VND

Chứng khoán VNDIRECT ·HOSE ·2026Q1

● TRADING VOLATILE

Trading volatile Revaluation 45.0% of PBT

Price

17,150

Latest close

02 Jun 2026

EPS TTM (TTM) 1,435

BVPS (Latest) 14,090

P/E (Price/EPS) 11.9x

P/B (Price/BVPS) 1.2x

ROAE TTM (TTM) 10.5%

PBT Margin (TTM) 37.9%

Trading Share (Mix) 56.4%

Service & Brokerage Share (Mix) 20.6%

Equity / Assets (Latest) 44.7%

Leverage (Latest) 1.2x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 2,711.4bn, equivalent to a pre-tax margin of 37.9%, but headline durability remains more sensitive to revaluation, with margin also improving by +3.3pp, pointing to better earnings quality. The revenue mix still leans mainly on trading at 56.4% but narrowing by 1.6pp, while lending is at 23.0%; brokerage and services have reached 20.6% and improved by +4.5pp, making diversification more visible. On the balance sheet, Equity / Assets is 44.7% while Leverage is about 1.24x, indicating that buffers and funding are not yet truly roomy, with buffers thickening and leverage easing further.

	                            
	                                Trading
	                            
	                        
Doanh thu 4.309 tỷ
+35,3%
Lãi thuần 2.570 tỷ
+47,9%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 1.497 tỷ
+20,7%
Dư nợ 12.683 tỷ
+14,1%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 1.071 tỷ
+70,9%
Lãi thuần 385 tỷ
+92,2%

Metric	2025	2024
PBT	2,508.1	2,088.3
Trading Share	56.7%	56.2%
Lending Share	22.9%	25.6%
Service & Brokerage Share	20.4%	18.2%
PBT Margin	37.77%	39.22%
Equity / Assets	40.5%	44.5%
Leverage	1.47x	1.25x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	681.3	376.6	1,165.2	488.2	478.1	275.3	620.1	426.1	766.9
Trading Share	60.7%	46.0%	62.0%	53.5%	61.9%	52.8%	57.8%	60.3%	53.5%
Lending Share	24.5%	31.8%	19.0%	19.1%	25.8%	28.5%	26.7%	22.3%	25.5%
Service & Brokerage Share	14.8%	22.1%	19.0%	27.4%	12.3%	18.7%	15.5%	17.3%	21.0%
PBT Margin	37.71%	26.38%	52.62%	28.74%	38.01%	22.72%	48.84%	29.22%	55.38%
Equity / Assets	44.7%	40.5%	36.7%	41.0%	40.1%	44.5%	45.0%	38.3%	41.4%
Leverage	1.24x	1.47x	1.73x	1.44x	1.49x	1.25x	1.22x	1.61x	1.41x

Drivers of VND's profit

TTM

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

Trading +VND 833bn

Margin lending +VND 257bn

Brokerage +VND 185bn

Other fees +VND 124bn

Total costs −VND 487bn

Tax −VND 211bn

TTM

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

Trading +VND 174bn

Margin lending +VND 103bn

Brokerage +VND 41.3bn

Total costs −VND 116bn

Tax −VND 40.4bn

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?

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 56.4%, lending is at 23.0%, brokerage is around 16.5%, other services about 4.2%, brokerage plus services together are 20.6%.

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

Revaluation does not fully dominate trading income at this stage.

The mix is still fairly readable for now, but case durability will depend on whether brokerage and services keep thickening.

Key risks

Key signals

Securities business revenue 7,147.2bn +37.5% YoY

PBT margin 37.9% +3.3pp

Trading Share 56.4% −1.6pp

Brokerage Share 16.5% +3.4pp

Revaluation / Trading 33.3% +10.3pp

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 37.9%, Return on assets is about 4.5%, provisions equal 4.5% of pre-tax profit, revaluation accounts for 45.0% 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 37.9% +3.3pp

Net margin 30.6% +2.0pp

ROAA 4.5% +1.4pp

ROAE 10.5% +3.2pp

Revaluation / PBT 45.0% +9.6pp

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

The margin book is about 26.4% of assets, the prop book about 38.9%, liquid assets around 23.9%, equity roughly 44.7%.

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

Prop-book concentration risk

A high share of FVTPL assets increases sensitivity to market revaluation and trading volatility.

Key signals

Margin book / Assets 26.4% +4.2pp

Prop book / Assets 38.9% −13.3pp

Liquid assets / Assets 23.9% +4.2pp

Equity / Assets 44.7% +4.6pp

Liabilities / Equity 1.24x −0.26x

Quarterly YoY · 2026Q1

Is leverage safe?

Capital, Funding & Risk Posture

Are capital buffers and funding posture sufficiently safe?

Short-term funding is the tighter part of the balance sheet, even if the case is not yet in outright capital stress.

Equity currently equals 44.7% of assets, liabilities stand at 1.24x of equity, short-term borrowings are about 46.3% of assets, cash covers roughly 0.06x of short-term borrowings.

The point that needs the closest reading now is short-term funding structure rather than the earnings headline.

Risk is coming more from short-term funding, so the key reading point is not just borrowing size but cash and liquid-asset cover.

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

Key risks

Short-term funding pressure

Short-term borrowings or cash coverage are in a range that creates more pressure on funding and liquidity posture.

