VIX

Chứng khoán VIX ·HOSE ·2026Q1

▲▲ BALANCED OPERATIONS

Balanced operations NPAT +492.5% YoY

Price

17,400

Latest close

02 Jun 2026

EPS TTM (TTM) 3,353

BVPS (Latest) 13,989

P/E (Price/EPS) 5.2x

P/B (Price/BVPS) 1.2x

ROAE TTM (TTM) 27.2%

PBT Margin (TTM) 71.6%

Trading Share (Mix) 83.0%

Service & Brokerage Share (Mix) 2.8%

Equity / Assets (Latest) 73.0%

Leverage (Latest) 0.4x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 6,408.2bn, equivalent to a pre-tax margin of 71.6%, but headline durability remains more sensitive to revaluation, with margin also improving by +27.7pp, pointing to better earnings quality. The revenue mix still leans mainly on trading at 83.0% after expanding by +10.0pp, while lending is at 14.2%; brokerage and services are still only 2.8% and have narrowed by 2.1pp, so diversification remains thin. On the balance sheet, Equity / Assets is 73.0% while Leverage is about 0.37x, indicating a still relatively balanced capital posture, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 7.426 tỷ
+315,4%
Lãi thuần 5.589 tỷ
+744,4%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 1.258 tỷ
+135,5%
Dư nợ 12.507 tỷ
+100,7%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 246 tỷ
+112,1%
Lãi thuần 135 tỷ
+132,9%

Metric	2025	2024
PBT	6,717.0	815.1
Trading Share	84.1%	64.9%
Lending Share	13.0%	26.7%
Service & Brokerage Share	2.9%	8.4%
PBT Margin	81.13%	44.35%
Equity / Assets	62.8%	81.8%
Leverage	0.59x	0.22x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	156.4	1,601.4	3,047.9	1,602.5	465.2	133.7	324.7	154.9	201.8
Trading Share	75.3%	80.1%	86.0%	86.7%	81.1%	67.0%	72.4%	58.7%	56.7%
Lending Share	21.4%	16.9%	10.7%	10.9%	16.6%	26.8%	20.0%	31.3%	31.9%
Service & Brokerage Share	3.4%	3.0%	3.3%	2.4%	2.3%	6.2%	7.6%	10.0%	11.4%
PBT Margin	9.46%	76.20%	94.60%	81.09%	47.49%	24.54%	58.64%	40.88%	55.97%
Equity / Assets	73.0%	62.8%	64.0%	72.7%	79.7%	81.8%	87.5%	85.9%	87.5%
Leverage	0.37x	0.59x	0.56x	0.38x	0.26x	0.22x	0.14x	0.16x	0.14x

Drivers of VIX's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher trading. Supporting and offsetting drivers:

Trading +VND 4,927bn

Margin lending +VND 723bn

Tax −VND 1,027bn

TTM

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

Margin lending +VND 189bn

Tax +VND 74.9bn

Trading −VND 408bn

Total costs −VND 108bn

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?

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 83.0%, lending is at 14.2%, brokerage is around 2.8%, other services about 0.1%, brokerage plus services together are 2.8%.

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.

Key risks

Revaluation volatility risk

A large part of trading income is coming from revaluation, so earnings may be more volatile than the headline suggests.

Key signals

Securities business revenue 8,952.9bn +264.4% YoY

PBT margin 71.6% +27.7pp

Trading Share 83.0% +10.0pp

Revaluation / Trading 66.7% −7.6pp

TTM YoY · 2026Q1

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 71.6%, Return on assets is about 20.6%, revaluation accounts for 76.4% 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.

Key risks

Revaluation volatility remains high

Revaluation makes up a large enough share of PBT to make profit quality less durable than the headline suggests.

Key signals

PBT margin 71.6% +27.7pp

Net margin 57.8% +22.3pp

ROAA 20.6% +17.4pp

ROAE 27.2% +22.6pp

Revaluation / PBT 76.4% −45.3pp

TTM YoY · 2026Q1

Are assets at risk?

Balance Sheet Quality & Asset Composition

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

The balance sheet is leaning more toward the prop book, making market-valuation sensitivity a key issue to monitor.

The margin book is about 42.3% of assets, the prop book about 50.8%, liquid assets around 5.2%, equity roughly 73.0%.

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 42.3% +12.0pp

Prop book / Assets 50.8% −10.4pp

Liquid assets / Assets 5.2% −0.8pp

Equity / Assets 73.0% −6.7pp

Liabilities / Equity 0.37x +0.12x

Quarterly YoY · 2026Q1

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 73.0% of assets, liabilities stand at 0.37x of equity, short-term borrowings are about 23.7% of assets, cash covers roughly 0.14x 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 looks adequate for now, though it still needs monitoring as funding structure shifts.

