ABW

Chứng khoán An Bình ·UPCOM ·2026Q1

▲ BALANCED REVENUE MIX

Balanced revenue Brokerage and services 33.1%

Price

10,500

Latest close

02 Jun 2026

EPS TTM (TTM) 1,684

BVPS (Latest) 15,959

P/E (Price/EPS) 6.2x

P/B (Price/BVPS) 0.7x

ROAE TTM (TTM) 11.1%

PBT Margin (TTM) 36.6%

Trading Share (Mix) 21.9%

Service & Brokerage Share (Mix) 33.1%

Equity / Assets (Latest) 39.8%

Leverage (Latest) 1.5x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 218.2bn, equivalent to a pre-tax margin of 36.6%, but headline durability remains more sensitive to revaluation, while margin has narrowed by 1.6pp, pointing to greater pressure on earnings quality. The revenue mix is now leaning more toward lending at 45.0% after expanding by +3.5pp, while trading is down to 21.9% after narrowing by 11.0pp; brokerage and services have reached 33.1% and improved by +7.5pp, making diversification more visible. On the balance sheet, Equity / Assets is 39.8% while Leverage is about 1.52x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 306 tỷ
+70,1%
Lãi thuần 258 tỷ
+67,1%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 159 tỷ
+24,5%
Dư nợ 971 tỷ
−27,0%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 106 tỷ
+43,9%
Lãi thuần 37,9 tỷ
+31,6%

Metric	2025	2024
PBT	219.5	131.7
Trading Share	34.3%	32.4%
Lending Share	37.2%	37.7%
Service & Brokerage Share	28.5%	29.8%
PBT Margin	40.88%	34.71%
Equity / Assets	33.9%	42.4%
Leverage	1.95x	1.36x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	29.9	90.7	57.8	39.9	33.0	35.7	33.1	49.7	21.0
Trading Share	34.1%	55.2%	19.5%	24.8%	21.3%	40.1%	33.7%	35.6%	17.6%
Lending Share	36.0%	29.2%	37.9%	40.0%	51.4%	37.2%	40.1%	31.7%	43.3%
Service & Brokerage Share	29.9%	15.6%	42.6%	35.3%	27.2%	22.7%	26.2%	32.7%	39.1%
PBT Margin	20.28%	45.49%	41.14%	36.48%	36.29%	32.71%	37.44%	45.93%	27.57%
Equity / Assets	39.8%	33.9%	36.9%	40.2%	41.7%	42.6%	43.2%	50.0%	54.7%
Leverage	1.52x	1.95x	1.71x	1.49x	1.40x	1.35x	1.32x	1.00x	0.83x

Drivers of ABW's profit

TTM

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

Trading +VND 104bn

Margin lending +VND 31.3bn

Other fees +VND 10.1bn

Brokerage +VND 9.1bn

Total costs −VND 87.5bn

Tax −VND 16.0bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher total costs. Supporting and offsetting drivers:

Trading +VND 9.6bn

Margin lending +VND 6.7bn

Brokerage +VND 3.4bn

Other fees +VND 3.2bn

Total costs −VND 26.0bn

Tax −VND 1.4bn

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 21.9%, lending is at 45.0%, brokerage is around 29.9%, other services about 3.2%, brokerage plus services together are 33.1%.

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 596.3bn +50.3% YoY

PBT margin 36.6% −1.6pp

Trading Share 21.9% −11.0pp

Brokerage Share 29.9% +6.0pp

Revaluation / Trading 92.4% —

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 36.6%, Return on assets is about 4.5%, provisions equal 3.3% of pre-tax profit, revaluation accounts for 32.7% 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 36.6% −1.6pp

Net margin 28.6% −1.6pp

ROAA 4.5% +1.5pp

ROAE 11.1% +3.2pp

Revaluation / PBT 32.7% —

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

The margin book is about 23.9% of assets, the prop book about 13.0%, liquid assets around 59.1%, equity roughly 39.8%.

A high prop-book share lets market-valuation swings flow more directly into the balance sheet.