Key signals

Equity / Assets 44.7% +4.6pp

Liabilities / Equity 1.24x −0.26x

Short-term borrowings / Assets 46.3% −9.9pp

Liquid assets / Assets 21.8% +5.5pp

Cash / Short-term borrowings 0.06x —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, VND is showing a more balanced earnings mix thanks to brokerage and service income, but short-term funding remains tight enough for caution.

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

Short-term funding structure is tight enough to become the most visible risk in the current capital posture.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	3,453.3	2,758.1
a. Realised gains on disposals of FVTPL financial assets	2,013.6	1,640.4
b. Gains from revaluation of FVTPL financial assets	1,048.9	653.7
c. Dividends and interest income from FVTPL financial assets	388.3	414.0
d. Gain from revaluation of outstanding covered warrant payables	2.4	49.8
1.2. Gains from held to maturity investments	552.0	421.4
1.3. Interest income from loans and receivables	1,393.6	1,254.9
1.6. Revenue from brokerage services	971.9	719.9
1.7. Revenue from share issue guarantee and agency activities	43.9	54.0
1.8. Revenue from investment advisory services	141.8	11.9
1.10. Revenue from securities custody services	78.0	89.0
1.11. Other revenue	5.7	15.8
Revenue from securities business (01->11)	6,640.2	5,324.9
Net sales	6,640.2	5,324.9
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	1,567.0	1,261.3
a. Loss from disposals of financial assets at FVTPL	489.5	454.0
b. Loss from revaluation of financial assets at FVTPL	1,072.0	752.0
c. Transaction cost of acquisition of financial assets at FVTPL	0.4	0.6
d. Loss from revaluation of outstanding covered warrant payables	5.1	54.7
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	161.6	130.3
2.6. Expenses for proprietary trading activities	40.6	51.4
2.7. Expenses for brokerage services	627.9	468.2
2.8. Expenses for underwriting and issurance agency services	13.4	9.0
2.9. Expenses for financial advisory services	26.2	32.0
2.11. Expenses for secutiries custodian services	28.3	30.5
2.12. Other expenses	86.7	139.4
Operating expenses (21->33)	2,551.7	2,122.1
Gross profit	4,088.5	3,202.8
3.2. Dividends, interest income from demand deposits	14.7	24.0
3.3. Gains from disposal investments in subsidiaries, associates, joint-ventures	4.1	—
Total financial income (41->44)	18.8	24.0
4.1. Realized and unrealized loss from changes in foreign exchange rates	0.0	—
4.2. Borrowing costs	1,115.2	667.4
4.3. Loss from disposal investments in subsidiaries, associates, joint-ventures	-4.2	—
4.4. Other investment expenses	13.9	14.3
Total financial expenses (51->54)	1,124.8	681.7
VI. General and Administrative expenses	473.2	453.3
VII. Net profit from securities business (20+50-40-60-61-62)	2,509.2	2,091.8
8.1. Other incomes	0.3	0.2
8.2. Other expenses	1.3	3.6
Other profit (71-72)	-1.1	-3.5
IX. Profit before tax (70+80)	2,508.1	2,088.3
9.1. Realised profit	2,533.8	2,191.4
9.2. Unrealised profit	-25.7	-103.1
CORPORATE INCOME TAX	486.0	369.9
10.1. Current corporate income tax expenses	491.2	390.5
10.2. Deferred income tax expenses	-5.1	-20.6
XI. Net profit after tax (90-100)	2,022.1	1,718.4
11.1. Profit after tax for shareholders of the parents company	2,022.1	1,718.4
13.1. Earning per share	1,328.00	1,129.00
Earnings per Share	1,328.32	1,128.85

