BSI

Chứng khoán BIDV ·HOSE ·2026Q1

▲ BALANCED OPERATIONS

Balanced operations NPAT +40.4% YoY

Price

34,350

Latest close

02 Jun 2026

EPS TTM (TTM) 1,123

BVPS (Latest) 12,453

P/E (Price/EPS) 30.6x

P/B (Price/BVPS) 2.8x

ROAE TTM (TTM) 9.3%

PBT Margin (TTM) 25.8%

Trading Share (Mix) 43.9%

Service & Brokerage Share (Mix) 20.9%

Equity / Assets (Latest) 30.9%

Leverage (Latest) 2.2x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 633.0bn, equivalent to a pre-tax margin of 25.8%, but headline durability remains more sensitive to revaluation, while margin has narrowed by 6.1pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 43.9% after expanding by +6.9pp, while lending is at 35.2%; brokerage and services are still 20.9% but have narrowed by 2.5pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 30.9% while Leverage is about 2.23x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 1.125 tỷ
+97,1%
Lãi thuần 425 tỷ
+65,6%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 808 tỷ
+56,2%
Dư nợ 9.165 tỷ
+36,9%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 416 tỷ
+51,0%
Lãi thuần 80,7 tỷ
+118,5%

Metric	2025	2024
PBT	616.2	515.7
Trading Share	40.9%	37.2%
Lending Share	35.8%	38.0%
Service & Brokerage Share	23.3%	24.8%
PBT Margin	29.38%	36.56%
Equity / Assets	33.2%	49.1%
Leverage	2.01x	1.04x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	117.1	119.8	269.2	126.8	100.4	113.4	94.4	136.3	171.6
Trading Share	48.7%	33.2%	49.1%	39.9%	38.3%	32.0%	32.8%	43.2%	38.2%
Lending Share	33.4%	43.1%	29.3%	32.7%	41.5%	43.5%	41.9%	33.0%	36.0%
Service & Brokerage Share	18.0%	23.7%	21.5%	27.4%	20.1%	24.5%	25.2%	23.8%	25.8%
PBT Margin	16.80%	21.19%	39.13%	25.05%	29.77%	35.92%	29.58%	32.14%	48.78%
Equity / Assets	30.9%	33.2%	32.6%	35.1%	39.4%	49.1%	47.3%	49.8%	45.6%
Leverage	2.23x	2.01x	2.07x	1.85x	1.54x	1.04x	1.11x	1.01x	1.19x

Drivers of BSI's profit

TTM

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

Margin lending +VND 291bn

Trading +VND 168bn

Other fees +VND 75.8bn

Brokerage +VND 43.8bn

Total costs −VND 390bn

Tax −VND 44.2bn

TTM

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

Margin lending +VND 93.0bn

Trading +VND 43.5bn

Other fees +VND 17.9bn

Brokerage +VND 6.9bn

Total costs −VND 144bn

Tax −VND 9.1bn

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 43.9%, lending is at 35.2%, brokerage is around 18.1%, other services about 2.8%, brokerage plus services together are 20.9%.

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 2,457.1bn +76.0% YoY

PBT margin 25.8% −6.1pp

Trading Share 43.9% +6.9pp

Brokerage Share 18.1% −2.9pp

Revaluation / Trading 49.0% +4.1pp

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 25.8%, Return on assets is about 3.2%, provisions equal -0.1% of pre-tax profit, revaluation accounts for 77.9% 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 25.8% −6.1pp

Net margin 20.4% −5.2pp

ROAA 3.2% +0.6pp

ROAE 9.3% +2.6pp

Revaluation / PBT 77.9% +29.1pp

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 50.5% of assets, the prop book about 35.1%, liquid assets around 12.1%, equity roughly 30.9%.