Key risks

Key signals

Equity / Assets 73.0% −6.7pp

Liabilities / Equity 0.37x +0.12x

Short-term borrowings / Assets 23.7% +4.4pp

Liquid assets / Assets 5.2% −0.8pp

Cash / Short-term borrowings 0.14x +0.02x

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, VIX currently looks like a more mixed case, with both supporting factors and watchpoints but no single clean direction yet.

Capital buffer is not currently the main pressure point for this case.

The current revenue mix does not yet offer a clear enough earnings anchor to read as a healthy case.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	6,898.3	1,188.3
a. Realised gains on disposals of FVTPL financial assets	2,294.3	304.9
b. Gains from revaluation of FVTPL financial assets	4,384.2	782.6
c. Dividends and interest income from FVTPL financial assets	219.8	100.8
1.2. Gains from held to maturity investments	75.2	6.8
1.3. Interest income from loans and receivables	1,068.9	488.3
1.6. Revenue from brokerage services	215.1	135.0
1.7. Revenue from share issue guarantee and agency activities	13.2	14.9
1.8. Revenue from investment advisory services	3.2	—
1.10. Revenue from securities custody services	5.2	4.1
1.11. Other revenue	—	0.3
Revenue from securities business (01->11)	8,279.1	1,837.8
Net sales	8,279.1	1,837.8
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	976.5	781.9
a. Loss from disposals of financial assets at FVTPL	329.1	87.6
b. Loss from revaluation of financial assets at FVTPL	645.2	690.8
c. Transaction cost of acquisition of financial assets at FVTPL	2.2	3.5
2.6. Expenses for proprietary trading activities	35.4	40.2
2.7. Expenses for brokerage services	97.2	64.4
2.9. Expenses for financial advisory services	2.2	3.1
2.11. Expenses for secutiries custodian services	8.5	7.5
2.12. Other expenses	1.8	2.3
Operating expenses (21->33)	1,121.6	899.5
Gross profit	7,157.5	938.3
3.2. Dividends, interest income from demand deposits	9.6	9.7
Total financial income (41->44)	9.6	9.7
4.2. Borrowing costs	385.0	80.8
Total financial expenses (51->54)	385.0	80.8
VI. General and Administrative expenses	57.0	52.3
VII. Net profit from securities business (20+50-40-60-61-62)	6,725.1	814.8
8.1. Other incomes	0.1	0.3
8.2. Other expenses	8.2	0.0
Other profit (71-72)	-8.1	0.3
IX. Profit before tax (70+80)	6,717.0	815.1
9.1. Realised profit	2,978.0	723.3
9.2. Unrealised profit	3,739.0	91.8
CORPORATE INCOME TAX	1,307.0	151.8
10.1. Current corporate income tax expenses	559.2	133.5
10.2. Deferred income tax expenses	747.8	18.4
XI. Net profit after tax (90-100)	5,410.0	663.3
11.1. Profit after tax for shareholders of the parents company	5,410.0	663.3
Total other comprehensive income	5,410.0	663.3
13.1. Earning per share	3,533.00	677.00
Earnings per Share	3,504.85	451.03

