VPX

Chứng khoán VPBank ·HOSE ·2026Q1

▲ BALANCED OPERATIONS

Balanced operations NPAT +235.4% YoY

Price

26,550

Latest close

03 Jun 2026

EPS TTM (TTM) 2,059

BVPS (Latest) 12,382

P/E (Price/EPS) 12.9x

P/B (Price/BVPS) 2.1x

ROAE TTM (TTM) 14.4%

PBT Margin (TTM) 46.0%

Trading Share (Mix) 64.7%

Service & Brokerage Share (Mix) 7.0%

Equity / Assets (Latest) 43.4%

Leverage (Latest) 1.3x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 4,639.6bn, equivalent to a pre-tax margin of 46.0%, but headline durability remains more sensitive to revaluation, while margin has narrowed by 7.3pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 64.7% after expanding by +11.0pp, while lending is at 28.3%; brokerage and services are still only 7.0% and have narrowed by 2.7pp, so diversification remains thin. On the balance sheet, Equity / Assets is 43.4% while Leverage is about 1.30x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 5.971 tỷ
+334,1%
Lãi thuần 3.578 tỷ
+203,9%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 2.527 tỷ
+166,2%
Dư nợ 36.278 tỷ
+181,7%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 543 tỷ
+157,8%
Lãi thuần −4,16 tỷ
−223,3%

Metric	2025	2024
PBT	4,475.6	1,219.7
Trading Share	56.7%	49.6%
Lending Share	24.3%	38.2%
Service & Brokerage Share	18.9%	12.2%
PBT Margin	56.58%	49.12%
Equity / Assets	46.3%	65.1%
Leverage	1.16x	0.53x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	514.7	1,215.7	2,360.1	549.1	350.7	379.4	340.3	317.9	182.1
Trading Share	63.7%	63.1%	54.5%	50.9%	58.5%	55.2%	48.6%	49.2%	44.0%
Lending Share	30.8%	29.5%	15.9%	32.7%	33.3%	33.0%	40.7%	38.7%	41.8%
Service & Brokerage Share	5.5%	7.4%	29.6%	16.5%	8.3%	11.8%	10.7%	12.1%	14.2%
PBT Margin	17.93%	49.52%	66.07%	46.48%	49.84%	56.69%	58.31%	49.14%	31.22%
Equity / Assets	43.4%	46.3%	32.6%	35.7%	52.4%	65.1%	75.4%	69.1%	70.6%
Leverage	1.30x	1.16x	2.06x	1.80x	0.91x	0.53x	0.33x	0.45x	0.42x

Drivers of VPX's profit

TTM

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

Trading +VND 2,402bn

Margin lending +VND 1,578bn

Other fees +VND 968bn

Total costs −VND 1,694bn

Tax −VND 638bn

TTM

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

Margin lending +VND 618bn

Total costs −VND 481bn

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 64.7%, lending is at 28.3%, brokerage is around 6.1%, other services about 0.9%, brokerage plus services together are 7.0%.

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 10,079.5bn +287.2% YoY

PBT margin 46.0% −7.3pp

Trading Share 64.7% +11.0pp

Revaluation / Trading 36.0% —

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 46.0%, Return on assets is about 6.6%, provisions equal 1.5% of pre-tax profit, revaluation accounts for 44.7% 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 46.0% −7.3pp

Net margin 36.9% −5.7pp

ROAA 6.6% +4.4pp

ROAE 14.4% +10.0pp

Revaluation / PBT 44.7% —

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 46.1% of assets, the prop book about 33.3%, liquid assets around 13.5%, equity roughly 43.4%.

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.

Prop-book concentration risk

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

Key signals

Margin book / Assets 46.1% +7.9pp

Prop book / Assets 33.3% −13.4pp

Liquid assets / Assets 13.5% +3.4pp

Equity / Assets 43.4% −9.0pp

Liabilities / Equity 1.30x +0.39x

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 43.4% of assets, liabilities stand at 1.30x of equity, short-term borrowings are about 53.6% of assets, cash covers roughly 0.25x 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 is not yet thick enough relative to 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 43.4% −9.0pp