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

Key signals

Margin book / Assets 23.9% −14.0pp

Prop book / Assets 13.0% +6.7pp

Liquid assets / Assets 59.1% +8.8pp

Equity / Assets 39.8% −2.0pp

Liabilities / Equity 1.52x +0.12x

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 39.8% of assets, liabilities stand at 1.52x of equity, short-term borrowings are about 58.6% of assets, cash covers roughly 0.10x 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 39.8% −2.0pp

Liabilities / Equity 1.52x +0.12x

Short-term borrowings / Assets 58.6% +1.2pp

Liquid assets / Assets 44.8% +12.8pp

Cash / Short-term borrowings 0.10x —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, ABW 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)	140.5	105.1
a. Realised gains on disposals of FVTPL financial assets	67.6	68.4
b. Gains from revaluation of FVTPL financial assets	71.4	5.6
c. Dividends and interest income from FVTPL financial assets	1.5	31.1
1.2. Gains from held to maturity investments	127.8	55.4
1.3. Interest income from loans and receivables	152.3	122.2
1.6. Revenue from brokerage services	93.6	81.8
1.7. Revenue from share issue guarantee and agency activities	16.6	9.6
1.8. Revenue from investment advisory services	0.3	0.2
1.10. Revenue from securities custody services	5.4	4.6
1.11. Other revenue	0.5	0.4
Revenue from securities business (01->11)	537.0	379.5
Net sales	537.0	379.5
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	22.6	32.7
a. Loss from disposals of financial assets at FVTPL	8.9	20.9
b. Loss from revaluation of financial assets at FVTPL	13.7	11.8
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	7.3	2.6
2.6. Expenses for proprietary trading activities	14.3	10.1
2.7. Expenses for brokerage services	59.1	46.5
2.8. Expenses for underwriting and issurance agency services	5.3	13.5
2.11. Expenses for secutiries custodian services	3.3	2.6
2.12. Other expenses	-0.9	0.9
Operating expenses (21->33)	111.1	109.1
Gross profit	425.9	270.3
3.2. Dividends, interest income from demand deposits	2.0	2.3
3.4. Other income about investment	0.1	—
Total financial income (41->44)	2.1	2.3
4.2. Borrowing costs	114.4	56.7
Total financial expenses (51->54)	114.4	56.7
VI. General and Administrative expenses	94.1	82.0
VII. Net profit from securities business (20+50-40-60-61-62)	219.6	133.9
8.1. Other incomes	0.0	0.0
8.2. Other expenses	0.1	2.2
Other profit (71-72)	-0.0	-2.1
IX. Profit before tax (70+80)	219.5	131.7
9.1. Realised profit	161.9	137.9
9.2. Unrealised profit	57.7	-6.2
CORPORATE INCOME TAX	46.4	28.5
10.1. Current corporate income tax expenses	34.8	29.8
10.2. Deferred income tax expenses	11.5	-1.2
XI. Net profit after tax (90-100)	173.2	103.2
11.1. Profit after tax for shareholders of the parents company	173.2	103.2
Total other comprehensive income	—	10.7
13.1. Earning per share	1,712.00	1,020.00
Earnings per Share	1,712.03	1,020.30

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	4,032.9	2,544.7
Short-term financial assets	4,027.2	2,535.5
1. Cash and cash equivalents	122.8	104.2
1.1. Cash	122.8	104.2
2. Financial assets at fair value through profit or loss (FVTPL)	505.0	1,201.3
3. Held to maturity investments (HTM)	1,788.6	150.4
4. Loans	1,565.2	1,065.9
6. Provisions for impairment loss of financial assets and mortgages	-19.0	-19.0
7. Short-term receivables	59.7	29.9
7.2. Receivables and accruals from dividends and interest income	59.7	29.9
7.2.1. Due dividend and interest receivables	44.2	16.7
7.2.2. Undue dividend and interest receivables	15.4	13.2
Prepayments to suppliers	0.2	0.1
9. Service related receivable	5.7	5.8
12. Other receivables	3.0	3.2
13. Provision for doubtful debts	-3.9	-6.5
II. Other short-term assets	5.6	9.2
1. Advances	1.3	2.6
2. Office supplies, tools	0.0	0.0
3. Short-term prepayments	2.9	3.3
Taxes and other receivables from state authorities	0.0	0.0
5. Other short-term assets	1.4	3.3
B. LONG-TERM ASSETS (200=210+220+240+250-260)	681.2	845.3
I. Long-term financial assets	580.0	737.6
2. Long-term investments	580.0	737.6
2.1. Held to maturity investments (HTM)	580.0	694.5
2.5. Other long-term investments	—	43.1
II. Fixed assets	79.7	76.2
1. Tangible fixed assets	11.6	6.2
- Cost	32.6	24.3
- Accumulated depreciation	-21.0	-18.1
3. Intangible fixed assets	68.1	69.9
- Cost	105.4	105.3
- Accumulated depreciation	-37.3	-35.4
V. Other long-term assets	21.5	31.6
1. Pledged assets, mortgages, security deposits in long term	1.1	10.5
2. Long-term prepayments	0.4	—
3. Deferred income tax assets	—	1.1
4. Payment for Settlement Assistance Fund	20.0	20.0
TOTAL ASSETS (270=100+200)	4,714.0	3,390.0
A. LIABILITIES (300=310+340)	3,117.8	1,954.2
I. Short -term liabilities	3,107.3	1,954.2
1. Short-term borrowings	3,024.0	1,893.7
1.1. Short-term borrowings	3,024.0	1,893.7
6. Payables to securities trading activities	7.8	2.0
8. Trade accounts payable	2.3	1.2
9. Advances from customers	0.4	0.3
10. Taxes and other payables to state authorities	36.7	31.6
11. Payable to employees	15.2	3.4
12. Employee welfare payables	0.4	0.2
13. Accrued expenses	13.6	15.3
15. Unearned revenue	0.2	0.1
16. Short-term deposits, collateral received	0.1	0.1
17. Other payables	0.2	1.2
19. Bonus and welfare fund	6.4	5.1
II. Long-term liabilities	10.5	—
14. Deferred income tax liabilities	10.5	—
B. OWNER'S EQUITY (400=410+420)	1,596.3	1,435.8
I. Owner's equity	1,596.3	1,435.8
1. Investment capital from owners	1,011.5	1,011.5
1.1. Capital from owners	1,011.5	1,011.5
a. Common stock	1,011,500,000,000.00	1,011,500,000,000.00
2. Assets revaluation differences	—	10.7
4. Supplementary capital reserve	13.2	13.2
7. Undistributed earnings after tax	558.4	387.3
7.1. Realised profits	516.5	391.5
7.2. Unrealised losses	41.9	-4.3
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	4,714.0	3,390.0