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	33,962.2	19,558.2
Short-term financial assets	33,959.7	19,556.0
1. Cash and cash equivalents	2,049.1	693.5
1.1. Cash	1,179.1	683.5
1.2. Cash equivalents	870.0	10.0
2. Financial assets at fair value through profit or loss (FVTPL)	14,540.6	12,517.1
3. Held to maturity investments (HTM)	516.0	422.0
4. Loans	15,380.3	5,773.9
6. Provisions for impairment loss of financial assets and mortgages	-2.7	-2.7
7. Short-term receivables	1,462.2	142.9
7.1. Receivables from disposal of financial assets	1,267.3	—
7.2. Receivables and accruals from dividends and interest income	195.0	142.9
7.2.2. Undue dividend and interest receivables	195.0	142.9
Prepayments to suppliers	0.1	0.3
9. Service related receivable	15.7	15.7
12. Other receivables	11.6	6.4
13. Provision for doubtful debts	-13.1	-13.2
II. Other short-term assets	2.5	2.2
1. Advances	0.3	0.3
2. Office supplies, tools	0.1	0.0
3. Short-term prepayments	2.1	1.8
Taxes and other receivables from state authorities	—	0.1
B. LONG-TERM ASSETS (200=210+220+240+250-260)	204.9	48.2
I. Long-term financial assets	151.5	1.5
2. Long-term investments	151.5	1.5
2.5. Other long-term investments	151.5	1.5
II. Fixed assets	31.7	24.6
1. Tangible fixed assets	19.2	9.6
- Cost	40.4	26.5
- Accumulated depreciation	-21.1	-16.8
3. Intangible fixed assets	12.5	15.0
- Cost	32.0	30.5
- Accumulated depreciation	-19.5	-15.5
V. Other long-term assets	21.6	22.0
1. Pledged assets, mortgages, security deposits in long term	1.2	1.1
2. Long-term prepayments	0.5	0.9
4. Payment for Settlement Assistance Fund	20.0	20.0
TOTAL ASSETS (270=100+200)	34,167.0	19,606.3
A. LIABILITIES (300=310+340)	12,712.3	3,561.6
I. Short -term liabilities	11,875.4	3,472.5
1. Short-term borrowings	11,332.0	2,845.0
1.1. Short-term borrowings	11,332.0	2,845.0
6. Payables to securities trading activities	5.6	3.5
8. Trade accounts payable	—	536.8
9. Advances from customers	1.1	0.6
10. Taxes and other payables to state authorities	476.7	67.4
11. Payable to employees	6.1	5.7
13. Accrued expenses	31.4	11.3
17. Other payables	22.5	2.3
II. Long-term liabilities	836.9	89.1
14. Deferred income tax liabilities	836.7	88.9
B. OWNER'S EQUITY (400=410+420)	21,454.8	16,044.7
I. Owner's equity	21,454.8	16,044.7
1. Investment capital from owners	15,435.8	14,706.7
1.1. Capital from owners	15,314.3	14,585.1
a. Common stock	15,314,298,580,000.00	14,585,131,730,000.00
1.2. Share premium	121.5	121.5
4. Supplementary capital reserve	84.0	84.0
7. Undistributed earnings after tax	5,846.0	1,165.1
7.1. Realised profits	2,499.2	809.5
7.2. Unrealised losses	3,346.8	355.6
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	34,167.0	19,606.3

Item	2025	2024
1. Profit before tax	6,717.0	815.1
2. Adjustments for	-688.4	-433.0
- Depreciation and amortization	8.4	6.8
- (Reversal of provisions)/provisions	-0.0	-0.0
- Loss/(profits) from other investing activities	-3.1	-2.7
- Interest expense	385.0	80.8
- Accrued interest income	-1,078.6	-517.9
3. Add non-cash expenses	645.2	690.8
- Loss from revaluation losses of FVTPL financial assets	645.2	690.8
4. Less non-cash income	-4,384.2	-782.6
- Gains from revaluation gains of FVTPL financial assets	-4,384.2	-782.6
