Analysis of business results & financial statements · Quý 2/2026
▲ BALANCED REVENUE MIX
See what is changing ↓- EPS TTM
- 312
- BVPS
- 7,584
- P/E
- 13.1x
- P/B
- 0.5x
- ROAE TTM
- 4.2%
- PBT Margin
- 41.4%
- Market price
- 4,100 20 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q2, pre-tax profit is currently about 16.5bn, equivalent to a pre-tax margin of 41.4%, but headline durability remains more sensitive to revaluation. The revenue mix still leans mainly on trading at 35.5% but narrowing by 39.9pp, while lending is at 0.0%; brokerage and services have reached 64.5% and improved by +40.7pp, making diversification more visible. On the balance sheet, Equity / Assets is 97.4% while Leverage is about 0.03x, indicating a still relatively balanced capital posture.
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| PBT | -2.8 | -1.8 | 1.7 | 19.3 | -17.4 | -2.9 | -2.3 | 1.9 |
| Trading Share | 62.5% | — | 63.2% | 29.0% | — | — | — | 0.0% |
| Lending Share | 1.6% | 0.1% | 0.0% | — | — | — | — | 1.3% |
| Service & Brokerage Share | 35.8% | 99.9% | 36.8% | 71.0% | 100.0% | 100.0% | 100.0% | 98.7% |
| PBT Margin | -80.27% | -33.13% | 20.22% | 85.81% | -496.40% | -72.39% | -36.46% | 34.81% |
| Equity / Assets | 97.4% | 97.5% | 97.7% | 96.2% | 96.7% | 96.9% | 95.6% | 96.1% |
| Leverage | 0.03x | 0.03x | 0.02x | 0.04x | 0.03x | 0.03x | 0.05x | 0.04x |
Revenue
3bnNet income
-2bnNet margin
-65.31%Inside the statements
A closer look at what is happening inside the business
A broker's statements are read with the industry's own questions: revenue mix, balance sheet, funding.
Is revenue sustainable?
Revenue Mix & Earnings Engine
▼▼Where are current earnings coming from?
Earnings are still being supported by trading, but revaluation has become large enough to make the headline less durable than usual.
Trading currently accounts for about 35.5%, lending is at 0.0%, brokerage is around 1.3%, other services about 63.2%, brokerage plus services together are 64.5%.
The earnings engine is already less one-dimensional, so the more important question is whether diversification can hold.
Trading income is materially dependent on revaluation.
The mix is still fairly readable for now, but case durability will depend on whether brokerage and services keep thickening.
A large part of trading income is coming from revaluation, so earnings may be more volatile than the headline suggests.
- Securities business revenue
- 39.9bn +108.4% YoY
- PBT margin
- 41.4%
- Trading Share
- 35.5% −39.9pp
- Other Fee Share
- 63.2% +47.3pp
Annual YoY · 2026Q2
Profitability Quality & Volatility
▲How strong is current profitability, and how durable is it?
Headline profitability remains solid, but durability is weaker because part of the result is still sensitive to revaluation.
Pre-tax margin is currently 41.4%, Return on assets is about 4.1%, revaluation accounts for 48.4% of pre-tax profit.
Headline profit should not be read purely off reported PBT because revaluation still makes the result more volatile.
Profit remains sensitive to revaluation swings.
Provisioning is not currently the main drag on profit.
Revaluation makes up a large enough share of PBT to make profit quality less durable than the headline suggests.
- PBT margin
- 41.4%
- Net margin
- 36.5%
- ROAA
- 4.1%
- ROAE
- 4.2%
TTM YoY · 2026Q2
Are assets at risk?
Balance Sheet Quality & Asset Composition
▲▲Where is the balance sheet exposed, and how resilient does it look?
Asset composition currently looks more balanced between earning assets and liquidity buffers.
The margin book is about 0.0% of assets, the prop book about 23.8%, liquid assets around 39.9%, equity roughly 97.4%.
A more balanced asset mix prevents risk from becoming too concentrated in one pocket of assets.
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.
- Margin book / Assets
- 0.0%
- Prop book / Assets
- 23.8% −2.5pp
- Liquid assets / Assets
- 39.9% −13.1pp
- Equity / Assets
- 97.4% +0.7pp
Quarterly YoY · 2026Q2
Is leverage safe?
Capital, Funding & Risk Posture
●Are capital buffers and funding posture sufficiently safe?
Capital and funding posture looks more balanced for now, though the effective thickness of liquidity buffers still needs monitoring.
Equity currently equals 97.4% of assets, liabilities stand at 0.03x of equity.
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 looks adequate for now, though it still needs monitoring as funding structure shifts.
- Equity / Assets
- 97.4% +0.7pp
- Liabilities / Equity
- 0.03x
- Liquid assets / Assets
- 4.0% −11.6pp
Quarterly YoY · 2026Q2
In summary
Research synthesis
What this reporting period is showing
Overall, VIG is showing a more balanced earnings mix thanks to brokerage and service income, but funding or capital risk still calls for caution.
- Brokerage and service income are now large enough to reduce pure dependence on trading or margin.
- The current revenue mix does not yet offer a clear enough earnings anchor to read as a healthy case.
What to verify next
Questions for the next period
Track whether trading income can still hold up once revaluation normalizes toward a more ordinary level.
Track whether current profitability can hold once the more volatile supports move back toward normal levels.
Track the balance between asset mix, liquidity buffers, and funding structure into the next cycle.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.