Item	2025	2024
1. Profit before tax	219.5	131.7
2. Adjustments for	-11.4	-5.9
- Depreciation and amortization	4.8	5.2
- (Reversal of provisions)/provisions	-0.9	3.5
- Loss/(profits) from other investing activities	-129.8	-57.4
- Interest expense	114.4	56.8
- Accrued interest income	—	-13.9
3. Add non-cash expenses	13.7	11.8
- Loss from revaluation losses of FVTPL financial assets	13.7	11.8
4. Less non-cash income	-71.4	-5.6
- Gains from revaluation gains of FVTPL financial assets	-71.4	-5.6
5. Changes of assets and liabilities	-1,236.6	-1,529.4
- Increase/decrease in FVTPL financial assets	754.0	-867.0
- Increase/decrease in held to maturity investments	-1,523.6	-323.9
- Increase/decrease in loan	-499.4	-338.5
- Increase/decrease in AFS financial assets	32.4	—
6. Operating profit before changes in working capital	-1,086.1	-1,397.4
Increase/decrease in receiables interest of financial assets	-29.7	0.2
Increase/decrease in service related receivables	0.1	13.8
Increases/decreases in other receivables	0.2	250.2
Increase/decrease in other assets	3.2	-2.6
- Increase/(decrease) in payables (other than interest, corporate income tax)	2.9	5.3
- (Increase)/decrease in prepaid expenses	0.1	1.4
- Corporate income tax paid	-26.8	-9.7
- Interest paid	-119.0	-52.2
Increases/decreaese in trade payables	1.1	-0.4
Increases/decreases in employee welfare payables	0.2	-0.0
Increases/decreases in tax and other payables to the State Budget	-2.8	4.1
Increases/dcreases in payable to employees	11.8	-0.0
Increases/dcreases in other payables	3.2	-1.8
- Other receipts from operating activities	—	0.0
- Other payments for operating activities	8.6	-9.5
Net cash flows from securities trading activities	-1,233.1	-1,198.5
1. Payment for fixed assets, constructions and other long-term assets	-8.3	-2.2
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.0
7. Dividends, interest and profit received	129.8	57.7
Net cash flows from investing activities	121.5	55.5
3. Short-term and long-term borrowings	48,146.7	27,286.0
3.2. Other borrowings	48,146.7	27,286.0
4. Principal repayments	-47,016.4	-26,326.8
4.3. Other principal repayments	-47,016.4	-26,326.8
Net cash flows from financing activities	1,130.3	959.2
IV. Net cash flows during the period	18.6	-183.8
V. Cash and cash equivalents at begingning of the period	104.2	288.0
Cash at bank	104.2	288.0
- Cash at bank for securities company activities	104.2	288.0
Cash and cash equivalents at end of period	122.8	104.2
Cash at bank	122.8	104.2
- Cash at bank for securities company activities	122.8	104.2
1. Proceeds from sale of brokerage securities to customers	31,128.1	24,201.8
2. Money spent on buying brokerage securities for customers	-34,739.4	-28,298.6
9. Receive deposits to pay for securities transactions of customers	44,989.7	24,330.5
11. Payment for customers' securities transactions	-41,094.3	-20,401.0
14. Payment of customers' securities depository fees	-3.7	-3.4
17. Proceeds from Securities Issuers	360.4	1,168.7
18. Payments to Securities Issuers	-360.4	-1,168.8
Increase / decrease of net money during the period	280.4	-170.8
II. Cash and cash equivalents at the beginning of the period of the customer	234.8	405.5
Cash at bank	234.8	405.5
-Deposits of investors on securities transactions under the Securities Company management method	234.8	405.4
-Deposits from issuing organizations	0.0	0.2
III. Cash and cash equivalents at the end of the period of the customer	515.2	234.8
Cash at bank	515.2	234.8
-Deposits of investors on securities transactions under the Securities Company management method	515.2	234.8
-Deposits from issuing organizations	0.0	0.0