Liabilities / Equity 1.30x +0.39x

Short-term borrowings / Assets 53.6% +6.9pp

Liquid assets / Assets 13.5% +3.4pp

Cash / Short-term borrowings 0.25x +0.03x

Quarterly YoY · 2026Q1

Investment Takeaway

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

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)	4,455.7	1,189.5
a. Realised gains on disposals of FVTPL financial assets	1,952.3	604.0
b. Gains from revaluation of FVTPL financial assets	1,199.1	9.3
c. Dividends and interest income from FVTPL financial assets	1,235.4	567.9
d. Gain from revaluation of outstanding covered warrant payables	68.9	8.4
1.2. Gains from held to maturity investments	1.0	25.9
1.3. Interest income from loans and receivables	1,909.0	917.4
1.4. Gains from available-for-sale financial assets (AFS)	56.9	58.4
1.6. Revenue from brokerage services	460.3	226.1
1.7. Revenue from share issue guarantee and agency activities	154.0	—
1.8. Revenue from investment advisory services	797.1	31.0
1.10. Revenue from securities custody services	63.3	31.9
1.11. Other revenue	12.8	2.8
Revenue from securities business (01->11)	7,910.0	2,483.0
Net sales	7,910.0	2,483.0
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	945.7	336.7
a. Loss from disposals of financial assets at FVTPL	271.7	311.0
b. Loss from revaluation of financial assets at FVTPL	608.2	12.6
c. Transaction cost of acquisition of financial assets at FVTPL	16.9	4.6
d. Loss from revaluation of outstanding covered warrant payables	49.0	8.4
2.4. Selling loss available-for-sale financial assets (AFS)	18.8	23.8
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	94.7	57.7
2.6. Expenses for proprietary trading activities	36.2	23.5
2.7. Expenses for brokerage services	471.2	215.2
2.9. Expenses for financial advisory services	18.8	8.5
2.11. Expenses for secutiries custodian services	13.4	6.4
2.12. Other expenses	0.0	—
Operating expenses (21->33)	1,598.9	671.8
Gross profit	6,311.2	1,811.2
3.2. Dividends, interest income from demand deposits	47.8	7.2
Total financial income (41->44)	47.8	7.2
4.1. Realized and unrealized loss from changes in foreign exchange rates	0.0	—
4.2. Borrowing costs	1,488.3	361.2
4.4. Other investment expenses	1.7	0.9
Total financial expenses (51->54)	1,490.0	362.1
VI. General and Administrative expenses	396.8	236.8
VII. Net profit from securities business (20+50-40-60-61-62)	4,472.1	1,219.6
8.1. Other incomes	3.8	0.4
8.2. Other expenses	0.3	0.3
Other profit (71-72)	3.4	0.1
IX. Profit before tax (70+80)	4,475.6	1,219.7
9.1. Realised profit	3,864.8	1,223.0
9.2. Unrealised profit	610.7	-3.3
CORPORATE INCOME TAX	906.5	244.0
10.1. Current corporate income tax expenses	775.5	244.7
10.2. Deferred income tax expenses	131.0	-0.7
XI. Net profit after tax (90-100)	3,569.1	975.7
11.1. Profit after tax for shareholders of the parents company	3,569.1	975.7
OTHER COMPREHENSIVE INCOME AFTER TAX	239.2	-17.2
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	239.2	-17.2
Total other comprehensive income	239.2	-17.2
13.1. Earning per share	2,302.00	650.00
Earnings per Share	1,292.21	650.39

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	72,714.4	26,459.1
Short-term financial assets	72,666.7	26,452.2
1. Cash and cash equivalents	8,081.8	2,313.1
1.1. Cash	7,081.8	2,313.1
1.2. Cash equivalents	1,000.0	—
2. Financial assets at fair value through profit or loss (FVTPL)	26,150.4	12,537.6
3. Held to maturity investments (HTM)	34.1	—
4. Loans	34,093.2	9,512.5
5. Available-for-sale financial assets (AFS)	2,329.7	1,720.1
6. Provisions for impairment loss of financial assets and mortgages	-161.6	-83.8
7. Short-term receivables	1,722.2	463.1
7.1. Receivables from disposal of financial assets	453.3	84.1
7.2. Receivables and accruals from dividends and interest income	1,268.9	379.1
7.2.1. Due dividend and interest receivables	—	6.1
7.2.2. Undue dividend and interest receivables	1,268.9	373.0
Prepayments to suppliers	18.0	5.4
9. Service related receivable	456.1	25.7
12. Other receivables	1.8	0.6
13. Provision for doubtful debts	-58.9	-42.1
II. Other short-term assets	47.7	7.0
1. Advances	0.9	2.8
2. Office supplies, tools	3.9	0.5
3. Short-term prepayments	28.7	3.5
4. Pledged assets, mortgages, security deposits in short term	14.2	0.1
B. LONG-TERM ASSETS (200=210+220+240+250-260)	302.7	254.8
I. Long-term financial assets	2.8	—
2. Long-term investments	2.8	—
2.5. Other long-term investments	2.8	—
II. Fixed assets	40.3	29.3
1. Tangible fixed assets	32.1	17.6
- Cost	46.2	25.6
- Accumulated depreciation	-14.0	-8.0
3. Intangible fixed assets	8.2	11.7
- Cost	19.5	19.2
- Accumulated depreciation	-11.3	-7.5
IV. Construction in progress	11.2	—
V. Other long-term assets	248.4	225.5
1. Pledged assets, mortgages, security deposits in long term	10.3	—
2. Long-term prepayments	200.2	204.4
3. Deferred income tax assets	15.0	0.7
4. Payment for Settlement Assistance Fund	7.9	5.4
5. Other long-term assets	15.0	15.0
TOTAL ASSETS (270=100+200)	73,017.1	26,713.9
A. LIABILITIES (300=310+340)	39,186.0	9,310.0
I. Short -term liabilities	39,040.6	9,309.9
1. Short-term borrowings	37,342.1	9,134.7
1.1. Short-term borrowings	37,342.1	9,134.7
6. Payables to securities trading activities	77.7	5.1
8. Trade accounts payable	440.5	6.0
9. Advances from customers	0.6	0.7
10. Taxes and other payables to state authorities	631.7	96.4
11. Payable to employees	94.0	37.6
12. Employee welfare payables	0.2	0.7
13. Accrued expenses	64.6	17.2
15. Unearned revenue	1.3	1.2
17. Other payables	387.9	10.4
II. Long-term liabilities	145.4	0.1
14. Deferred income tax liabilities	145.4	0.1
B. OWNER'S EQUITY (400=410+420)	33,831.0	17,404.0
I. Owner's equity	33,831.0	17,404.0
1. Investment capital from owners	27,620.2	15,001.4
1.1. Capital from owners	18,750.0	15,000.0
a. Common stock	18,750,000,000,000.00	15,000,000,000,000.00
1.2. Share premium	8,870.2	1.4
2. Assets revaluation differences	226.1	-13.1
4. Supplementary capital reserve	0.3	0.3
7. Undistributed earnings after tax	5,984.1	2,415.0
7.1. Realised profits	5,506.7	2,417.4
7.2. Unrealised losses	477.4	-2.4
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	73,017.1	26,713.9