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	50,579.5	43,105.6
Short-term financial assets	50,480.9	42,935.4
1. Cash and cash equivalents	1,622.1	881.2
1.1. Cash	1,622.1	734.5
1.2. Cash equivalents	—	146.7
2. Financial assets at fair value through profit or loss (FVTPL)	22,537.5	24,519.2
3. Held to maturity investments (HTM)	8,558.3	5,561.0
4. Loans	14,319.1	10,343.6
6. Provisions for impairment loss of financial assets and mortgages	-79.1	-122.3
7. Short-term receivables	3,586.0	1,728.2
7.1. Receivables from disposal of financial assets	2,312.2	555.5
7.2. Receivables and accruals from dividends and interest income	1,273.8	1,172.7
7.2.1. Due dividend and interest receivables	186.4	95.4
7.2.2. Undue dividend and interest receivables	1,087.4	1,077.3
Prepayments to suppliers	23.7	31.6
9. Service related receivable	342.3	178.0
12. Other receivables	7.0	7.9
13. Provision for doubtful debts	-436.0	-193.1
II. Other short-term assets	98.6	170.3
1. Advances	32.9	10.5
3. Short-term prepayments	18.7	32.6
4. Pledged assets, mortgages, security deposits in short term	1.7	106.2
5. Other short-term assets	45.4	20.9
B. LONG-TERM ASSETS (200=210+220+240+250-260)	1,049.4	1,189.2
I. Long-term financial assets	867.4	1,036.2
2. Long-term investments	844.1	944.4
2.3. Investments in associates, joint-ventures	836.1	914.5
2.5. Other long-term investments	8.0	34.2
II. Fixed assets	85.8	84.1
1. Tangible fixed assets	22.1	41.0
- Cost	205.3	205.3
- Accumulated depreciation	-183.3	-164.3
3. Intangible fixed assets	63.7	43.1
- Cost	234.0	182.8
- Accumulated depreciation	-170.3	-139.7
IV. Construction in progress	1.2	3.2
V. Other long-term assets	95.0	65.7
1. Pledged assets, mortgages, security deposits in long term	2.2	3.1
2. Long-term prepayments	57.8	27.6
4. Payment for Settlement Assistance Fund	20.0	20.0
5. Other long-term assets	15.0	15.0
TOTAL ASSETS (270=100+200)	51,628.9	44,294.8
A. LIABILITIES (300=310+340)	30,726.0	24,579.7
I. Short -term liabilities	28,656.0	24,502.5
1. Short-term borrowings	26,462.9	22,436.2
1.1. Short-term borrowings	26,462.9	22,436.2
4. Short-term bonds	249.9	400.0
6. Payables to securities trading activities	1,091.6	1,113.5
8. Trade accounts payable	48.5	29.0
9. Advances from customers	0.2	23.3
10. Taxes and other payables to state authorities	434.6	236.6
11. Payable to employees	17.4	11.3
12. Employee welfare payables	5.3	4.0
13. Accrued expenses	70.9	58.4
17. Other payables	0.4	1.3
19. Bonus and welfare fund	214.5	189.0
II. Long-term liabilities	2,069.9	77.2
4. Long-term bonds	1,997.9	—
14. Deferred income tax liabilities	72.1	77.2
B. OWNER'S EQUITY (400=410+420)	20,902.9	19,715.1
I. Owner's equity	20,902.9	19,715.1
1. Investment capital from owners	15,222.8	15,222.8
1.1. Capital from owners	15,223.0	15,223.0
a. Common stock	15,222,999,080,000.00	15,222,999,080,000.00
1.2. Share premium	-0.2	-0.2
7. Undistributed earnings after tax	5,680.1	4,492.2
7.1. Realised profits	5,391.7	4,183.3
7.2. Unrealised losses	288.3	308.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	51,628.9	44,294.8

Item	2025	2024
1. Profit before tax	2,508.1	2,088.3
2. Adjustments for	-346.5	-345.1
- Depreciation and amortization	64.7	59.8
- (Reversal of provisions)/provisions	259.7	100.4
- Loss/(profits) from other investing activities	-4.1	-0.1
- Interest expense	1,115.2	667.4
- Accrued interest income	-1,781.9	-1,172.7
3. Add non-cash expenses	1,072.8	807.2
- Loss from revaluation losses of FVTPL financial assets	1,077.1	806.7
4. Less non-cash income	-1,051.4	-703.6
- Gains from revaluation gains of FVTPL financial assets	-1,051.4	-703.6
5. Changes of assets and liabilities	-5,014.1	-5,872.2
- Increase/decrease in FVTPL financial assets	1,958.6	-7,887.5