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)	37.0	89.1	21.0	19.9	13.4	36.6	25.9	34.1	11.0
a. Realised gains on disposals of FVTPL financial assets	16.5	21.4	16.0	18.1	12.1	24.8	12.0	22.9	8.6
b. Gains from revaluation of FVTPL financial assets	16.4	67.5	4.0	1.8	1.0	0.5	7.8	—	0.1
c. Dividends and interest income from FVTPL financial assets	4.0	0.2	0.9	0.0	0.4	11.4	6.1	11.2	2.3
1.2. Gains from held to maturity investments	38.7	38.0	32.8	29.1	27.9	17.8	11.6	12.2	13.8
1.3. Interest income from loans and receivables	39.1	47.1	40.7	32.1	32.4	34.0	30.8	30.5	27.0
1.6. Revenue from brokerage services	25.4	23.5	37.6	19.1	13.4	15.6	16.6	27.8	21.8
1.7. Revenue from share issue guarantee and agency activities	—	0.1	6.7	7.7	2.1	3.5	2.3	2.2	1.5
1.8. Revenue from investment advisory services	0.0	0.0	—	0.1	0.2	0.1	—	0.2	—
1.10. Revenue from securities custody services	1.5	1.4	1.4	1.3	1.3	1.5	1.1	1.0	1.0
1.11. Other revenue	5.4	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Revenue from securities business (01->11)	147.2	199.3	140.4	109.3	90.8	109.2	88.5	108.2	76.2
Net sales	147.2	199.3	140.4	109.3	90.8	109.2	88.5	108.2	76.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	28.1	14.5	2.8	2.1	3.3	8.7	4.8	8.3	13.5
a. Loss from disposals of financial assets at FVTPL	0.7	7.4	0.2	0.3	1.0	2.4	1.1	4.9	12.5
b. Loss from revaluation of financial assets at FVTPL	27.3	7.1	2.6	1.8	2.2	6.3	3.7	3.5	1.1
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	2.7	2.1	1.5	2.1	1.5	1.9	—	0.5	0.0
2.6. Expenses for proprietary trading activities	1.8	3.5	3.8	5.0	2.1	4.0	2.2	3.8	0.1
2.7. Expenses for brokerage services	17.4	14.9	23.0	12.4	8.7	10.5	10.4	15.0	11.7
2.8. Expenses for underwriting and issurance agency services	—	—	1.1	2.5	1.8	3.3	2.5	4.2	3.5
2.11. Expenses for secutiries custodian services	0.9	0.9	0.9	0.8	0.8	0.7	0.7	0.6	0.6
2.12. Other expenses	0.0	0.1	0.0	-0.6	-0.3	0.3	0.0	0.0	0.0
Operating expenses (21->33)	50.9	36.0	32.9	24.3	17.9	29.4	20.6	32.7	29.4
Gross profit	96.4	163.4	107.4	85.0	73.0	79.8	67.9	75.6	46.8
3.2. Dividends, interest income from demand deposits	0.4	1.2	0.4	0.3	0.2	1.5	0.3	0.3	0.2
3.4. Other income about investment	0.1	—	0.1	—	—	—	—	—	—
Total financial income (41->44)	0.5	1.2	0.5	0.3	0.2	1.5	0.3	0.3	0.2
4.2. Borrowing costs	45.6	38.4	29.2	24.3	22.4	23.3	15.6	9.2	8.6
Total financial expenses (51->54)	45.6	38.4	29.2	24.3	22.4	23.3	15.6	9.2	8.6
VI. General and Administrative expenses	21.0	35.5	21.0	21.0	17.8	22.2	17.6	16.8	17.4
VII. Net profit from securities business (20+50-40-60-61-62)	30.3	90.7	57.7	39.9	33.0	35.8	35.0	49.8	21.0
8.1. Other incomes	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8.2. Other expenses	0.4	—	—	0.1	0.0	0.1	1.9	0.1	0.0
Other profit (71-72)	-0.4	0.0	0.0	-0.0	-0.0	-0.1	-1.9	-0.1	-0.0
IX. Profit before tax (70+80)	29.9	90.7	57.8	39.9	33.0	35.7	33.1	49.7	21.0
9.1. Realised profit	40.8	30.3	56.3	39.9	34.2	41.6	29.0	53.2	22.0
9.2. Unrealised profit	-10.9	60.4	1.5	-0.0	-1.3	-5.8	4.1	-3.5	-1.0
CORPORATE INCOME TAX	8.4	19.9	11.3	8.2	7.1	8.9	6.2	9.8	4.3
10.1. Current corporate income tax expenses	8.4	6.5	11.3	8.2	7.1	9.2	6.2	10.7	4.3
10.2. Deferred income tax expenses	—	13.5	—	—	—	-0.3	—	-0.9	—
XI. Net profit after tax (90-100)	21.4	70.8	46.5	31.7	25.9	26.8	26.9	40.0	16.7
11.1. Profit after tax for shareholders of the parents company	21.4	70.8	46.5	31.7	25.9	26.8	26.9	40.0	16.7
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	—	—	41.7	—	14.2	10.7	13.0	17.6	9.9
Total other comprehensive income	—	—	41.7	15.2	14.2	10.7	13.0	17.6	9.9
13.1. Earning per share	212.00	700.00	459.00	313.00	256.00	265.00	266.00	380.00	165.00
Earnings per Share	211.71	699.53	459.43	313.31	256.27	265.39	266.35	395.07	164.89