5. Changes of assets and liabilities	-7,984.9	-9,821.9
- Increase/decrease in FVTPL financial assets	1,715.5	-6,634.0
- Increase/decrease in held to maturity investments	-94.0	-422.0
- Increase/decrease in loan	-9,606.4	-2,765.9
6. Operating profit before changes in working capital	-5,695.3	-9,531.6
Increase/decrease in receiables sale of financial assets	-1,267.3	36.0
Increase/decrease in receiables interest of financial assets	1,026.5	440.7
Increase/decrease in service related receivables	0.0	-0.7
Increases/decreases in other receivables	-4.9	-5.5
Increase/decrease in other assets	-0.0	0.1
- Increase/(decrease) in payables (other than interest, corporate income tax)	0.4	-1.1
- (Increase)/decrease in prepaid expenses	0.2	-1.5
- Corporate income tax paid	-147.4	-137.2
- Interest paid	-365.3	-70.1
Increases/decreaese in trade payables	-536.3	430.1
Increases/decreases in tax and other payables to the State Budget	-2.4	4.2
Increases/dcreases in payable to employees	0.4	1.0
Increases/dcreases in other payables	22.4	2.9
- Other payments for operating activities	-0.0	-2.5
Net cash flows from securities trading activities	-6,969.1	-8,835.1
1. Payment for fixed assets, constructions and other long-term assets	-15.5	-10.5
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.3
5. Payments for investment in other entities	-150.0	—
7. Dividends, interest and profit received	3.1	2.5
Net cash flows from investing activities	-162.3	-7.8
1. Receipts from equity issue and owner's capital contribution	—	6,551,923,780,000.00
3. Short-term and long-term borrowings	40,007.0	8,521.8
3.2. Other borrowings	40,007.0	8,521.8
4. Principal repayments	-31,520.0	-5,676.8
4.3. Other principal repayments	-31,520.0	-5,676.8
Net cash flows from financing activities	8,487.0	9,396.9
IV. Net cash flows during the period	1,355.6	554.0
V. Cash and cash equivalents at begingning of the period	693.5	139.5
Cash at bank	693.5	139.5
- Cash at bank for securities company activities	683.5	139.5
- Cash equivalents	10.0	—
Cash and cash equivalents at end of period	2,049.1	693.5
Cash at bank	2,049.1	693.5
- Cash at bank for securities company activities	1,179.1	683.5
- Cash equivalents	870.0	10.0
1. Proceeds from sale of brokerage securities to customers	91,032.4	57,568.2
2. Money spent on buying brokerage securities for customers	-90,190.0	-57,568.2
9. Receive deposits to pay for securities transactions of customers	115,737.2	62,032.3
11. Payment for customers' securities transactions	-114,131.2	-61,787.4
Increase / decrease of net money during the period	2,448.3	244.9
II. Cash and cash equivalents at the beginning of the period of the customer	572.2	327.3
Cash at bank	572.2	327.3
-Deposits of investors on securities transactions under the Securities Company management method	572.1	327.2
-Cash deposit for securities transactions for customers	0.0	0.0
-Securities clearing and settlement deposits	0.1	0.1
III. Cash and cash equivalents at the end of the period of the customer	3,020.5	572.2
Cash at bank	3,020.5	572.2
-Deposits of investors on securities transactions under the Securities Company management method	2,178.0	572.1
-Cash deposit for securities transactions for customers	0.0	0.0
-Securities clearing and settlement deposits	842.4	0.1