Item	2025	2024
1. Profit before tax	4,475.6	1,219.7
2. Adjustments for	323.9	48.1
- Depreciation and amortization	9.8	8.2
- (Reversal of provisions)/provisions	94.7	57.7
- Interest expense	1,488.3	361.2
- Accrued interest income	-1,268.9	-379.1
3. Add non-cash expenses	676.1	44.7
- Loss from revaluation losses of FVTPL financial assets	657.2	21.0
- Value decline of available-for-sale financial assets	18.8	23.8
4. Less non-cash income	-1,286.8	-41.5
- Gains from revaluation gains of FVTPL financial assets	-1,268.0	-17.7
- Reversal of value decline of available-for-sale financial assets	—	-4.1
- Other income	-18.8	-19.7
5. Changes of assets and liabilities	-38,009.9	-3,748.3
- Increase/decrease in FVTPL financial assets	-13,021.9	-1,249.5
- Increase/decrease in held to maturity investments	-34.1	1,070.0
- Increase/decrease in loan	-24,580.7	-2,344.9
- Increase/decrease in AFS financial assets	-373.2	-1,223.8
6. Operating profit before changes in working capital	-33,821.1	-2,477.2
Increase/decrease in receiables sale of financial assets	-369.2	0.5
Increase/decrease in receiables interest of financial assets	379.1	382.4
Increase/decrease in service related receivables	-430.5	—
Increases/decreases in other receivables	-16.4	-22.3
Increase/decrease in other assets	-1.5	-1.6
- Increase/(decrease) in payables (other than interest, corporate income tax)	-0.2	0.7
- (Increase)/decrease in prepaid expenses	-48.1	7.7
- Corporate income tax paid	-264.2	-216.4
- Interest paid	-1,413.5	-354.2
Increases/decreaese in trade payables	418.3	4.0
Increases/decreases in employee welfare payables	-0.4	-0.2
Increases/decreases in tax and other payables to the State Budget	24.1	6.1
Increases/dcreases in payable to employees	56.4	-3.5
Increases/dcreases in other payables	470.0	-0.3
- Other payments for operating activities	-24.3	-0.1
Net cash flows from securities trading activities	-35,041.7	-2,686.3
1. Payment for fixed assets, constructions and other long-term assets	-15.8	-6.2
Net cash flows from investing activities	-15.8	-6.2
1. Receipts from equity issue and owner's capital contribution	12,618,772,278,138.00	—
3. Short-term and long-term borrowings	1,341,547.7	91,357.7
3.2. Other borrowings	1,341,547.7	91,357.7
4. Principal repayments	-1,313,340.3	-88,152.3
4.3. Other principal repayments	-1,313,340.3	-88,152.3
Net cash flows from financing activities	40,826.2	3,205.3
IV. Net cash flows during the period	5,768.7	512.8
V. Cash and cash equivalents at begingning of the period	2,313.1	1,800.2
Cash at bank	2,313.1	1,800.2
- Cash at bank for securities company activities	2,313.1	1,800.2
Cash and cash equivalents at end of period	8,081.8	2,313.1
Cash at bank	8,081.8	2,313.1
- Cash at bank for securities company activities	7,081.8	2,313.1
- Cash equivalents	1,000.0	—
1. Proceeds from sale of brokerage securities to customers	196,412.8	93,342.9
2. Money spent on buying brokerage securities for customers	-228,861.3	-102,614.5
9. Receive deposits to pay for securities transactions of customers	104,317.6	50,579.5
10. Margin deposit of investors at VSD	3,466.2	156.7
11. Payment for customers' securities transactions	-73,327.5	-41,530.8
14. Payment of customers' securities depository fees	-15.9	-6.3
17. Proceeds from Securities Issuers	6,391.7	326.4
18. Payments to Securities Issuers	-6,369.4	-331.3
Increase / decrease of net money during the period	2,014.2	-77.5
II. Cash and cash equivalents at the beginning of the period of the customer	1,670.2	1,747.6
Cash at bank	1,670.2	1,747.6
-Deposits of investors on securities transactions under the Securities Company management method	999.5	806.7
-Securities clearing and settlement deposits	584.6	795.4
-Deposits from issuing organizations	86.1	145.6
III. Cash and cash equivalents at the end of the period of the customer	3,684.4	1,670.2
Cash at bank	3,684.4	1,670.2
-Deposits of investors on securities transactions under the Securities Company management method	1,583.0	999.5
-Securities clearing and settlement deposits	2,032.3	584.6
-Deposits from issuing organizations	69.2	86.1