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)	3,379.4	4,035.8	3,290.9	2,763.2	2,717.3	2,544.7	3,141.3	2,641.8	2,326.7
Short-term financial assets	3,368.8	4,030.2	3,284.0	2,754.3	2,706.6	2,535.5	3,128.9	2,633.3	2,317.9
1. Cash and cash equivalents	232.8	122.8	69.1	130.3	75.0	104.2	947.8	243.2	112.5
1.1. Cash	232.8	122.8	69.1	130.3	75.0	104.2	11.8	243.2	112.5
1.2. Cash equivalents	—	—	—	—	—	—	936.0	—	—
2. Financial assets at fair value through profit or loss (FVTPL)	528.6	505.0	160.4	271.6	223.1	1,201.3	—	822.3	373.6
3. Held to maturity investments (HTM)	1,586.3	1,788.6	1,449.1	1,197.6	1,048.3	150.4	879.8	518.1	707.1
4. Loans	971.0	1,565.2	1,561.4	1,127.3	1,329.9	1,065.9	1,282.5	1,033.9	1,054.1
6. Provisions for impairment loss of financial assets and mortgages	-19.0	-19.0	-19.0	-19.0	-19.0	-19.0	-19.0	-19.0	-18.6
7. Short-term receivables	64.7	59.7	54.3	40.3	46.7	29.9	20.2	16.5	23.6
7.2. Receivables and accruals from dividends and interest income	64.7	59.7	54.3	40.3	46.7	29.9	20.2	16.5	23.6
7.2.1. Due dividend and interest receivables	38.2	44.2	31.5	30.0	—	29.9	20.2	16.5	23.6
7.2.2. Undue dividend and interest receivables	26.5	15.4	22.8	10.4	46.7	—	—	—	—
Prepayments to suppliers	0.1	3.1	1.4	3.5	0.1	0.1	0.5	0.5	47.2
9. Service related receivable	5.9	5.7	10.6	5.0	5.5	5.8	19.4	19.3	19.8
12. Other receivables	2.2	3.0	2.1	3.2	3.2	3.2	2.1	2.1	2.0
13. Provision for doubtful debts	-3.9	-3.9	-5.5	-5.5	-6.1	-6.5	-4.4	-3.5	-3.5
II. Other short-term assets	10.6	5.6	6.9	8.9	10.7	9.2	12.4	8.5	8.8
1. Advances	1.8	1.3	1.7	2.1	2.4	2.6	3.1	0.1	0.1
2. Office supplies, tools	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Short-term prepayments	2.2	2.9	0.8	2.2	3.6	3.3	3.8	3.6	4.6
Taxes and other receivables from state authorities	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	6.5	1.4	4.5	4.5	4.8	3.3	5.5	4.8	4.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	680.7	681.2	960.5	961.0	793.7	845.3	142.6	148.4	140.9
I. Long-term financial assets	580.0	580.0	854.6	856.8	687.8	737.6	45.4	50.0	42.3
2. Long-term investments	580.0	580.0	854.6	856.8	687.8	737.6	45.4	50.0	42.3
2.1. Held to maturity investments (HTM)	580.0	580.0	780.4	809.2	641.2	694.5	—	—	—
2.5. Other long-term investments	—	—	74.1	47.6	46.6	43.1	45.4	50.0	42.3
II. Fixed assets	78.5	79.7	80.4	73.8	74.9	76.2	75.4	76.6	77.6
1. Tangible fixed assets	10.9	11.6	11.9	5.0	5.6	6.2	6.9	7.5	8.0
- Cost	32.6	—	—	—	—	—	—	—	—
- Accumulated depreciation	-21.7	—	—	—	—	—	—	—	—
3. Intangible fixed assets	67.6	68.1	68.5	68.9	69.3	69.9	68.5	69.1	69.6
- Cost	105.4	—	—	—	—	—	—	—	—
- Accumulated depreciation	-37.8	—	—	—	—	—	—	—	—
V. Other long-term assets	22.1	21.5	25.5	30.4	31.0	31.6	21.8	21.8	21.0