- Increase/decrease in held to maturity investments	-2,997.3	2,073.1
- Increase/decrease in loan	-3,975.5	-57.8
6. Operating profit before changes in working capital	-2,831.0	-4,025.4
Increase/decrease in receiables sale of financial assets	-1,756.7	-533.4
Increase/decrease in receiables interest of financial assets	1,680.8	916.6
Increase/decrease in service related receivables	-164.2	-43.4
Increases/decreases in other receivables	81.3	-20.7
Increase/decrease in other assets	-22.3	2.8
- Increase/(decrease) in payables (other than interest, corporate income tax)	3.3	-1.6
- (Increase)/decrease in prepaid expenses	-12.5	-30.0
- Corporate income tax paid	-305.0	-385.9
- Interest paid	-1,105.9	-758.0
Increases/decreaese in trade payables	-30.2	-33.9
Increases/decreases in employee welfare payables	1.4	-0.1
Increases/decreases in tax and other payables to the State Budget	11.8	-11.4
Increases/dcreases in payable to employees	6.1	-16.7
Increases/dcreases in other payables	-25.3	-2,083.1
- Other receipts from operating activities	785.6	—
- Other payments for operating activities	-752.2	-84.3
Net cash flows from securities trading activities	-4,435.2	-7,108.7
1. Payment for fixed assets, constructions and other long-term assets	-45.7	-38.5
2. Proceeds from disposals of fixed assets and other long-term assets	0.1	0.1
5. Payments for investment in other entities	-11.9	-79.4
6. Collections on investment in other entities	120.5	3.5
Net cash flows from investing activities	63.0	-114.3
1. Receipts from equity issue and owner's capital contribution	—	2,435,536,820,000.00
3. Short-term and long-term borrowings	93,177.5	98,919.2
3.2. Other borrowings	93,177.5	98,919.2
4. Principal repayments	-87,303.2	-97,351.4
4.3. Other principal repayments	-87,303.2	-97,351.4
6. Dividends paid, profits distributed to owners	-761.1	-761.1
Net cash flows from financing activities	5,113.1	3,242.1
IV. Net cash flows during the period	741.0	-3,980.8
V. Cash and cash equivalents at begingning of the period	881.2	4,862.0
Cash at bank	881.2	4,862.0
- Cash at bank for securities company activities	734.5	2,668.0
- Cash equivalents	146.7	2,194.0
Cash and cash equivalents at end of period	1,622.1	881.2
Cash at bank	1,622.1	881.2
- Cash at bank for securities company activities	1,622.1	734.5
- Cash equivalents	—	146.7
1. Proceeds from sale of brokerage securities to customers	369,902.7	299,586.9
2. Money spent on buying brokerage securities for customers	-369,149.2	-295,335.8
9. Receive deposits to pay for securities transactions of customers	428,051.8	801,109.3
10. Margin deposit of investors at VSD	80.3	-87.3
11. Payment for customers' securities transactions	-426,829.8	-806,204.3
14. Payment of customers' securities depository fees	-22.3	-22.5
17. Proceeds from Securities Issuers	3,209.6	4,446.0
18. Payments to Securities Issuers	-3,209.6	-4,446.3
Increase / decrease of net money during the period	2,033.4	-954.0
II. Cash and cash equivalents at the beginning of the period of the customer	5,412.9	6,366.9
Cash at bank	5,412.9	6,366.9
-Deposits of investors on securities transactions under the Securities Company management method	4,163.9	4,335.5
-Cash deposit for securities transactions for customers	1,094.7	1,792.2
-Securities clearing and settlement deposits	2.8	0.1
-Deposits from issuing organizations	0.2	0.5
III. Cash and cash equivalents at the end of the period of the customer	7,446.3	5,412.9
Cash at bank	7,446.3	5,412.9
-Deposits of investors on securities transactions under the Securities Company management method	5,250.1	4,163.9
-Cash deposit for securities transactions for customers	1,964.3	1,094.7
-Securities clearing and settlement deposits	0.1	2.8
-Deposits from issuing organizations	0.2	0.2