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)	1,230.3	1,664.4	2,751.2	1,698.2	784.5	360.8	400.8	222.4	204.4
a. Realised gains on disposals of FVTPL financial assets	75.0	387.0	1,374.8	336.2	196.4	80.3	19.4	48.0	157.3
b. Gains from revaluation of FVTPL financial assets	1,073.7	1,228.1	1,347.1	1,246.3	562.7	231.1	341.1	177.6	32.7
c. Dividends and interest income from FVTPL financial assets	81.6	49.3	29.3	115.8	25.4	49.3	40.3	-3.1	14.4
1.2. Gains from held to maturity investments	18.5	22.9	23.5	16.6	12.2	6.4	0.2	0.2	0.0
1.3. Interest income from loans and receivables	349.4	352.3	341.4	214.4	160.8	144.1	110.7	118.5	115.0
1.6. Revenue from brokerage services	51.7	59.8	92.0	42.3	21.1	32.2	25.8	36.8	40.2
1.7. Revenue from share issue guarantee and agency activities	—	—	11.2	2.0	—	—	14.9	—	—
1.8. Revenue from investment advisory services	1.9	0.7	1.2	1.4	—	—	0.3	—	0.0
1.10. Revenue from securities custody services	1.5	1.5	1.4	1.2	1.1	1.2	1.0	1.0	1.0
Revenue from securities business (01->11)	1,653.4	2,101.5	3,221.8	1,976.2	979.7	544.6	553.8	378.8	360.6
Net sales	1,653.4	2,101.5	3,221.8	1,976.2	979.7	544.6	553.8	378.8	360.6
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	1,308.6	276.6	-11.2	263.0	448.1	349.5	168.6	159.4	104.4
a. Loss from disposals of financial assets at FVTPL	104.3	75.2	176.4	22.6	54.8	2.2	51.3	0.3	33.8
b. Loss from revaluation of financial assets at FVTPL	1,204.3	200.8	-188.7	240.3	392.8	345.7	116.5	158.0	70.6
c. Transaction cost of acquisition of financial assets at FVTPL	—	0.5	1.0	0.2	0.5	1.5	0.8	1.2	—
2.6. Expenses for proprietary trading activities	3.6	4.6	19.0	5.7	6.1	8.0	12.4	9.7	10.0
2.7. Expenses for brokerage services	25.0	29.4	39.5	17.0	11.3	14.7	13.4	18.6	17.8
2.9. Expenses for financial advisory services	0.4	0.7	0.5	0.5	0.5	1.1	0.7	0.7	0.7
2.11. Expenses for secutiries custodian services	2.0	2.7	2.2	2.0	1.6	2.4	1.7	1.6	1.7
2.12. Other expenses	0.2	0.8	0.5	0.4	0.2	0.8	0.6	0.6	0.4
Operating expenses (21->33)	1,339.7	314.7	50.5	288.6	467.8	376.5	197.4	190.6	135.0
Gross profit	313.7	1,786.8	3,171.4	1,687.5	511.9	168.2	356.4	188.2	225.6
3.2. Dividends, interest income from demand deposits	2.8	2.5	1.4	3.5	2.2	2.6	2.0	2.6	2.6
Total financial income (41->44)	2.8	2.5	1.4	3.5	2.2	2.6	2.0	2.6	2.6
4.2. Borrowing costs	149.6	161.6	111.7	70.2	41.4	22.0	24.8	20.0	14.1
Total financial expenses (51->54)	149.6	161.6	111.7	70.2	41.4	22.0	24.8	20.0	14.1
VI. General and Administrative expenses	10.1	18.5	12.7	18.3	7.5	15.1	9.1	15.9	12.2
VII. Net profit from securities business (20+50-40-60-61-62)	156.8	1,609.2	3,048.3	1,602.5	465.1	133.7	324.5	154.9	201.8
8.1. Other incomes	—	—	—	0.0	0.1	0.0	0.3	0.0	—
8.2. Other expenses	0.4	7.8	0.4	—	—	—	0.0	0.0	0.0
Other profit (71-72)	-0.4	-7.8	-0.4	0.0	0.1	0.0	0.3	0.0	-0.0
IX. Profit before tax (70+80)	156.4	1,601.4	3,047.9	1,602.5	465.2	133.7	324.7	154.9	201.8
9.1. Realised profit	286.9	574.2	1,512.1	596.5	295.3	248.3	100.1	135.3	239.7
9.2. Unrealised profit	-130.6	1,027.2	1,535.8	1,006.0	170.0	-114.6	224.6	19.6	-37.8
CORPORATE INCOME TAX	18.0	314.7	598.5	300.9	92.9	21.5	59.4	31.1	39.9
10.1. Current corporate income tax expenses	44.1	109.2	291.4	99.7	58.9	44.4	14.4	27.2	47.5
10.2. Deferred income tax expenses	-26.1	205.4	307.2	201.2	34.0	-22.9	44.9	3.9	-7.6
XI. Net profit after tax (90-100)	138.4	1,286.7	2,449.4	1,301.6	372.3	112.2	265.4	123.8	161.9
11.1. Profit after tax for shareholders of the parents company	138.4	1,286.7	2,449.4	1,301.6	372.3	112.2	265.4	123.8	161.9
Total other comprehensive income	138.4	1,286.7	2,449.4	1,301.6	372.3	—	265.4	123.8	—
13.1. Earning per share	90.00	—	—	—	255.00	—	—	—	242.00
Earnings per Share	89.64	833.59	1,586.84	843.24	253.13	76.29	180.45	165.37	216.35