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)	1,822.2	1,489.5	1,941.7	597.5	460.1	377.1	268.4	302.1	241.9
a. Realised gains on disposals of FVTPL financial assets	438.0	367.7	1,387.5	401.7	251.3	259.5	146.5	127.3	70.7
b. Gains from revaluation of FVTPL financial assets	885.5	790.8	325.5	74.1	8.6	2.3	0.3	4.0	2.6
c. Dividends and interest income from FVTPL financial assets	477.3	296.8	214.0	109.9	192.0	115.2	121.4	163.9	167.3
d. Gain from revaluation of outstanding covered warrant payables	21.4	34.2	14.7	11.8	8.2	—	0.2	7.0	1.3
1.2. Gains from held to maturity investments	0.4	0.4	0.4	0.3	—	—	—	—	25.9
1.3. Interest income from loans and receivables	880.2	696.3	566.8	383.9	261.9	225.5	224.5	237.3	230.1
1.4. Gains from available-for-sale financial assets (AFS)	11.3	95.0	7.9	6.3	-83.3	-13.9	31.7	33.4	7.1
1.6. Revenue from brokerage services	134.3	150.6	185.4	73.1	51.3	49.2	44.0	66.3	66.6
1.7. Revenue from share issue guarantee and agency activities	—	—	154.0	—	—	—	—	—	—
1.8. Revenue from investment advisory services	4.0	0.6	692.8	103.6	—	19.3	7.4	—	4.3
1.10. Revenue from securities custody services	14.7	16.6	19.9	13.7	13.1	10.8	7.1	7.0	7.1
1.11. Other revenue	3.9	5.9	3.2	3.0	0.6	1.0	0.6	0.7	0.4
Revenue from securities business (01->11)	2,871.0	2,454.9	3,572.2	1,181.4	703.6	669.1	583.6	646.9	583.4
Net sales	2,871.0	2,454.9	3,572.2	1,181.4	703.6	669.1	583.6	646.9	583.4
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	1,472.2	346.2	421.2	154.0	26.3	22.7	43.8	105.7	164.4
a. Loss from disposals of financial assets at FVTPL	308.9	109.5	91.5	67.0	5.7	20.0	40.7	91.6	158.7
b. Loss from revaluation of financial assets at FVTPL	1,129.4	207.5	316.3	65.7	18.6	1.8	2.0	4.8	4.1
c. Transaction cost of acquisition of financial assets at FVTPL	6.2	5.4	6.9	3.1	1.4	1.0	1.1	1.3	1.3
d. Loss from revaluation of outstanding covered warrant payables	27.7	23.8	6.4	18.1	0.7	—	—	8.0	0.4
2.4. Selling loss available-for-sale financial assets (AFS)	0.9	1.5	2.7	1.9	12.8	0.5	3.1	20.2	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	8.1	48.5	5.8	5.6	34.7	3.0	5.7	5.7	43.4
2.6. Expenses for proprietary trading activities	4.3	7.7	5.6	8.8	14.1	10.7	5.5	4.3	3.0
2.7. Expenses for brokerage services	131.4	163.6	177.9	74.7	55.1	57.4	41.9	57.7	58.3
2.9. Expenses for financial advisory services	3.1	8.1	6.8	1.9	2.1	4.2	1.8	0.9	1.6
2.11. Expenses for secutiries custodian services	5.1	4.6	3.9	2.8	2.1	1.9	1.6	1.5	1.5
2.12. Other expenses	—	—	-2.4	0.8	1.7	-0.1	-1.9	2.0	—
Operating expenses (21->33)	1,625.2	580.1	621.5	250.4	148.9	100.2	101.4	197.9	272.2
Gross profit	1,245.8	1,874.8	2,950.7	931.0	554.7	568.9	482.2	449.0	311.2
3.1. Realized and unrealized gain from changes in foreign exchange rates	0.1	—	—	—	—	—	—	—	—
3.2. Dividends, interest income from demand deposits	16.0	19.7	19.4	7.0	1.7	2.0	1.8	1.9	1.6
Total financial income (41->44)	16.1	19.7	19.4	7.0	1.7	2.0	1.8	1.9	1.6
4.1. Realized and unrealized loss from changes in foreign exchange rates	0.1	0.0	0.0	0.0	—	—	—	—	—
4.2. Borrowing costs	654.1	513.9	526.6	311.5	136.3	91.3	89.1	97.7	83.1
4.4. Other investment expenses	3.7	0.5	0.7	0.2	0.2	0.2	0.2	0.3	0.1
Total financial expenses (51->54)	657.8	514.4	527.3	311.8	136.5	91.5	89.3	98.0	83.2
VI. General and Administrative expenses	98.1	168.3	82.2	77.1	69.2	100.4	54.3	35.0	47.1
VII. Net profit from securities business (20+50-40-60-61-62)	506.0	1,211.9	2,360.5	549.1	350.7	378.9	340.3	317.9	182.5
8.1. Other incomes	8.8	3.8	0.0	0.0	0.0	0.4	0.0	0.0	0.0
8.2. Other expenses	0.0	0.0	0.3	0.0	—	—	0.0	0.0	0.3
Other profit (71-72)	8.8	3.8	-0.3	-0.0	0.0	0.4	0.0	0.0	-0.3
IX. Profit before tax (70+80)	514.7	1,215.7	2,360.1	549.1	350.7	379.4	340.3	317.9	182.1
9.1. Realised profit	765.0	622.0	2,342.6	547.1	353.1	378.8	341.8	323.8	178.6
9.2. Unrealised profit	-250.2	593.7	17.5	2.0	-2.5	0.6	-1.5	-5.8	3.5
CORPORATE INCOME TAX	79.2	260.4	467.9	108.0	70.1	76.1	68.1	63.5	36.6
10.1. Current corporate income tax expenses	138.1	132.9	464.4	107.6	70.6	76.0	68.4	64.7	35.8
10.2. Deferred income tax expenses	-58.9	127.6	3.5	0.4	-0.5	0.1	-0.3	-1.2	0.8
XI. Net profit after tax (90-100)	435.5	955.3	1,892.3	441.0	280.5	303.3	272.2	254.4	145.6
11.1. Profit after tax for shareholders of the parents company	435.5	955.3	1,892.3	441.0	280.5	303.3	272.2	254.4	145.6
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	-66.6	-17.1	187.5	56.2	12.5	-12.2	5.3	2.3	—
Total other comprehensive income	-66.6	-17.1	187.5	56.2	12.5	-12.2	5.3	2.3	-12.5
13.1. Earning per share	232.00	562.00	1,262.00	294.00	187.00	202.00	181.00	170.00	97.00
13.2. Diluted earning per share	232.00	—	—	—	—	—	—	—	—
Earnings per Share	157.69	345.86	1,261.49	293.98	187.01	202.16	181.48	169.59	97.03