1. Pledged assets, mortgages, security deposits in long term	1.7	1.1	1.1	9.3	9.9	10.5	1.1	1.0	1.0
2. Long-term prepayments	0.4	0.4	2.0	—	—	—	—	—	—
3. Deferred income tax assets	—	—	2.4	1.1	1.1	1.1	0.7	0.7	—
4. Payment for Settlement Assistance Fund	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
TOTAL ASSETS (270=100+200)	4,060.0	4,717.0	4,251.4	3,724.2	3,511.0	3,390.0	3,283.9	2,790.2	2,467.6
A. LIABILITIES (300=310+340)	2,445.8	3,117.7	2,681.2	2,228.3	2,045.8	1,947.1	1,865.5	1,394.0	1,117.6
I. Short -term liabilities	2,435.4	3,106.6	2,681.2	2,228.3	2,045.8	1,947.1	1,865.5	1,394.0	1,117.5
1. Short-term borrowings	2,378.6	3,024.0	2,618.6	2,186.3	2,014.3	1,893.7	1,830.5	1,316.0	1,093.2
1.1. Short-term borrowings	2,378.6	3,024.0	2,618.6	2,186.3	2,014.3	1,893.7	1,830.5	1,316.0	1,093.2
6. Payables to securities trading activities	12.7	7.8	3.3	2.2	2.3	2.0	1.7	9.1	3.9
8. Trade accounts payable	1.3	2.3	1.5	1.1	1.3	1.2	1.1	1.9	1.2
9. Advances from customers	3.5	0.4	4.9	2.7	3.7	0.3	0.2	5.8	0.2
10. Taxes and other payables to state authorities	13.2	34.9	30.4	17.7	11.2	32.5	18.9	17.3	8.6
11. Payable to employees	0.0	16.3	3.4	0.6	0.0	0.0	0.0	0.0	0.0
12. Employee welfare payables	0.5	0.4	0.3	0.2	0.1	0.2	0.1	0.2	0.3
13. Accrued expenses	15.1	13.6	11.4	10.3	7.7	10.7	6.9	5.2	5.5
15. Unearned revenue	0.3	0.2	0.2	0.2	0.2	0.1	0.2	0.2	0.4
16. Short-term deposits, collateral received	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
17. Other payables	0.6	0.2	0.6	0.4	0.2	1.2	0.7	33.1	0.4
19. Bonus and welfare fund	9.3	6.4	6.5	6.5	4.6	5.1	5.1	5.1	3.6
II. Long-term liabilities	10.5	11.0	—	—	—	—	—	—	0.2
14. Deferred income tax liabilities	10.5	11.0	—	—	—	—	—	—	0.2
B. OWNER'S EQUITY (400=410+420)	1,614.2	1,599.3	1,570.2	1,495.9	1,465.3	1,442.9	1,418.4	1,396.2	1,350.0
I. Owner's equity	1,614.2	1,599.3	1,570.2	1,495.9	1,465.3	1,442.9	1,418.4	1,396.2	1,350.0
1. Investment capital from owners	1,011.5	1,011.5	1,011.5	1,011.5	1,011.5	1,011.5	1,011.5	1,011.5	1,011.5
1.1. Capital from owners	1,011.5	1,011.5	1,011.5	1,011.5	1,011.5	1,011.5	1,011.5	1,011.5	1,011.5
a. Common stock	1,011,500,000,000.00	1,011,500,000,000.00	1,011,500,000,000.00	1,011,500,000,000.00	1,011,500,000,000.00	1,011,500,000,000.00	1,011,500,000,000.00	1,011,500,000,000.00	1,011,500,000,000.00
2. Assets revaluation differences	—	—	41.7	15.2	14.2	10.7	13.0	17.6	9.9
4. Supplementary capital reserve	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2
7. Undistributed earnings after tax	576.3	561.4	490.6	442.8	413.2	394.3	367.5	340.7	302.2
7.1. Realised profits	545.3	517.2	493.4	448.4	418.7	398.6	366.3	343.6	302.5
7.2. Unrealised losses	31.0	44.2	-2.8	-5.6	-5.5	-4.3	1.2	-2.9	-0.3