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)	29,395.2	34,112.2	31,490.8	24,339.8	20,563.9	19,558.2	18,170.5	10,559.4	10,235.5
Short-term financial assets	29,391.7	34,109.7	31,487.0	24,336.4	20,561.4	19,556.0	18,166.1	10,546.5	10,214.6
1. Cash and cash equivalents	971.0	2,049.1	909.9	1,053.9	487.1	693.5	4,152.9	571.2	707.3
1.1. Cash	455.0	1,179.1	183.9	303.9	65.1	683.5	4,152.9	571.2	707.3
1.2. Cash equivalents	516.0	870.0	726.0	750.0	422.0	10.0	—	—	—
2. Financial assets at fair value through profit or loss (FVTPL)	15,041.8	14,690.6	12,410.2	12,921.9	12,622.9	12,517.1	9,285.3	5,760.7	5,217.8
3. Held to maturity investments (HTM)	580.0	516.0	924.0	840.0	760.0	422.0	10.0	10.0	10.0
4. Loans	12,506.8	15,380.3	16,142.6	9,281.6	6,233.0	5,773.9	4,223.3	4,089.1	4,159.4
6. Provisions for impairment loss of financial assets and mortgages	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7
7. Short-term receivables	275.5	1,462.2	1,083.5	239.0	452.1	142.9	493.9	115.4	119.7
7.1. Receivables from disposal of financial assets	—	1,267.3	887.7	—	251.6	—	373.2	—	23.9
7.2. Receivables and accruals from dividends and interest income	275.5	195.0	195.7	239.0	200.4	142.9	120.8	115.4	95.8
7.2.1. Due dividend and interest receivables	—	—	—	—	—	13.9	27.7	—	—
7.2.2. Undue dividend and interest receivables	275.5	195.0	195.7	239.0	200.4	129.0	93.1	115.4	95.8
Prepayments to suppliers	0.2	0.1	4.4	0.2	0.0	0.3	0.6	0.7	0.6
9. Service related receivable	16.0	15.7	17.2	15.6	15.7	15.7	15.6	15.0	15.4
12. Other receivables	16.3	11.6	11.2	0.1	6.5	6.4	0.2	0.2	0.4
13. Provision for doubtful debts	-13.1	-13.1	-13.1	-13.1	-13.2	-13.2	-13.2	-13.2	-13.2
II. Other short-term assets	3.5	2.5	3.8	3.4	2.5	2.2	4.4	13.0	20.8
1. Advances	0.9	0.3	0.5	0.2	0.1	0.3	0.2	0.2	0.0
2. Office supplies, tools	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.1	0.0
3. Short-term prepayments	2.6	2.1	3.2	3.1	2.4	1.8	4.2	12.7	20.7
Taxes and other receivables from state authorities	—	—	—	0.0	0.0	0.1	—	0.1	0.1
B. LONG-TERM ASSETS (200=210+220+240+250-260)	203.0	54.9	43.9	45.4	46.8	48.2	47.3	48.2	45.4
I. Long-term financial assets	151.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
2. Long-term investments	151.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
2.5. Other long-term investments	151.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
II. Fixed assets	29.8	31.7	20.6	22.2	23.4	24.6	24.2	24.9	22.5
1. Tangible fixed assets	17.2	19.2	7.2	8.2	9.1	9.6	10.2	10.7	11.5
- Cost	40.4	—	—	—	—	—	—	—	—
- Accumulated depreciation	-23.2	—	—	—	—	—	—	—	—
3. Intangible fixed assets	12.5	12.5	13.4	14.1	14.4	15.0	14.0	14.2	10.9
- Cost	33.2	—	—	—	—	—	—	—	—
- Accumulated depreciation	-20.7	—	—	—	—	—	—	—	—
V. Other long-term assets	21.7	21.6	21.8	21.7	21.9	22.0	21.6	21.8	21.5
1. Pledged assets, mortgages, security deposits in long term	1.2	1.2	1.2	1.2	1.2	1.1	0.8	0.8	0.7
2. Long-term prepayments	0.6	0.5	0.6	0.5	0.7	0.9	0.9	1.0	0.8
4. Payment for Settlement Assistance Fund	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
TOTAL ASSETS (270=100+200)	29,598.2	34,167.0	31,534.7	24,385.2	20,610.7	19,606.3	18,217.8	10,607.6	10,280.9
A. LIABILITIES (300=310+340)	8,005.1	12,712.3	11,366.6	6,666.6	4,193.7	3,561.6	2,285.3	1,492.4	1,289.5
I. Short -term liabilities	7,194.3	11,875.4	10,735.2	6,342.3	4,070.7	3,472.5	2,173.3	1,425.3	1,226.3
1. Short-term borrowings	7,011.0	11,332.0	10,283.0	6,207.0	3,970.5	2,845.0	1,878.8	1,372.0	990.0
1.1. Short-term borrowings	7,011.0	11,332.0	10,283.0	6,207.0	3,970.5	2,845.0	1,878.8	1,372.0	990.0
6. Payables to securities trading activities	3.9	5.6	8.0	3.6	3.0	3.5	2.4	3.0	4.0
8. Trade accounts payable	5.7	—	35.4	—	14.7	536.8	252.1	—	—
9. Advances from customers	0.3	1.1	1.3	0.9	1.0	0.6	0.6	0.5	—
