In the third quarter of 2026, VPS recorded operating revenue of VND 2,076 billion, profit before tax of VND 1,119 billion and profit after tax of VND 894 billion, down 23.3%, 19.8% and 20.7% year on year, respectively. The decline was primarily attributable to weak market liquidity, with average daily trading value across the three exchanges reaching approximately VND 18,600 billion during the quarter, down 58% from the third quarter of 2025. Nevertheless, the pre-tax profit margin improved to 53.9%, compared with 51.5% a year earlier.
For the first nine months, operating revenue reached VND 6,949 billion, up 17.8% year on year, while profit after tax rose 26.1% to VND 3,233 billion. Profit growth outpaced revenue growth, reflecting improved operating efficiency: the nine-month pre-tax profit margin reached 58.2%, compared with 54.1% in the same period of 2025. These results represented 60.4% of the full-year revenue target and 70.3% of the full-year profit-before-tax target approved by the General Meeting of Shareholders.
Margin lending remained the primary growth driver. Income from margin lending reached VND 2,926 billion in the first nine months, up 68.3% year on year. In the third quarter alone, margin lending income totaled VND 948 billion, an increase of 34.3%, accounting for nearly 46% of quarterly operating revenue. As of September 30, 2026, outstanding margin loans stood at VND 25,363 billion, up 14.9% from the beginning of the year. Notably, margin lending continued to deliver strong growth despite subdued market liquidity and elevated interest rates. This performance underscores the increasingly important contribution of margin lending to the Company’s overall business, while reflecting its ability to expand the loan portfolio alongside rigorous risk management.
In brokerage, VPS maintained its leading position across all three exchanges despite weak trading activity. In the third quarter of 2026, VPS held an 11.54% brokerage market share on HOSE, retaining the top position. Nine-month securities brokerage revenue totaled VND 2,122 billion, down 25.6% year on year. Maintaining its No. 1 market position demonstrates the Company’s competitiveness and customer loyalty, even as revenue remained under pressure from subdued market liquidity.
Beyond brokerage and margin lending, other business segments also delivered positive results. Gains from financial assets at fair value through profit or loss (FVTPL) reached VND 1,251 billion in the first nine months, up 56.8% year on year. In investment banking, M&A advisory, securities underwriting and placement services generated VND 61 billion in revenue during the third quarter of 2026. This contribution helped diversify the Company’s revenue streams and demonstrated its execution capabilities in a challenging market environment.
Returns on equity and assets remained a highlight. ROE and ROA, calculated using profit after tax for the trailing four quarters, reached 15.6% and 8.9%, respectively, placing VPS among the highest-performing companies in the securities industry on these measures.
Alongside profit growth, VPS continued to strengthen its capital base. As of September 30, 2026, shareholders’ equity reached VND 32,074 billion, up 11% from the beginning of the year and accounting for 66% of total assets. Total liabilities declined 14.5% to VND 16,734 billion. The financial safety ratio stood at 988%, equivalent to 3.8 times the regulatory minimum of 260%. These figures reflect the Company’s continued maintenance of a sound and prudent financial structure amid subdued market liquidity.