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)	1,000.3	588.9	1,266.8	833.7	721.9	606.1	678.1	809.7	664.1
a. Realised gains on disposals of FVTPL financial assets	674.6	433.3	719.0	457.9	403.5	374.8	389.8	497.3	378.6
b. Gains from revaluation of FVTPL financial assets	330.3	84.7	459.5	345.6	159.1	128.7	147.4	202.1	175.5
c. Dividends and interest income from FVTPL financial assets	-26.7	68.4	88.3	30.3	159.3	99.0	133.6	81.2	100.2
d. Gain from revaluation of outstanding covered warrant payables	22.1	2.4	—	—	—	3.6	7.3	29.1	9.8
1.2. Gains from held to maturity investments	158.4	148.5	172.2	140.0	91.3	64.2	96.6	116.4	144.3
1.3. Interest income from loans and receivables	404.0	407.1	387.9	297.7	301.0	326.6	312.9	299.3	316.0
1.6. Revenue from brokerage services	233.4	231.0	387.5	218.7	134.7	142.0	167.5	182.3	228.1
1.7. Revenue from share issue guarantee and agency activities	0.5	7.4	0.5	35.6	0.3	23.0	0.3	5.8	24.8
1.8. Revenue from investment advisory services	0.1	21.9	9.7	109.1	1.2	3.8	3.5	4.2	—
1.10. Revenue from securities custody services	6.8	22.5	5.8	44.7	5.0	41.6	6.0	35.7	5.6
1.11. Other revenue	3.5	0.3	-16.1	18.9	2.6	4.4	4.7	4.8	2.0
Revenue from securities business (01->11)	1,807.0	1,427.5	2,214.2	1,698.4	1,258.0	1,211.8	1,269.6	1,458.2	1,384.8
Net sales	1,807.0	1,427.5	2,214.2	1,698.4	1,258.0	1,211.8	1,269.6	1,458.2	1,384.8
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	487.8	440.3	355.3	455.6	315.8	333.7	259.8	537.9	129.8
a. Loss from disposals of financial assets at FVTPL	185.2	112.5	77.6	176.0	123.4	162.4	77.6	132.6	81.3
b. Loss from revaluation of financial assets at FVTPL	292.2	322.6	277.6	279.5	192.4	168.7	161.0	386.5	35.8
c. Transaction cost of acquisition of financial assets at FVTPL	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.2	0.2
d. Loss from revaluation of outstanding covered warrant payables	10.4	5.1	—	—	—	2.6	21.1	18.6	12.4
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	2.1	-133.4	24.7	229.6	-1.4	5.8	-84.7	98.6	-16.8
2.6. Expenses for proprietary trading activities	11.7	13.4	9.3	8.5	9.4	12.6	9.2	19.8	9.8
2.7. Expenses for brokerage services	157.6	164.0	227.7	136.0	100.2	118.6	109.4	97.8	142.4
2.8. Expenses for underwriting and issurance agency services	3.3	3.1	3.6	4.1	2.6	2.9	2.0	2.4	1.7
2.9. Expenses for financial advisory services	—	10.5	4.6	4.2	6.5	4.8	8.4	11.2	7.2
2.11. Expenses for secutiries custodian services	11.4	6.7	6.4	8.0	7.1	7.6	7.4	7.7	7.8
2.12. Other expenses	7.3	38.3	13.8	24.1	11.0	144.3	67.1	27.8	27.7
Operating expenses (21->33)	681.2	542.8	645.5	870.1	451.2	630.2	378.7	803.1	309.5
Gross profit	1,125.8	884.7	1,568.8	828.3	806.7	581.6	890.9	655.1	1,075.3
3.2. Dividends, interest income from demand deposits	1.9	5.1	3.2	4.2	2.2	5.5	6.9	6.1	5.5
3.3. Gains from disposal investments in subsidiaries, associates, joint-ventures	—	—	—	1.6	2.4	—	—	—	—
Total financial income (41->44)	1.9	5.1	3.2	5.8	4.7	5.5	6.9	6.1	5.5
4.1. Realized and unrealized loss from changes in foreign exchange rates	0.0	0.0	0.0	—	—	—	—	—	—
4.2. Borrowing costs	347.8	336.2	299.5	256.3	223.2	181.9	173.3	154.4	157.9
4.4. Other investment expenses	1.0	1.6	4.3	-0.2	4.1	6.3	4.8	1.6	1.7
Total financial expenses (51->54)	348.8	337.7	303.8	256.1	227.3	188.1	178.1	156.0	159.5
VI. General and Administrative expenses	97.6	175.4	103.0	89.9	105.0	123.7	96.8	79.1	153.7
VII. Net profit from securities business (20+50-40-60-61-62)	681.3	376.6	1,165.3	488.2	479.1	275.3	622.9	426.1	767.5
8.1. Other incomes	0.0	0.2	0.0	0.0	0.0	0.0	0.1	0.0	0.0
8.2. Other expenses	0.0	0.3	0.1	0.0	1.0	0.0	3.0	0.0	0.7
Other profit (71-72)	0.0	-0.0	-0.0	-0.0	-1.0	0.0	-2.8	0.0	-0.6
IX. Profit before tax (70+80)	681.3	376.6	1,165.2	488.2	478.1	275.3	620.1	426.1	766.9
9.1. Realised profit	631.5	617.1	983.2	422.1	511.4	314.2	647.4	599.9	629.8
9.2. Unrealised profit	49.8	-240.5	182.0	66.1	-33.3	-38.9	-27.3	-173.9	137.0
CORPORATE INCOME TAX	136.0	34.6	236.2	119.7	95.6	24.0	114.9	81.2	149.8
10.1. Current corporate income tax expenses	126.0	82.7	199.8	106.4	102.2	31.8	120.4	116.0	122.4
10.2. Deferred income tax expenses	10.0	-48.1	36.4	13.2	-6.7	-7.8	-5.5	-34.8	27.4
XI. Net profit after tax (90-100)	545.3	342.0	929.0	368.5	382.5	251.3	505.1	344.9	617.1
11.1. Profit after tax for shareholders of the parents company	545.3	342.0	929.0	368.5	382.5	251.3	505.1	344.9	617.1
Total other comprehensive income	—	—	929.0	—	—	—	—	344.9	617.1
13.1. Earning per share	358.00	225.00	610.00	242.00	251.00	147.00	361.00	283.00	507.00
Earnings per Share	358.24	224.66	610.30	242.08	251.29	165.09	331.84	283.20	506.69