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)	78,365.3	72,714.4	61,867.3	49,845.9	33,509.7	26,459.1	22,453.7	24,139.8	23,224.0
Short-term financial assets	78,292.0	72,666.7	61,826.9	49,802.0	33,496.3	26,452.2	22,445.6	24,129.9	23,211.2
1. Cash and cash equivalents	10,595.8	8,081.8	10,415.7	14,773.4	3,426.3	2,313.1	2,532.0	1,579.0	952.8
1.1. Cash	10,595.8	7,081.8	10,415.7	14,773.4	3,426.3	2,313.1	2,532.0	1,579.0	952.8
1.2. Cash equivalents	—	1,000.0	—	—	—	—	—	—	—
2. Financial assets at fair value through profit or loss (FVTPL)	26,253.7	26,150.4	20,154.2	15,203.9	15,782.5	12,537.6	9,718.1	10,704.0	10,600.3
3. Held to maturity investments (HTM)	34.1	34.1	34.1	34.1	—	—	—	—	—
4. Loans	36,278.0	34,093.2	27,037.7	17,757.7	12,876.7	9,512.5	7,673.1	9,284.7	8,994.7
5. Available-for-sale financial assets (AFS)	3,302.3	2,329.7	2,075.4	988.9	901.2	1,720.1	2,140.1	2,185.6	2,110.4
6. Provisions for impairment loss of financial assets and mortgages	-161.6	-161.6	-113.1	-113.1	-113.1	-83.8	-80.8	-80.8	-80.8
7. Short-term receivables	1,596.2	1,722.2	1,515.6	1,051.4	625.7	463.1	469.7	464.9	643.9
7.1. Receivables from disposal of financial assets	280.9	453.3	587.1	489.4	197.9	84.1	84.1	85.0	99.5
7.2. Receivables and accruals from dividends and interest income	1,315.3	1,268.9	928.5	562.0	427.8	379.1	385.6	379.8	544.4
7.2.1. Due dividend and interest receivables	—	—	—	1.8	0.1	6.1	2.7	0.8	0.0
7.2.2. Undue dividend and interest receivables	1,315.3	1,268.9	928.5	560.2	427.7	373.0	382.9	379.0	544.4
Prepayments to suppliers	16.6	18.0	10.6	11.1	9.3	5.4	7.1	7.2	1.4
9. Service related receivable	443.0	456.1	751.5	148.7	36.7	25.7	28.1	23.2	18.7
12. Other receivables	0.9	1.8	4.0	1.4	0.3	0.6	0.3	0.5	0.5
13. Provision for doubtful debts	-67.0	-58.9	-58.9	-55.5	-49.1	-42.1	-42.2	-38.3	-30.7
II. Other short-term assets	73.3	47.7	40.4	43.9	13.4	7.0	8.1	9.9	12.8
1. Advances	1.7	0.9	3.7	3.6	3.9	2.8	2.9	2.8	2.8
2. Office supplies, tools	3.2	3.9	1.0	1.4	1.4	0.5	1.0	0.9	0.4
3. Short-term prepayments	67.1	28.7	35.6	38.8	7.9	3.5	4.1	6.1	9.5
4. Pledged assets, mortgages, security deposits in short term	0.2	14.2	0.2	0.2	0.2	0.1	0.1	0.1	0.0
Taxes and other receivables from state authorities	1.1	—	—	—	—	—	—	—	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	385.8	302.7	260.0	1,055.2	255.9	254.8	247.7	240.6	242.6
I. Long-term financial assets	23.5	2.8	—	802.5	—	—	—	—	—
2. Long-term investments	2.8	2.8	—	802.5	—	—	—	—	—
2.5. Other long-term investments	2.8	2.8	—	802.5	—	—	—	—	—
II. Fixed assets	50.9	40.3	23.3	25.7	27.0	29.3	25.3	27.3	29.3
1. Tangible fixed assets	43.7	32.1	14.5	15.9	16.3	17.6	18.9	20.2	21.5
- Cost	60.6	—	—	—	—	—	—	—	—
- Accumulated depreciation	-16.9	—	—	—	—	—	—	—	—
3. Intangible fixed assets	7.3	8.2	8.9	9.8	10.7	11.7	6.4	7.1	7.8
- Cost	19.5	—	—	—	—	—	—	—	—
- Accumulated depreciation	-12.3	—	—	—	—	—	—	—	—
IV. Construction in progress	—	11.2	—	—	—	—	—	—	—
V. Other long-term assets	311.5	248.4	236.7	227.0	228.9	225.5	222.4	213.3	213.4
1. Pledged assets, mortgages, security deposits in long term	10.3	10.3	4.1	3.5	0.8	—	—	—	—
