1Q2026 VPS (HOSE: VCK) RESULTS | Continues to Lead Market Share Across All Exchanges

VPS Securities Joint Stock Company (ticker: VCK) announced its financial results for the first quarter of 2026, recording strong year-on-year growth while continuing to maintain its leading position in the market.

In 1Q2026, VPS reported total revenue of VND 2,846 billion, up 63% year-on-year, while profit before tax reached VND 1,547 billion, up 68% compared to 1Q2025. The results reflect broad-based improvement across business segments, supported by operational efficiency and the Company’s ability to leverage scale. Profit margins remained at a high level, demonstrating sustained earnings quality.

Notably, VPS maintained its leading position in equity brokerage market share on HOSE at 15.32% in 1Q2026, despite subdued market liquidity. In addition, the Company led market share across other exchanges, with 19.45% on HNX, 24.35% on UPCoM, and 33.34% in the derivatives market. Maintaining a leading position across all trading platforms reflects VPS’s strong distribution capabilities, broad client base, and effective execution across products.

Brokerage revenue reached VND 1,003 billion in 1Q2026, increasing by 73% year-on-year. This growth was driven by VPS’s ability to sustain and expand its market share across all exchanges, reinforcing brokerage as a key growth platform while enabling the expansion of related businesses such as margin lending and value-added services.

Alongside this, margin lending continued to grow, with margin loans and receivables reaching VND 30,407 billion. The expansion of margin activities not only supported revenue growth but also contributed to improved profit margins.

The successful capital raising through the IPO and private placement at the end of 2025 significantly strengthened VPS’s equity base, creating a sustainable cost of funds advantage in an environment where market interest rates have been trending upward. A substantial portion of the Company’s margin lending is funded by equity at a lower cost compared to borrowings, which is a key factor enabling VPS to maintain profit margins and continue expanding its lending activities even in a higher interest rate environment.

As of the end of 1Q2026, total assets stood at VND 53,217 billion and equity reached VND 30,097 billion. The Company maintained a financial safety ratio of 901%, significantly above the regulatory requirement of 260%, while delivering a trailing ROE of 22.6%. A strong capital base combined with high profitability provides a solid foundation for VPS to further expand its business, particularly in lending and new product development.

Looking ahead, VPS expects to sustain its growth momentum, supported by a strong capital foundation, along with tailwinds from market reforms and the anticipated market upgrade. Its leading position across all exchanges provides a solid platform for the Company to enhance operational efficiency and deliver long-term value to shareholders.

Please click here to view VPS's Q1/2026 Financial Statements.