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 50.5% −0.9pp

Prop book / Assets 35.1% +2.7pp

Liquid assets / Assets 12.1% −0.8pp

Equity / Assets 30.9% −8.5pp

Liabilities / Equity 2.23x +0.70x

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 30.9% of assets, liabilities stand at 2.23x of equity, short-term borrowings are about 61.7% of assets, cash covers roughly 0.05x 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 30.9% −8.5pp

Liabilities / Equity 2.23x +0.70x

Short-term borrowings / Assets 61.7% +13.7pp

Liquid assets / Assets 11.0% +1.3pp

Cash / Short-term borrowings 0.05x —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, BSI 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)	817.6	494.1
a. Realised gains on disposals of FVTPL financial assets	328.1	184.0
b. Gains from revaluation of FVTPL financial assets	377.2	251.7
c. Dividends and interest income from FVTPL financial assets	97.4	55.6
d. Gain from revaluation of outstanding covered warrant payables	15.0	2.8
1.2. Gains from held to maturity investments	97.4	81.4
1.3. Interest income from loans and receivables	715.4	505.5
1.4. Gains from available-for-sale financial assets (AFS)	0.4	0.4
1.6. Revenue from brokerage services	376.4	298.9
1.7. Revenue from share issue guarantee and agency activities	41.7	0.8
1.8. Revenue from investment advisory services	32.5	14.9
1.10. Revenue from securities custody services	15.7	14.7
1.11. Other revenue	0.0	0.0
Revenue from securities business (01->11)	2,097.2	1,410.7
Net sales	2,097.2	1,410.7
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	533.3	255.0
a. Loss from disposals of financial assets at FVTPL	171.8	51.5
b. Loss from revaluation of financial assets at FVTPL	343.8	195.9
c. Transaction cost of acquisition of financial assets at FVTPL	6.9	4.8
d. Loss from revaluation of outstanding covered warrant payables	10.8	2.8
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	-0.5	0.0
2.6. Expenses for proprietary trading activities	14.8	11.7
2.7. Expenses for brokerage services	302.5	251.7
2.8. Expenses for underwriting and issurance agency services	14.9	—
2.9. Expenses for financial advisory services	16.2	12.7
2.11. Expenses for secutiries custodian services	15.7	14.1
2.12. Other expenses	0.1	0.1
Operating expenses (21->33)	897.0	545.4
Gross profit	1,200.2	865.3
3.1. Realized and unrealized gain from changes in foreign exchange rates	0.0	0.2
3.2. Dividends, interest income from demand deposits	9.0	8.0
3.4. Other income about investment	—	0.0
Total financial income (41->44)	9.0	8.2
4.1. Realized and unrealized loss from changes in foreign exchange rates	0.0	—
4.2. Borrowing costs	380.8	169.6
4.3. Loss from disposal investments in subsidiaries, associates, joint-ventures	3.6	—
4.4. Other investment expenses	—	1.6
Total financial expenses (51->54)	384.4	171.2
VI. General and Administrative expenses	207.5	187.1
VII. Net profit from securities business (20+50-40-60-61-62)	617.3	515.2
8.1. Other incomes	0.0	0.6
8.2. Other expenses	1.1	0.1
Other profit (71-72)	-1.1	0.5
IX. Profit before tax (70+80)	616.2	515.7
9.1. Realised profit	578.6	459.9
9.2. Unrealised profit	37.6	55.7
CORPORATE INCOME TAX	122.5	102.6
10.1. Current corporate income tax expenses	121.0	90.4
10.2. Deferred income tax expenses	1.5	12.2
XI. Net profit after tax (90-100)	493.7	413.1
11.1. Profit after tax for shareholders of the parents company	493.7	413.1
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	—	-4.3
Total other comprehensive income	—	-4.3
13.1. Earning per share	2,012.00	1,852.00
Earnings per Share	1,094.53	963.49