2. Long-term prepayments	195.4	200.2	196.3	199.1	201.3	204.4	201.5	204.7	208.2
3. Deferred income tax assets	80.7	15.0	13.6	1.8	4.1	0.7	0.7	3.4	—
4. Payment for Settlement Assistance Fund	10.1	7.9	7.6	7.6	7.6	5.4	5.1	5.1	5.1
5. Other long-term assets	15.0	15.0	15.0	15.0	15.0	15.0	15.0	—	—
TOTAL ASSETS (270=100+200)	78,751.1	73,017.1	62,127.3	50,901.2	33,765.6	26,713.9	22,701.4	24,380.4	23,466.6
A. LIABILITIES (300=310+340)	44,551.1	39,186.0	41,854.4	32,706.9	16,068.6	9,310.2	5,588.7	7,545.2	6,888.2
I. Short -term liabilities	44,398.9	39,040.6	41,838.0	32,705.9	16,065.6	9,310.1	5,588.7	7,542.2	6,887.3
1. Short-term borrowings	42,209.3	37,342.1	40,467.0	32,201.9	15,757.2	9,134.7	5,471.3	7,360.1	6,730.7
1.1. Short-term borrowings	42,209.3	37,342.1	40,467.0	32,201.9	15,757.2	9,134.7	5,471.3	7,360.1	6,730.7
6. Payables to securities trading activities	226.4	77.7	75.9	14.8	32.7	5.1	3.3	6.0	16.7
8. Trade accounts payable	1,335.6	440.5	283.3	5.3	103.8	6.0	0.7	51.5	13.7
9. Advances from customers	0.6	0.6	0.7	0.7	0.7	0.7	0.7	0.7	0.7
10. Taxes and other payables to state authorities	178.8	631.7	519.2	129.3	87.4	96.6	81.0	78.4	56.2
11. Payable to employees	37.9	94.0	16.4	9.4	39.5	37.6	3.7	6.0	25.7
12. Employee welfare payables	0.4	0.2	0.7	0.4	0.4	0.7	0.8	0.6	0.5
13. Accrued expenses	64.7	64.6	81.1	55.9	29.4	17.2	19.2	17.4	21.3
15. Unearned revenue	0.6	1.3	1.9	1.6	0.6	1.2	1.9	2.0	1.6
17. Other payables	344.7	387.9	391.8	286.6	13.9	10.4	6.2	19.5	20.3
II. Long-term liabilities	152.2	145.4	16.4	1.1	3.0	0.1	—	3.0	0.8
14. Deferred income tax liabilities	152.2	145.4	16.4	1.1	3.0	0.1	—	3.0	0.8
B. OWNER'S EQUITY (400=410+420)	34,200.0	33,831.0	20,272.9	18,194.2	17,697.0	17,403.8	17,112.7	16,835.1	16,578.4
I. Owner's equity	34,200.0	33,831.0	20,272.9	18,194.2	17,697.0	17,403.8	17,112.7	16,835.1	16,578.4
1. Investment capital from owners	27,620.2	27,620.2	15,000.3	15,001.4	15,001.4	15,001.4	15,001.4	15,001.4	15,001.4
1.1. Capital from owners	18,750.0	18,750.0	15,000.0	15,000.0	15,000.0	15,000.0	15,000.0	15,000.0	15,000.0
a. Common stock	18,750,000,000,000.00	18,750,000,000,000.00	15,000,000,000,000.00	15,000,000,000,000.00	15,000,000,000,000.00	15,000,000,000,000.00	15,000,000,000,000.00	15,000,000,000,000.00	15,000,000,000,000.00
1.2. Share premium	8,870.2	8,870.2	0.3	1.4	1.4	1.4	1.4	1.4	1.4
2. Assets revaluation differences	159.5	226.1	243.2	55.6	-0.6	-13.1	-0.9	-6.2	-8.5
4. Supplementary capital reserve	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
7. Undistributed earnings after tax	6,419.6	5,984.1	5,028.8	3,136.6	2,695.5	2,414.8	2,111.5	1,839.3	1,584.9
7.1. Realised profits	6,133.6	5,506.7	5,017.6	3,139.3	2,699.9	2,417.2	2,114.4	1,840.9	1,581.9
7.2. Unrealised losses	286.0	477.4	11.2	-2.8	-4.4	-2.4	-2.8	-1.7	3.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	78,751.1	73,017.1	62,127.3	50,901.2	33,765.6	26,713.9	22,701.4	24,380.4	23,466.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	514.7	1,215.7	2,360.1	549.1	350.7	379.4	340.3	317.9	182.1
2. Adjustments for	-660.3	224.5	165.8	186.4	-252.8	102.9	89.2	272.0	-415.9
