway

Statement Data

Revenue Mix & Earnings Engine

Profitability Quality & Volatility

Balance Sheet Quality & Asset Composition

Capital, Funding & Risk Posture