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	16,233.7	9,761.4
Short-term financial assets	16,217.6	9,744.1
1. Cash and cash equivalents	1,064.1	284.4
1.1. Cash	1,064.1	284.4
2. Financial assets at fair value through profit or loss (FVTPL)	4,462.5	3,083.7
3. Held to maturity investments (HTM)	1,138.4	1,024.9
4. Loans	9,337.8	5,200.2
5. Available-for-sale financial assets (AFS)	—	34.4
6. Provisions for impairment loss of financial assets and mortgages	-5.9	-6.4
7. Short-term receivables	204.1	116.3
7.1. Receivables from disposal of financial assets	4.3	22.4
7.2. Receivables and accruals from dividends and interest income	199.9	93.9
7.2.2. Undue dividend and interest receivables	199.9	93.9
Prepayments to suppliers	1.5	1.1
9. Service related receivable	15.1	5.4
12. Other receivables	0.1	0.1
13. Provision for doubtful debts	-0.1	-0.1
II. Other short-term assets	16.1	17.3
1. Advances	0.0	0.0
2. Office supplies, tools	0.7	—
3. Short-term prepayments	11.3	12.5
5. Other short-term assets	4.0	4.8
B. LONG-TERM ASSETS (200=210+220+240+250-260)	394.1	553.6
I. Long-term financial assets	310.5	466.3
2. Long-term investments	310.5	466.3
2.1. Held to maturity investments (HTM)	310.5	466.3
II. Fixed assets	25.7	27.6
1. Tangible fixed assets	15.3	17.5
- Cost	64.7	60.6
- Accumulated depreciation	-49.5	-43.1
3. Intangible fixed assets	10.5	10.1
- Cost	21.8	19.3
- Accumulated depreciation	-11.4	-9.2
V. Other long-term assets	57.9	59.7
1. Pledged assets, mortgages, security deposits in long term	11.5	11.4
2. Long-term prepayments	10.0	12.5
4. Payment for Settlement Assistance Fund	21.4	20.8
5. Other long-term assets	15.0	15.0
TOTAL ASSETS (270=100+200)	16,627.8	10,315.1
A. LIABILITIES (300=310+340)	11,100.0	5,253.2
I. Short -term liabilities	11,080.6	5,235.3
1. Short-term borrowings	9,603.5	4,876.8
1.1. Short-term borrowings	9,603.5	4,876.8
4. Short-term bonds	300.0	—
6. Payables to securities trading activities	1,026.1	252.2
8. Trade accounts payable	2.5	0.8
9. Advances from customers	0.5	0.5
10. Taxes and other payables to state authorities	52.3	46.3
11. Payable to employees	54.3	42.4
12. Employee welfare payables	0.0	0.0
13. Accrued expenses	36.5	11.8
17. Other payables	1.0	1.4
19. Bonus and welfare fund	4.0	3.2
II. Long-term liabilities	19.4	17.9
14. Deferred income tax liabilities	19.4	17.9
B. OWNER'S EQUITY (400=410+420)	5,527.8	5,061.9
I. Owner's equity	5,527.8	5,061.9
1. Investment capital from owners	4,510.3	4,287.3
1.1. Capital from owners	2,453.7	2,230.6
a. Common stock	2,453,659,430,000.00	2,230,607,010,000.00
1.2. Share premium	2,056.7	2,056.7
2. Assets revaluation differences	—	-4.3
7. Undistributed earnings after tax	1,017.4	778.9
7.1. Realised profits	893.0	690.5
7.2. Unrealised losses	124.4	88.4
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	16,627.8	10,315.1