- Depreciation and amortization	3.9	2.5	2.4	2.6	2.3	2.2	2.0	2.0	2.0
- (Reversal of provisions)/provisions	8.1	48.5	3.4	6.4	36.4	2.9	3.8	7.6	43.4
- Unrealized foreign exchange (gains)/losses	0.1	—	—	—	—	—	—	—	—
- Interest expense	643.0	513.9	526.6	311.5	136.3	91.3	89.1	97.7	83.1
- Accrued interest income	-1,315.3	-340.4	-366.5	-134.2	-427.8	6.5	-5.8	164.6	-544.4
3. Add non-cash expenses	1,158.1	232.8	325.5	85.7	32.0	2.3	5.0	33.0	4.4
- Loss from revaluation losses of FVTPL financial assets	1,157.1	231.3	322.7	83.9	19.3	1.8	2.0	12.8	4.4
- Value decline of available-for-sale financial assets	0.9	1.5	2.7	1.9	12.8	0.5	3.1	20.2	—
4. Less non-cash income	-907.8	-826.5	-343.0	-87.7	-29.6	-2.9	-3.5	-27.1	-7.9
- Gains from revaluation gains of FVTPL financial assets	-906.9	-825.0	-340.3	-85.8	-16.8	-2.3	-0.5	-11.0	-3.9
- Reversal of value decline of available-for-sale financial assets	—	—	—	—	—	0.0	0.0	0.0	-4.1
- Other income	-0.9	-1.5	-2.7	-1.9	-12.8	-0.5	-3.1	-16.1	—
5. Changes of assets and liabilities	-3,571.3	-12,742.4	-14,317.5	-5,162.4	-5,787.6	-4,250.4	2,646.5	-471.3	-1,673.0
- Increase/decrease in FVTPL financial assets	-347.3	-5,412.8	-4,941.1	586.8	-3,254.8	-2,818.9	984.2	-108.5	693.6
- Increase/decrease in held to maturity investments	—	0.0	0.0	-34.1	—	0.0	0.0	0.0	1,070.0
- Increase/decrease in loan	-2,184.8	-7,055.5	-9,280.0	-4,881.1	-3,364.1	-1,839.4	1,611.6	-290.0	-1,827.1
- Increase/decrease in AFS financial assets	-1,039.1	-274.1	-96.5	-834.1	831.4	407.9	50.7	-72.9	-1,609.6
6. Operating profit before changes in working capital	-3,466.6	-11,895.9	-11,809.1	-4,428.9	-5,687.2	-3,768.7	3,077.5	124.4	-1,910.3
Increase/decrease in receiables sale of financial assets	172.4	133.8	-97.8	-291.5	-113.8	0.0	1.0	14.5	-14.9
Increase/decrease in receiables interest of financial assets	1,268.9	0.0	0.0	0.0	379.1	0.0	0.0	0.0	382.4
Increase/decrease in service related receivables	-7.6	295.4	-602.8	-112.0	-11.0	—	-4.9	-4.6	-4.9
Increases/decreases in other receivables	-0.9	-5.6	-2.1	-2.9	-5.9	1.2	-14.7	-5.9	-2.9
Increase/decrease in other assets	-0.1	-0.2	0.3	0.3	-2.0	0.5	-0.1	-0.4	-1.5
- Increase/(decrease) in payables (other than interest, corporate income tax)	-0.1	-1.3	0.7	-2.9	3.2	0.9	0.1	-1.5	1.2
- (Increase)/decrease in prepaid expenses	-33.7	-7.0	-4.0	-35.2	-1.9	-3.8	3.3	5.1	3.1
- Corporate income tax paid	-587.0	-10.0	-107.6	-70.6	-76.0	-68.4	-64.7	-35.8	-47.5
- Interest paid	-642.9	-519.0	-492.0	-275.6	-126.9	-92.6	-85.7	-98.3	-77.7
Increases/decreaese in trade payables	891.8	141.0	278.0	-98.4	97.7	5.3	-50.8	37.8	11.6
Increases/decreases in employee welfare payables	0.2	-0.5	0.4	-0.0	-0.3	-0.1	0.2	0.1	-0.4
Increases/decreases in tax and other payables to the State Budget	-4.0	-10.3	33.2	4.9	-3.7	8.0	-1.0	-6.8	5.9
Increases/dcreases in payable to employees	-56.0	77.6	7.0	-30.1	1.9	33.9	-2.3	-19.7	-15.3
Increases/dcreases in other payables	98.5	7.6	174.9	249.4	38.1	5.3	-16.1	-12.0	22.5
- Other payments for operating activities	14.0	-20.1	-0.6	-2.7	-0.9	0.0	-0.0	-0.1	—
