Hanoi, July 20, 2026 – VPS Securities Joint Stock Company (“VPS” or the “Company”) today announced its financial results for the second quarter of 2026, delivering another quarter of strong earnings growth despite weaker market liquidity during parts of the period. Profit before tax (“PBT”) reached VND 1,378 billion, up 57% year-on-year, bringing first-half 2026 PBT to VND 2,925 billion—the highest six-month profit in the Company’s history.
Second Quarter 2026 Highlights
VPS generated operating revenue of VND 2,354 billion in the second quarter, representing a 37% increase from the same period last year. Profit before tax rose 57% year-on-year to VND 1,378 billion, while profit after tax increased at the same pace to VND 1,104 billion.
The Company’s pre-tax profit margin expanded to a record 58.6%, reflecting continued operating efficiency, disciplined execution and the scalability of its business model.
As of June 30, 2026, margin lending outstanding balances reached VND 31,311 billion, up 80% from a year earlier. Income from margin lending and cash advances totaled VND 1,978 billion during the first six months of the year, reinforcing its position as one of the Company’s key earnings drivers.
Profitability remained among the strongest in the industry, with trailing twelve-month ROE of 19.88% and ROAA of 10.2%, underscoring VPS’s ability to generate attractive returns while maintaining a prudent risk profile.
Strong First-Half Performance
For the first six months of 2026, VPS reported operating revenue of VND 4,873 billion, an increase of 53% compared with the same period of 2025. Profit before tax reached VND 2,925 billion, while profit after tax totaled VND 2,339 billion, with both growing 63% year-on-year.
The Company has completed 42.4% of its full-year operating revenue target and 50.8% of its full-year profit before tax target, providing a solid foundation for the remainder of the year.
Diversified Revenue Base Supports Sustainable Growth
VPS continued to benefit from a well-balanced revenue mix across its core business segments.
Brokerage and custody services generated VND 643 billion, accounting for 27.3% of total operating revenue, reflecting the Company’s leading brokerage franchise and strong client base.
Revenue from margin lending and receivables reached VND 1,031 billion, representing 43.8% of total operating revenue and increasing 95% year-on-year, supported by a growing client base, higher demand for leverage and continued expansion in margin lending balances.
Meanwhile, treasury and capital management activities contributed VND 642 billion, or 27.3% of total operating revenue, highlighting the Company’s effective capital deployment and liquidity management. Other operating income amounted to VND 38 billion, further diversifying the revenue base.
Robust Capital Position
VPS maintained a strong balance sheet following its recent capital increases.
As of June 30, 2026, total assets stood at VND 47,890 billion, up 49% year-on-year, while shareholders’ equity reached VND 31,206 billion, approximately 2.4 times the level a year earlier, following the increase in charter capital from VND 5,700 billion to VND 24,349 billion.
The Company’s capital adequacy ratio remained exceptionally strong at 1,045%, more than four times the regulatory minimum of 260%, providing substantial financial flexibility to support future business expansion.
At the same time, the margin lending-to-equity ratio remained at approximately 1.0x, well below the regulatory limit of 2.0x, leaving ample capacity for further growth while maintaining prudent risk management.
Total liabilities declined to VND 16,683 billion from VND 23,120 billion at the end of the first quarter of 2026. Shareholders’ equity accounted for approximately 65% of total assets, reflecting a healthy capital structure and reinforcing the Company’s long-term financial strength.
Well Positioned for the Next Phase of Growth
The Company’s first-half performance highlights the resilience of its business model and its ability to deliver consistent growth across market cycles. Backed by its market-leading brokerage franchise, expanding client base, strengthened capital position and significant growth capacity, VPS is well positioned to capture future opportunities and create sustainable long-term value for clients and shareholders.
Looking ahead, the Company will remain focused on four strategic priorities: enhancing its products and service offerings, further strengthening client capabilities, expanding its core businesses under a disciplined risk management framework, and continuing to invest in technology and new capabilities that will support sustainable long-term growth.