Item	2025	2024
1. Profit before tax	616.2	515.7
2. Adjustments for	146.3	64.0
- Depreciation and amortization	8.5	9.3
- (Reversal of provisions)/provisions	-0.4	0.1
- Loss/(profits) from other investing activities	-9.0	-8.4
- Interest expense	380.8	169.6
- Accrued interest income	-233.7	-106.6
3. Add non-cash expenses	354.6	198.8
- Loss from revaluation losses of FVTPL financial assets	354.6	198.8
4. Less non-cash income	-392.2	-254.5
- Gains from revaluation gains of FVTPL financial assets	-392.2	-254.5
5. Changes of assets and liabilities	-5,402.0	-2,437.5
- Increase/decrease in FVTPL financial assets	-1,345.4	-1,248.3
- Increase/decrease in held to maturity investments	42.3	-246.2
- Increase/decrease in loan	-4,137.6	-904.4
- Increase/decrease in AFS financial assets	38.7	-38.7
6. Operating profit before changes in working capital	-4,677.1	-1,913.6
Increase/decrease in receiables sale of financial assets	18.1	-21.3
Increase/decrease in receiables interest of financial assets	127.7	92.3
Increase/decrease in service related receivables	-9.7	0.6
Increases/decreases in other receivables	-0.5	1.6
Increase/decrease in other assets	0.0	1.9
- Increase/(decrease) in payables (other than interest, corporate income tax)	0.0	0.0
- (Increase)/decrease in prepaid expenses	3.7	-2.5
- Corporate income tax paid	-121.5	-74.7
- Interest paid	-356.1	-178.5
Increases/decreaese in trade payables	779.9	-1.7
Increases/decreases in employee welfare payables	-31.0	-29.8
Increases/decreases in tax and other payables to the State Budget	6.4	-3.9
Increases/dcreases in payable to employees	11.9	-4.7
Increases/dcreases in other payables	-0.4	28.4
- Other payments for operating activities	-0.9	-0.5
Net cash flows from securities trading activities	-4,249.3	-2,106.5
1. Payment for fixed assets, constructions and other long-term assets	-6.7	-7.8
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.4
7. Dividends, interest and profit received	9.0	8.0
Net cash flows from investing activities	2.3	0.5
3. Short-term and long-term borrowings	18,024.7	9,656.4
3.2. Other borrowings	18,024.7	9,656.4
4. Principal repayments	-12,998.0	-8,083.1
4.3. Other principal repayments	-12,998.0	-8,083.1
Net cash flows from financing activities	5,026.6	1,573.3
IV. Net cash flows during the period	779.7	-532.7
V. Cash and cash equivalents at begingning of the period	284.4	817.1
Cash at bank	284.4	817.1
- Cash at bank for securities company activities	284.4	247.1
- Cash equivalents	—	570.0
Cash and cash equivalents at end of period	1,064.1	284.4
Cash at bank	1,064.1	284.4
- Cash at bank for securities company activities	1,064.1	284.4
1. Proceeds from sale of brokerage securities to customers	186,250.4	137,280.0
2. Money spent on buying brokerage securities for customers	-267,504.2	-144,849.8
9. Receive deposits to pay for securities transactions of customers	431,586.5	335,814.3
11. Payment for customers' securities transactions	-350,779.6	-328,372.9
14. Payment of customers' securities depository fees	-11.3	-11.0
17. Proceeds from Securities Issuers	19,930.5	5,565.9
18. Payments to Securities Issuers	-19,878.4	-6,654.7
Increase / decrease of net money during the period	-406.1	-1,228.2
II. Cash and cash equivalents at the beginning of the period of the customer	1,636.7	2,864.9
Cash at bank	1,636.7	2,864.9
-Deposits of investors on securities transactions under the Securities Company management method	1,352.8	981.9
-Cash deposit for securities transactions for customers	223.9	703.1
-Securities clearing and settlement deposits	39.0	70.2
-Deposits from issuing organizations	21.0	1,109.8
III. Cash and cash equivalents at the end of the period of the customer	1,230.6	1,636.7
Cash at bank	1,230.6	1,636.7
-Deposits of investors on securities transactions under the Securities Company management method	752.7	1,352.8
-Cash deposit for securities transactions for customers	364.7	223.9
-Securities clearing and settlement deposits	40.1	39.0
-Deposits from issuing organizations	73.0	21.0