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)	45,929.9	50,579.5	54,455.8	45,229.7	47,015.1	43,105.6	41,992.3	43,844.9	40,135.7
Short-term financial assets	45,808.0	50,480.9	54,333.9	45,111.2	46,909.3	42,935.4	41,811.7	43,425.0	38,987.9
1. Cash and cash equivalents	1,426.1	1,622.1	602.0	1,586.9	977.4	881.2	456.6	3,107.2	3,364.5
1.1. Cash	1,426.1	1,622.1	602.0	1,586.9	887.8	734.5	456.6	2,657.2	3,278.5
1.2. Cash equivalents	—	—	—	—	89.6	146.7	—	450.0	86.0
2. Financial assets at fair value through profit or loss (FVTPL)	18,652.3	22,537.5	24,624.8	20,711.2	26,157.0	24,519.2	24,436.9	21,114.0	16,445.1
3. Held to maturity investments (HTM)	9,017.6	8,558.3	10,485.2	8,902.0	7,189.7	5,561.0	4,780.0	5,461.6	7,799.9
4. Loans	12,683.3	14,319.1	14,843.5	10,643.7	11,119.8	10,343.6	10,858.7	11,246.1	9,957.6
6. Provisions for impairment loss of financial assets and mortgages	-81.2	-79.1	-280.2	-213.5	-120.9	-122.3	-116.5	-146.0	-102.6
7. Short-term receivables	3,929.8	3,586.0	4,140.7	3,520.6	1,432.4	1,728.2	1,193.7	1,469.7	1,319.5
7.1. Receivables from disposal of financial assets	2,608.8	2,312.2	2,637.2	2,176.1	69.6	555.5	8.7	331.9	210.8
7.2. Receivables and accruals from dividends and interest income	1,321.0	1,273.8	1,503.5	1,344.5	1,362.8	1,172.7	1,185.0	1,137.9	1,108.6
7.2.1. Due dividend and interest receivables	186.4	186.4	186.4	95.4	95.4	95.4	95.4	95.4	95.4
7.2.2. Undue dividend and interest receivables	1,134.6	1,087.4	1,317.1	1,249.1	1,267.4	1,077.3	1,089.6	1,042.4	1,013.2
Prepayments to suppliers	23.7	23.7	11.5	3.6	37.0	31.6	8.8	6.6	3.5
9. Service related receivable	335.2	342.3	243.8	236.4	175.7	178.0	—	—	—
12. Other receivables	257.3	7.0	5.1	62.7	134.3	7.9	254.3	1,226.5	228.1
13. Provision for doubtful debts	-436.0	-436.0	-342.5	-342.5	-193.1	-193.1	-60.8	-60.8	-27.7
II. Other short-term assets	121.9	98.6	121.9	118.5	105.8	170.3	180.7	419.9	1,147.8
1. Advances	34.8	32.9	32.5	31.9	11.6	10.5	8.7	6.6	15.6
2. Office supplies, tools	0.1	—	—	—	—	—	—	—	—
3. Short-term prepayments	34.9	18.7	17.4	14.5	22.6	32.6	26.1	10.2	10.3
4. Pledged assets, mortgages, security deposits in short term	2.2	1.7	26.7	26.7	26.3	106.2	106.0	397.1	1,100.3
Taxes and other receivables from state authorities	4.6	—	—	—	—	—	—	—	—
5. Other short-term assets	45.4	45.4	45.4	45.4	45.4	20.9	39.8	6.0	21.6
B. LONG-TERM ASSETS (200=210+220+240+250-260)	2,034.8	1,049.4	1,604.8	2,688.8	3,075.3	1,189.2	1,304.1	1,308.6	1,211.4
I. Long-term financial assets	1,865.9	867.4	1,038.7	2,114.4	2,726.4	1,036.2	1,143.3	1,142.7	1,060.3
2. Long-term investments	1,844.1	844.1	842.7	1,918.4	2,634.7	944.4	1,046.1	1,047.1	970.1
2.1. Held to maturity investments (HTM)	1,000.0	—	—	1,065.2	1,700.3	—	100.0	100.0	100.0
2.3. Investments in associates, joint-ventures	836.1	836.1	836.1	836.1	914.5	914.5	914.5	914.5	836.1
2.5. Other long-term investments	8.0	8.0	6.6	17.1	24.1	34.2	34.2	36.3	37.7
II. Fixed assets	76.8	85.8	66.9	78.3	73.3	84.1	100.0	102.8	94.1
1. Tangible fixed assets	16.8	22.1	27.1	36.8	36.8	41.0	50.1	45.5	45.3
- Cost	6.8	—	—	—	—	—	—	—	—
- Accumulated depreciation	-0.6	—	—	—	—	—	—	—	—
3. Intangible fixed assets	53.9	63.7	39.8	41.5	36.5	43.1	49.9	57.3	48.8
- Cost	234.0	—	—	—	—	—	—	—	—
- Accumulated depreciation	-180.1	—	—	—	—	—	—	—	—
IV. Construction in progress	2.2	1.2	3.0	3.5	14.1	3.2	3.2	2.4	2.5
V. Other long-term assets	89.8	95.0	496.2	492.5	261.5	65.7	57.6	60.7	54.5
1. Pledged assets, mortgages, security deposits in long term	1.8	2.2	402.3	402.3	203.0	3.1	3.4	3.5	2.8
2. Long-term prepayments	53.1	57.8	59.0	55.2	23.5	27.6	19.2	22.3	16.6
4. Payment for Settlement Assistance Fund	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
5. Other long-term assets	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0
TOTAL ASSETS (270=100+200)	47,964.7	51,628.9	56,060.6	47,918.5	50,090.4	44,294.8	43,296.4	45,153.5	41,347.1
A. LIABILITIES (300=310+340)	26,516.4	30,726.0	35,499.7	28,286.6	29,992.8	24,579.7	23,832.7	27,869.3	24,222.2
I. Short -term liabilities	24,436.4	28,656.0	35,379.5	28,202.9	29,922.3	24,502.5	23,747.6	27,778.8	24,096.9
1. Short-term borrowings	22,189.0	26,462.9	31,799.9	26,139.2	28,138.6	22,436.2	21,350.5	21,944.9	18,654.1
1.1. Short-term borrowings	22,189.0	26,462.9	31,799.9	26,139.2	28,138.6	22,436.2	21,350.5	21,944.9	18,654.1
4. Short-term bonds	249.9	249.9	250.0	—	—	400.0	400.0	400.0	400.0