10. Taxes and other payables to state authorities	49.9	476.7	371.4	104.9	63.6	67.4	19.1	33.7	55.5
11. Payable to employees	0.0	6.1	0.0	0.0	0.0	5.7	0.0	0.0	0.0
13. Accrued expenses	23.4	31.4	34.2	23.8	16.1	11.3	17.8	15.2	11.0
17. Other payables	100.1	22.5	2.0	2.2	1.7	2.3	2.4	1.0	165.8
II. Long-term liabilities	810.7	836.9	631.4	324.3	123.0	89.1	112.0	67.1	63.1
14. Deferred income tax liabilities	810.6	836.7	631.3	324.1	122.9	88.9	111.8	66.9	63.0
B. OWNER'S EQUITY (400=410+420)	21,593.1	21,454.8	20,168.1	17,718.6	16,417.0	16,044.7	15,932.5	9,115.2	8,991.4
I. Owner's equity	21,593.1	21,454.8	20,168.1	17,718.6	16,417.0	16,044.7	15,932.5	9,115.2	8,991.4
1. Investment capital from owners	15,435.8	15,435.8	15,435.8	15,435.8	14,706.7	14,706.7	14,706.7	7,485.4	7,485.4
1.1. Capital from owners	15,314.3	15,314.3	15,314.3	15,314.3	14,585.1	14,585.1	14,585.1	6,694.4	6,694.4
a. Common stock	15,314,298,580,000.00	15,314,298,580,000.00	15,314,298,580,000.00	15,314,298,580,000.00	14,585,131,730,000.00	14,585,131,730,000.00	14,585,131,730,000.00	6,694,447,250,000.00	6,694,447,250,000.00
1.2. Share premium	121.5	121.5	121.5	121.5	121.5	121.5	121.5	790.9	790.9
4. Supplementary capital reserve	84.0	84.0	84.0	84.0	84.0	84.0	84.0	84.0	84.0
7. Undistributed earnings after tax	5,984.3	5,846.0	4,559.3	2,109.8	1,537.4	1,165.1	1,052.9	1,456.9	1,333.1
7.1. Realised profits	2,742.0	2,499.2	2,034.2	813.4	1,045.8	809.5	605.6	1,189.3	1,081.2
7.2. Unrealised losses	3,242.4	3,346.8	2,525.0	1,296.4	491.6	355.6	447.3	267.6	252.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	29,598.2	34,167.0	31,534.7	24,385.2	20,610.7	19,606.3	18,217.8	10,607.6	10,280.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	156.4	1,601.4	3,047.9	1,602.5	465.2	133.7	324.7	154.9	201.8
2. Adjustments for	-206.0	-194.5	-194.9	-161.8	-137.2	-137.5	-93.9	-107.8	-93.8
- Depreciation and amortization	3.2	2.4	2.0	2.1	2.0	1.9	1.7	1.6	1.6
- (Reversal of provisions)/provisions	—	0.0	0.0	-0.0	—	-0.0	0.0	-0.0	—
- Loss/(profits) from other investing activities	-0.7	-0.9	0.0	-2.2	—	-0.7	-0.3	0.8	-2.6
- Interest expense	149.6	273.3	—	70.2	41.4	22.0	24.8	20.0	14.1
- Accrued interest income	-358.1	-357.6	-308.6	-231.8	-180.6	-160.7	-120.1	-130.1	-107.0
3. Add non-cash expenses	1,204.3	200.8	-188.7	240.3	392.8	345.7	116.5	158.0	70.6
- Loss from revaluation losses of FVTPL financial assets	1,204.3	200.8	-188.7	240.3	392.8	345.7	116.5	158.0	70.6
4. Less non-cash income	-1,073.7	-1,228.1	-1,347.1	-1,246.3	-562.7	-231.1	-341.1	-177.6	-32.7
- Gains from revaluation gains of FVTPL financial assets	-1,073.7	-1,228.1	-1,347.1	-1,246.3	-562.7	-231.1	-341.1	-177.6	-32.7
5. Changes of assets and liabilities	2,177.7	67.1	-4,897.5	-2,421.5	-733.0	-5,308.9	-3,434.2	-453.1	-625.7
- Increase/decrease in FVTPL financial assets	-631.8	-1,103.2	2,047.5	707.0	64.1	-3,346.3	-3,300.0	-523.3	535.6
- Increase/decrease in held to maturity investments	-64.0	408.0	-84.0	-80.0	-338.0	-412.0	0.0	0.0	-10.0
- Increase/decrease in loan	2,873.5	762.3	-6,861.0	-3,048.5	-459.1	-1,550.6	-134.2	70.2	-1,151.3
6. Operating profit before changes in working capital	2,258.6	446.8	-3,580.3	-1,986.9	-574.9	-5,198.1	-3,428.0	-425.6	-479.9
Increase/decrease in receiables sale of financial assets	1,267.3	-379.5	-1,204.1	568.0	-251.6	373.2	-373.2	23.9	12.2
Increase/decrease in receiables interest of financial assets	277.6	358.3	545.1	—	123.1	137.3	114.7	109.7	79.0
Increase/decrease in service related receivables	-0.3	1.5	-1.6	0.1	0.1	-0.1	-0.6	0.4	-0.3
Increases/decreases in other receivables	-4.8	3.9	-15.2	6.2	0.2	-5.9	0.1	0.0	0.3
Increase/decrease in other assets	-0.6	0.2	-0.3	-0.1	0.2	-0.1	0.0	-0.2	0.3