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	4,060.0	4,717.0	4,251.4	3,724.2	3,511.0	3,390.0	3,283.9	2,790.2	2,467.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	29.9	88.9	57.8	39.9	33.0	27.7	33.1	49.9	21.0
2. Adjustments for	10.3	-42.1	36.2	-3.1	-2.5	0.3	1.1	8.9	-16.2
- Depreciation and amortization	1.2	1.3	1.2	1.1	1.3	1.4	1.3	1.3	1.3
- (Reversal of provisions)/provisions	—	0.1	0.0	-0.6	-0.4	2.1	0.0	1.3	—
- Loss/(profits) from other investing activities	-39.1	-76.6	4.3	-41.3	-16.2	-19.3	-11.9	-23.6	-2.5
- Interest expense	48.3	33.1	30.7	26.5	24.1	23.3	15.6	9.2	8.7
- Accrued interest income	—	—	—	—	-11.3	-7.2	-3.8	10.4	-13.3
- Adjustments for	—	—	—	—	—	—	—	—	-10.4
3. Add non-cash expenses	27.3	7.1	2.6	1.8	2.2	6.3	3.7	0.8	1.1
- Loss from revaluation losses of FVTPL financial assets	27.3	7.1	2.6	1.8	2.2	6.3	3.7	0.8	1.1
4. Less non-cash income	-16.4	-64.6	-4.0	-1.8	-1.0	-0.5	-7.8	2.7	-0.1
- Gains from revaluation gains of FVTPL financial assets	-16.4	-64.6	-4.0	-1.8	-1.0	-0.5	-7.8	2.7	-0.1
5. Changes of assets and liabilities	762.0	-397.5	-544.2	-163.3	-131.6	-19.7	-720.0	-242.9	-546.9
- Increase/decrease in FVTPL financial assets	-34.5	-287.0	112.7	-48.6	977.0	-271.1	-109.6	-452.2	-34.2
- Increase/decrease in held to maturity investments	202.3	-139.0	-222.8	-317.3	-844.5	34.8	-361.7	189.0	-186.0
- Increase/decrease in loan	594.3	-3.9	-434.1	202.6	-264.0	216.6	-248.6	20.3	-326.7
- Increase/decrease in AFS financial assets	—	32.4	—	—	—	—	—	—	—
6. Operating profit before changes in working capital	813.0	-408.2	-451.7	-126.4	-99.9	14.1	-689.8	-180.6	-541.1
Increase/decrease in receiables interest of financial assets	-5.0	-5.3	-14.0	-4.9	-5.5	-16.0	0.6	-5.4	21.1
Increase/decrease in service related receivables	-0.2	4.9	-5.6	0.5	0.4	13.6	-0.1	0.5	-0.2
Increases/decreases in other receivables	0.8	0.3	3.2	-3.4	0.1	-0.8	-0.0	46.7	204.3
Increase/decrease in other assets	-5.6	3.4	-0.7	1.7	-1.2	2.7	-3.7	-0.7	-0.8
- Increase/(decrease) in payables (other than interest, corporate income tax)	1.6	6.3	-0.6	2.0	-4.8	4.7	0.9	-0.9	0.6
- (Increase)/decrease in prepaid expenses	0.2	-0.5	-0.6	1.4	-0.3	0.5	-0.2	0.9	0.1
- Corporate income tax paid	-32.8	0.0	0.0	-2.0	-24.8	0.0	-3.5	-1.5	-4.7
- Interest paid	-47.8	-37.3	-29.0	-25.9	-26.8	-19.5	-14.8	-8.7	-9.2
Increases/decreaese in trade payables	-1.0	0.8	0.4	-0.2	0.1	-0.2	-0.7	0.6	-0.1
Increases/decreases in employee welfare payables	0.1	0.1	0.1	0.1	-0.1	0.1	-0.1	-0.1	0.1
Increases/decreases in tax and other payables to the State Budget	0.9	-2.0	1.4	0.4	-2.6	4.4	-1.3	-0.6	1.6
Increases/dcreases in payable to employees	-15.2	11.8	2.8	0.6	-3.4	3.4	0.0	0.0	-3.4
Increases/dcreases in other payables	8.6	-1.5	3.6	-1.7	2.8	0.8	-44.6	42.5	-0.5
- Other receipts from operating activities	—	—	—	—	—	0.0	—	—	—
- Other payments for operating activities	-1.1	-0.8	9.4	-0.1	0.1	-9.4	-0.0	-0.0	—