Net cash flows from securities trading activities	-2,353.1	-11,814.5	-12,621.7	-5,096.2	-5,509.3	-3,876.0	2,841.9	-3.3	-1,648.9
1. Payment for fixed assets, constructions and other long-term assets	—	-14.5	0.0	-1.3	—	-6.2	-0.0	—	—
Net cash flows from investing activities	—	-14.5	0.0	-1.3	—	-6.2	-0.0	—	—
1. Receipts from equity issue and owner's capital contribution	—	12,619,907,548,938.00	-1,135,270,800.00	—	—	—	—	—	—
3. Short-term and long-term borrowings	182,837.6	179,842.0	636,979.0	489,513.9	35,212.8	13,246.6	3,905.9	43,470.5	30,734.7
3.2. Other borrowings	182,837.6	179,842.0	636,979.0	489,513.9	35,212.8	13,246.6	3,905.9	43,470.5	30,734.7
4. Principal repayments	-177,970.5	-182,966.9	-628,713.9	-473,069.2	-28,590.3	-9,583.3	-5,794.7	-42,841.1	-29,933.3
4.3. Other principal repayments	-177,970.5	-182,966.9	-628,713.9	-473,069.2	-28,590.3	-9,583.3	-5,794.7	-42,841.1	-29,933.3
Net cash flows from financing activities	4,867.1	9,495.0	8,264.0	16,444.7	6,622.5	3,663.3	-1,888.8	629.4	801.4
IV. Net cash flows during the period	2,514.0	-2,334.0	-4,357.7	11,347.1	1,113.2	-218.9	953.0	626.2	-847.5
V. Cash and cash equivalents at begingning of the period	8,081.8	10,415.7	14,773.4	3,426.3	2,313.1	2,532.0	1,579.0	952.8	1,800.2
- Cash equivalents	1,000.0	—	—	—	—	—	—	—	—
Cash and cash equivalents at end of period	10,595.8	8,081.8	10,415.7	14,773.4	3,426.3	2,313.1	2,532.0	1,579.0	952.8
1. Proceeds from sale of brokerage securities to customers	59,423.8	67,081.8	80,662.9	29,262.3	19,405.8	20,840.8	19,947.1	26,694.4	25,860.7
2. Money spent on buying brokerage securities for customers	-62,321.0	-70,658.3	-97,719.2	-35,333.1	-25,150.7	-24,187.9	-18,700.8	-30,419.6	-29,306.2
9. Receive deposits to pay for securities transactions of customers	22,896.4	16,072.0	59,579.6	16,797.0	11,868.9	14,090.2	8,726.2	14,278.0	13,485.0
10. Margin deposit of investors at VSD	946.4	3,466.2	—	—	—	156.7	—	—	—
11. Payment for customers' securities transactions	-19,035.8	-16,924.4	-40,464.6	-11,263.0	-4,675.4	-10,755.0	-10,484.1	-10,125.5	-10,166.3
14. Payment of customers' securities depository fees	-5.8	-6.3	-8.0	—	-1.6	-1.8	-2.0	-1.2	-1.3
17. Proceeds from Securities Issuers	207.6	193.2	6,113.1	59.8	25.7	21.6	98.0	171.6	35.1
18. Payments to Securities Issuers	-97.5	-172.8	-6,108.3	-59.7	-28.7	-18.7	-112.3	-159.1	-41.2
Increase / decrease of net money during the period	2,014.2	-948.6	2,057.6	-538.8	1,444.0	145.9	-527.9	438.7	-134.2
II. Cash and cash equivalents at the beginning of the period of the customer	3,684.4	4,633.0	2,575.4	3,114.2	1,670.2	1,524.3	2,052.2	1,613.5	1,747.6
-Securities clearing and settlement deposits	2,032.3	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	69.2	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	5,698.7	3,684.4	4,633.0	2,575.4	3,114.2	1,670.2	1,524.3	2,052.2	1,613.5
-Securities clearing and settlement deposits	1,529.7	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	178.7	—	—	—	—	—	—	—	—

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VPX

Securities House Picture

Drivers of VPX'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