- Increase/(decrease) in payables (other than interest, corporate income tax)	-0.2	0.2	0.3	-0.5	0.3	-0.1	0.5	-0.4	-1.1
- (Increase)/decrease in prepaid expenses	-0.6	1.2	-0.1	-0.6	-0.4	2.3	8.6	7.8	-20.2
- Corporate income tax paid	-470.6	0.0	-29.7	-58.9	-58.8	0.0	-27.2	-47.5	-62.6
- Interest paid	-157.4	-164.6	-101.6	-62.1	-36.9	-28.4	-22.6	-15.4	-3.7
Increases/decreaese in trade payables	4.9	-35.6	35.8	-14.8	-521.7	284.7	252.3	3.7	-110.5
Increases/decreases in tax and other payables to the State Budget	-0.3	-3.9	4.8	0.6	-4.0	3.9	-1.8	-1.5	3.7
Increases/dcreases in payable to employees	-6.0	6.0	0.0	0.0	-5.6	5.6	0.0	0.0	-4.7
Increases/dcreases in other payables	75.9	18.2	4.2	1.0	-1.0	0.9	0.8	-165.8	167.0
- Other payments for operating activities	—	0.0	0.0	0.0	-0.0	-0.4	0.0	-0.1	-2.1
Net cash flows from securities trading activities	3,243.4	252.8	-4,219.6	-1,671.1	-1,331.2	-4,425.3	-3,476.3	-510.9	-422.6
1. Payment for fixed assets, constructions and other long-term assets	-1.2	-13.5	-0.3	-0.8	-0.8	-2.3	-1.0	-7.2	—
2. Proceeds from disposals of fixed assets and other long-term assets	—	—	—	—	—	0.0	0.3	—	—
5. Payments for investment in other entities	—	-150.0	—	—	—	—	—	—	—
7. Dividends, interest and profit received	0.7	0.9	0.0	2.2	—	2.0	0.0	0.0	0.5
Net cash flows from investing activities	-0.5	-162.6	-0.3	1.4	-0.8	-0.3	-0.7	-7.2	0.5
1. Receipts from equity issue and owner's capital contribution	—	—	—	—	—	0.00	6,551,923,780,000.00	—	—
3. Short-term and long-term borrowings	11,805.5	13,129.0	13,176.0	8,434.5	5,267.5	2,850.0	2,525.8	1,706.0	1,440.0
3.2. Other borrowings	11,805.5	13,129.0	13,176.0	8,434.5	5,267.5	2,850.0	2,525.8	1,706.0	1,440.0
4. Principal repayments	-16,126.5	-12,080.0	-9,100.0	-6,198.0	-4,142.0	-1,883.8	-2,019.0	-1,324.0	-450.0
4.3. Other principal repayments	-16,126.5	-12,080.0	-9,100.0	-6,198.0	-4,142.0	-1,883.8	-2,019.0	-1,324.0	-450.0
Net cash flows from financing activities	-4,321.0	1,049.0	4,076.0	2,236.5	1,125.5	966.2	7,058.7	382.0	990.0
IV. Net cash flows during the period	-1,078.1	1,139.2	-144.0	566.8	-206.5	-3,459.4	3,581.7	-136.2	567.8
V. Cash and cash equivalents at begingning of the period	2,049.1	909.9	1,053.9	487.1	693.5	4,152.9	571.2	707.3	139.5
- Cash equivalents	870.0	—	—	—	—	—	—	—	—
Cash and cash equivalents at end of period	971.0	2,049.1	909.9	1,053.9	487.1	693.5	4,152.9	571.2	707.3
- Cash equivalents	516.0	—	—	—	—	—	—	—	—
1. Proceeds from sale of brokerage securities to customers	24,148.2	27,241.8	36,228.4	17,984.4	9,577.7	15,460.5	11,251.3	14,520.3	16,336.0
2. Money spent on buying brokerage securities for customers	-24,990.5	-26,694.9	-36,032.0	-17,885.3	-9,577.7	-15,873.7	-10,838.1	-14,520.3	-16,336.0
9. Receive deposits to pay for securities transactions of customers	36,962.4	39,026.0	39,929.0	20,654.0	16,128.2	22,289.8	15,212.7	10,951.7	13,578.1
11. Payment for customers' securities transactions	-38,147.9	-39,453.4	-38,528.9	-20,337.8	-15,811.1	-22,183.4	-15,317.8	-11,351.7	-12,934.5
Increase / decrease of net money during the period	-2,027.8	119.4	1,596.4	415.3	317.1	-306.8	308.1	-400.0	643.6
II. Cash and cash equivalents at the beginning of the period of the customer	3,020.5	2,901.0	1,304.6	889.3	572.2	879.0	570.9	970.9	327.3
-Cash deposit for securities transactions for customers	0.0	—	—	—	—	—	—	—	—
-Securities clearing and settlement deposits	842.4	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	992.7	3,020.5	2,901.0	1,304.6	889.3	572.2	879.0	570.9	970.9
-Cash deposit for securities transactions for customers	0.0	—	—	—	—	—	—	—	—
-Securities clearing and settlement deposits	0.1	—	—	—	—	—	—	—	—

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VIX

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