6. Payables to securities trading activities	1,385.6	1,091.6	2,617.7	723.0	1,326.7	1,113.5	1,442.8	1,519.6	111.6
8. Trade accounts payable	15.4	48.5	24.7	29.1	4.7	29.0	5.2	4.8	5.4
9. Advances from customers	0.1	0.2	0.2	—	23.6	23.3	21.6	20.6	20.6
10. Taxes and other payables to state authorities	175.2	434.6	373.5	199.8	133.3	236.6	236.1	194.3	249.6
11. Payable to employees	50.9	17.4	55.7	43.3	40.7	11.3	45.4	46.5	45.0
12. Employee welfare payables	3.9	5.3	4.8	4.3	4.2	4.0	4.0	4.0	4.0
13. Accrued expenses	103.0	70.9	34.1	51.2	70.7	58.4	41.6	35.9	146.8
17. Other payables	0.4	0.4	0.3	762.3	1.1	1.3	6.0	3,354.2	4,298.9
19. Bonus and welfare fund	213.5	214.5	218.6	250.6	178.6	189.0	194.4	254.1	71.1
II. Long-term liabilities	2,080.0	2,069.9	120.2	83.8	70.6	77.2	85.0	90.5	125.3
4. Long-term bonds	1,997.9	1,997.9	—	—	—	—	—	—	—
14. Deferred income tax liabilities	82.1	72.1	120.2	83.8	70.6	77.2	85.0	90.5	125.3
B. OWNER'S EQUITY (400=410+420)	21,448.2	20,902.9	20,560.9	19,631.9	20,097.6	19,715.1	19,463.7	17,284.2	17,124.9
I. Owner's equity	21,448.2	20,902.9	20,560.9	19,631.9	20,097.6	19,715.1	19,463.7	17,284.2	17,124.9
1. Investment capital from owners	15,222.8	15,222.8	15,222.8	15,222.8	15,222.8	15,222.8	15,222.8	12,178.3	12,178.4
1.1. Capital from owners	15,223.0	15,223.0	15,223.0	15,223.0	15,223.0	15,223.0	15,223.0	12,178.4	12,178.4
a. Common stock	15,222,999,080,000.00	15,222,999,080,000.00	15,222,999,080,000.00	15,222,999,080,000.00	15,222,999,080,000.00	15,222,999,080,000.00	15,222,999,080,000.00	12,178,440,090,000.00	12,178,440,090,000.00
1.2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.1	-0.0
7. Undistributed earnings after tax	6,225.4	5,680.1	5,338.1	4,409.0	4,874.8	4,492.2	4,240.9	5,105.8	4,946.5
7.1. Realised profits	5,897.2	5,391.7	4,857.4	4,073.9	4,592.5	4,183.3	3,900.9	4,743.9	4,445.5
7.2. Unrealised losses	328.2	288.3	480.7	335.1	282.3	308.9	340.0	361.9	501.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	47,964.7	51,628.9	56,060.6	47,918.5	50,090.4	44,294.8	43,296.4	45,153.5	41,347.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	681.3	376.6	1,165.2	488.2	478.1	275.3	620.1	426.1	766.9
2. Adjustments for	-22.2	-172.9	-134.2	185.7	-225.1	407.1	-265.4	-225.4	-261.5
- Depreciation and amortization	15.6	14.0	17.8	17.0	15.9	16.6	15.4	14.2	13.7
- (Reversal of provisions)/provisions	-8.3	-47.6	24.7	284.0	-1.4	138.2	-7.4	-13.5	-16.8
- Loss/(profits) from other investing activities	—	-0.0	-0.0	-1.6	-2.4	0.0	-0.1	-0.0	—
- Interest expense	347.8	336.2	299.5	256.3	223.2	181.9	173.3	154.4	157.9
- Accrued interest income	-377.3	-475.5	-476.1	-370.0	-460.3	70.5	-446.5	-380.5	-416.2
3. Add non-cash expenses	302.6	327.6	277.6	275.3	192.4	173.0	180.9	405.1	48.3
- Loss from revaluation losses of FVTPL financial assets	302.6	327.6	277.6	279.5	192.4	171.3	182.1	405.1	48.3
4. Less non-cash income	-352.4	-87.1	-459.5	-345.6	-159.1	-132.3	-154.7	-231.2	-185.3
- Gains from revaluation gains of FVTPL financial assets	-352.4	-87.1	-459.5	-345.6	-159.1	-132.3	-154.7	-231.2	-185.3
5. Changes of assets and liabilities	4,099.8	4,300.8	-8,449.4	4,910.7	-5,776.3	-288.2	-2,267.5	-3,803.5	486.9
- Increase/decrease in FVTPL financial assets	3,923.3	1,849.5	-3,731.6	5,511.9	-1,671.1	-122.2	-3,336.5	-4,853.3	424.6
- Increase/decrease in held to maturity investments	-1,459.3	1,926.9	-518.0	-1,077.2	-3,329.0	-681.0	681.7	2,338.3	-265.8
- Increase/decrease in loan	1,635.9	524.4	-4,199.8	476.0	-776.2	515.0	387.4	-1,288.4	328.1
6. Operating profit before changes in working capital	4,709.1	4,745.0	-7,600.3	5,514.3	-5,490.0	434.9	-1,886.6	-3,429.0	855.3
Increase/decrease in receiables sale of financial assets	-296.6	325.0	-461.1	-2,106.5	486.0	-546.8	323.1	-121.1	-188.7
Increase/decrease in receiables interest of financial assets	330.1	705.1	359.2	346.3	270.2	-58.2	399.4	351.3	224.2
Increase/decrease in service related receivables	7.1	-98.5	-7.3	-60.7	2.4	-43.4	—	—	—
Increases/decreases in other receivables	-248.8	158.7	13.6	40.8	-131.8	94.2	946.6	-1,007.0	-54.5
Increase/decrease in other assets	-2.0	-0.3	-0.7	-20.3	-1.0	-1.8	289.1	727.9	-1,012.4
- Increase/(decrease) in payables (other than interest, corporate income tax)	0.1	2.1	-4.9	-11.6	17.6	-2.6	-1.8	-76.6	79.4
- (Increase)/decrease in prepaid expenses	-11.6	-0.1	-6.6	-20.0	14.2	-14.8	-12.8	-6.2	3.8