Net cash flows from securities trading activities	716.3	-427.9	-481.3	-158.1	-165.9	-1.6	-757.4	-107.2	-332.2
1. Payment for fixed assets, constructions and other long-term assets	—	-0.5	-7.8	—	—	-1.9	-0.1	-0.2	—
2. Proceeds from disposals of fixed assets and other long-term assets	—	—	—	—	—	0.0	0.0	—	—
7. Dividends, interest and profit received	39.1	76.6	-4.3	41.3	16.2	32.7	11.5	15.5	-2.0
Net cash flows from investing activities	39.1	76.1	-12.1	41.3	16.2	30.9	11.4	15.2	-2.0
3. Short-term and long-term borrowings	7,148.3	15,697.8	14,410.0	10,745.4	7,293.5	7,117.8	7,440.9	6,573.3	6,154.0
3.2. Other borrowings	7,148.3	15,697.8	14,410.0	10,745.4	7,293.5	7,117.8	7,440.9	6,573.3	6,154.0
4. Principal repayments	-7,793.8	-15,292.3	-13,977.8	-10,573.3	-7,173.0	-7,054.5	-6,926.4	-6,350.5	-5,995.3
4.3. Other principal repayments	-7,793.8	-15,292.3	-13,977.8	-10,573.3	-7,173.0	-7,054.5	-6,926.4	-6,350.5	-5,995.3
Net cash flows from financing activities	-645.5	405.4	432.2	172.1	120.5	63.2	514.5	222.8	158.7
IV. Net cash flows during the period	110.0	53.7	-61.1	55.3	-29.2	92.5	-231.5	130.7	-175.5
V. Cash and cash equivalents at begingning of the period	122.8	69.1	130.3	75.0	104.2	11.8	243.2	112.5	288.0
Cash and cash equivalents at end of period	232.8	122.8	69.1	130.3	75.0	104.2	11.8	243.2	112.5
1. Proceeds from sale of brokerage securities to customers	13,561.3	6,385.6	12,540.1	6,584.5	5,617.9	598.8	5,824.6	9,206.5	8,571.9
2. Money spent on buying brokerage securities for customers	-9,317.8	-10,251.2	-12,724.7	-6,410.0	-5,353.5	-10,780.1	262.8	-10,004.3	-7,777.0
9. Receive deposits to pay for securities transactions of customers	20,536.2	-26,582.6	59,272.6	11,048.9	1,250.8	16,901.9	1,592.5	3,505.6	2,330.5
11. Payment for customers' securities transactions	-24,478.6	30,387.3	-58,953.9	-11,114.7	-1,412.9	-6,955.7	-7,654.1	-2,918.6	-2,872.6
14. Payment of customers' securities depository fees	-1.0	-1.6	-0.8	-0.8	-0.6	-0.7	-0.7	-1.3	-0.6
17. Proceeds from Securities Issuers	74.8	145.2	50.1	-101.1	266.2	554.1	61.0	529.8	23.7
18. Payments to Securities Issuers	-74.8	-145.2	-50.1	101.1	-266.2	-554.1	-61.0	-530.4	-23.3
Increase / decrease of net money during the period	300.1	-62.5	133.3	107.9	101.7	-235.8	25.0	-212.7	252.7
II. Cash and cash equivalents at the beginning of the period of the customer	515.2	577.7	444.4	336.5	234.8	470.6	445.5	658.3	405.5
-Deposits from issuing organizations	0.0	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	815.2	515.2	577.7	444.4	336.5	234.8	470.6	445.5	658.3
-Deposits from issuing organizations	0.0	—	—	—	—	—	—	—	—

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ABW

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