- Corporate income tax paid	-386.0	-5.0	-50.0	-50.0	-200.0	0.0	-92.7	-181.3	-112.0
- Interest paid	-315.7	-301.5	-311.7	-264.1	-228.5	-162.5	-165.8	-188.7	-241.1
Increases/decreaese in trade payables	-33.1	-2.8	-4.2	0.8	-24.0	25.5	5.6	-4.7	-60.3
Increases/decreases in employee welfare payables	-1.5	0.5	0.5	0.0	0.3	-0.0	-0.0	-9.9	9.8
Increases/decreases in tax and other payables to the State Budget	-3.9	-16.6	23.9	10.1	-5.5	-31.3	14.1	10.0	-4.2
Increases/dcreases in payable to employees	33.5	-38.3	12.4	2.6	29.4	-34.1	-1.1	1.5	16.9
Increases/dcreases in other payables	305.9	-1,528.6	1,893.9	-603.6	213.1	-333.1	-3,438.7	483.7	1,204.9
- Other receipts from operating activities	—	705.0	0.2	0.3	80.1	—	—	—	—
- Other payments for operating activities	-1.1	-284.1	-32.1	-201.2	-234.9	13.5	-93.6	-2.6	-1.5
Net cash flows from securities trading activities	4,085.6	4,365.7	-6,175.3	2,577.1	-5,202.6	-660.6	-3,715.2	-3,452.6	719.6
1. Payment for fixed assets, constructions and other long-term assets	-7.8	-4.7	-9.7	-15.2	-16.1	-0.7	-17.6	-18.5	-1.8
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.0	0.0	0.0	—	0.1	—	—	0.0
5. Payments for investment in other entities	—	-1.4	0.0	0.0	-10.5	0.0	0.0	-78.4	-1.0
6. Collections on investment in other entities	—	0.0	50.5	47.0	23.0	0.0	2.1	1.4	—
Net cash flows from investing activities	-7.8	-6.1	40.8	31.9	-3.6	-0.5	-15.5	-95.5	-2.7
1. Receipts from equity issue and owner's capital contribution	—	—	—	—	—	0.00	2,435,536,820,000.00	—	—
3. Short-term and long-term borrowings	3,332.1	8,271.1	39,596.8	38,003.2	7,306.4	72,932.7	5,347.2	5,386.0	15,253.3
3.2. Other borrowings	3,332.1	8,271.1	39,596.8	38,003.2	7,306.4	72,932.7	5,347.2	5,386.0	15,253.3
4. Principal repayments	-7,606.0	-11,610.5	-33,686.1	-40,002.6	-2,004.0	-71,846.9	-5,941.6	-2,095.2	-17,467.7
4.3. Other principal repayments	-7,606.0	-11,610.5	-33,686.1	-40,002.6	-2,004.0	-71,846.9	-5,941.6	-2,095.2	-17,467.7
6. Dividends paid, profits distributed to owners	—	0.0	-761.1	—	—	0.0	-761.1	—	—
Net cash flows from financing activities	-4,273.9	-3,339.4	5,149.5	-1,999.4	5,302.4	1,085.8	1,080.0	3,290.8	-2,214.3
IV. Net cash flows during the period	-196.1	1,020.2	-985.0	609.6	96.2	424.6	-2,650.7	-257.3	-1,497.5
V. Cash and cash equivalents at begingning of the period	1,622.1	602.0	1,586.9	977.4	881.2	456.6	3,107.2	3,364.5	4,862.0
- Cash equivalents	—	0.0	—	-4.2	—	—	-1.2	—	—
Cash and cash equivalents at end of period	1,426.1	1,622.1	602.0	1,586.9	977.4	881.2	456.6	3,107.2	3,364.5
1. Proceeds from sale of brokerage securities to customers	91,153.0	91,504.5	146,801.9	77,943.2	53,653.2	41,484.1	55,904.1	106,396.4	95,802.2
2. Money spent on buying brokerage securities for customers	-91,760.1	-95,904.6	-145,435.9	-75,367.2	-52,441.6	-43,095.2	-50,042.4	-106,396.0	-95,802.2
9. Receive deposits to pay for securities transactions of customers	120,426.8	135,381.6	146,184.9	83,443.6	63,041.7	805,857.7	-4,349.3	478.1	-877.2
10. Margin deposit of investors at VSD	-15.9	-20.8	50.0	41.0	10.0	-87.3	—	—	—
11. Payment for customers' securities transactions	-119,367.9	-134,085.5	-145,704.6	-84,138.3	-62,901.4	-806,204.3	—	—	—
14. Payment of customers' securities depository fees	-5.7	-5.2	-6.8	-5.3	-5.0	-22.5	—	—	—
17. Proceeds from Securities Issuers	525.4	805.1	948.2	1,151.7	304.5	-2,587.2	2,288.1	3,201.3	1,543.8
18. Payments to Securities Issuers	-525.4	-805.1	-948.2	-1,166.8	-289.5	2,681.5	-2,367.4	-3,511.9	-1,248.5
Increase / decrease of net money during the period	430.1	-3,130.0	1,889.5	1,901.8	1,372.1	-1,973.1	1,433.1	167.9	-581.9
II. Cash and cash equivalents at the beginning of the period of the customer	7,446.3	10,576.2	8,686.8	6,784.9	5,412.9	7,386.0	5,952.9	5,785.0	6,366.9
-Cash deposit for securities transactions for customers	1,964.3	—	—	—	—	—	—	—	—
-Securities clearing and settlement deposits	0.1	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	0.2	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	7,876.4	7,446.3	10,576.2	8,686.8	6,784.9	5,412.9	7,386.0	5,952.9	5,785.0
-Cash deposit for securities transactions for customers	1,939.6	—	—	—	—	—	—	—	—
-Securities clearing and settlement deposits	60.5	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	0.2	—	—	—	—	—	—	—	—

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VND

Securities House Picture

Drivers of VND'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