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)	327.9	178.8	323.6	193.3	121.8	93.1	97.8	175.7	127.6
a. Realised gains on disposals of FVTPL financial assets	110.9	75.0	129.8	91.9	31.4	31.2	26.2	101.7	24.9
b. Gains from revaluation of FVTPL financial assets	183.6	60.9	151.9	96.9	67.6	52.3	55.6	41.7	102.1
c. Dividends and interest income from FVTPL financial assets	30.2	36.0	37.3	2.7	21.4	9.5	15.8	29.8	0.5
d. Gain from revaluation of outstanding covered warrant payables	3.1	7.0	4.6	1.9	1.4	—	0.2	2.6	0.0
1.2. Gains from held to maturity investments	23.2	27.3	29.0	21.9	19.2	24.3	21.5	17.5	18.1
1.3. Interest income from loans and receivables	224.9	231.8	193.1	158.5	132.0	126.7	124.7	134.2	119.9
1.4. Gains from available-for-sale financial assets (AFS)	—	—	0.3	—	0.2	0.4	—	—	—
1.6. Revenue from brokerage services	97.9	95.9	136.8	84.8	58.8	62.3	66.7	87.4	82.5
1.7. Revenue from share issue guarantee and agency activities	1.7	16.3	0.0	25.4	—	0.8	—	—	—
1.8. Revenue from investment advisory services	18.0	11.2	1.8	18.0	1.5	4.0	5.0	5.4	0.5
1.10. Revenue from securities custody services	3.6	4.3	3.2	4.4	3.8	4.2	3.5	3.9	3.1
1.11. Other revenue	—	0.0	—	0.0	—	0.0	—	—	—
Revenue from securities business (01->11)	697.1	565.7	687.9	506.4	337.2	315.7	319.1	424.2	351.7
Net sales	697.1	565.7	687.9	506.4	337.2	315.7	319.1	424.2	351.7
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	242.9	143.0	149.9	163.9	76.5	45.9	63.9	127.7	17.6
a. Loss from disposals of financial assets at FVTPL	92.6	43.3	29.6	84.3	14.6	10.0	25.2	11.4	4.9
b. Loss from revaluation of financial assets at FVTPL	142.0	94.1	114.4	75.1	60.3	34.5	35.4	114.9	11.0
c. Transaction cost of acquisition of financial assets at FVTPL	2.6	1.7	1.9	1.9	1.4	1.4	1.1	1.2	1.1
d. Loss from revaluation of outstanding covered warrant payables	5.8	3.9	4.0	2.7	0.2	—	2.1	0.2	0.5
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	0.1	-0.1	-0.3	0.0	-0.1	-0.0	0.1	0.1	-0.1
2.6. Expenses for proprietary trading activities	3.8	3.8	3.3	3.6	4.1	2.6	2.6	2.5	3.9
2.7. Expenses for brokerage services	85.3	82.8	97.8	68.9	53.0	57.7	55.9	71.5	66.5
2.8. Expenses for underwriting and issurance agency services	—	9.9	5.0	—	—	—	—	—	—
2.9. Expenses for financial advisory services	9.7	5.4	4.8	3.7	2.3	3.1	3.1	3.1	3.4
2.11. Expenses for secutiries custodian services	3.8	4.1	4.2	3.8	3.6	3.7	3.6	3.6	3.3
2.12. Other expenses	—	0.0	0.0	—	—	—	0.1	—	—
Operating expenses (21->33)	345.6	248.9	264.8	244.0	139.4	113.0	129.2	208.5	94.6
Gross profit	351.5	316.8	423.2	262.4	197.8	202.6	189.9	215.6	257.1
3.1. Realized and unrealized gain from changes in foreign exchange rates	—	0.0	—	0.0	0.0	0.0	0.0	0.2	0.0
3.2. Dividends, interest income from demand deposits	0.7	2.2	2.3	2.6	1.9	2.2	1.5	2.5	1.8
3.4. Other income about investment	—	—	—	—	—	—	0.0	0.0	—
Total financial income (41->44)	0.7	2.2	2.3	2.6	1.9	2.2	1.5	2.7	1.8
4.1. Realized and unrealized loss from changes in foreign exchange rates	—	—	0.0	0.0	—	—	—	—	—
4.2. Borrowing costs	189.2	131.1	104.9	83.9	60.9	46.4	45.9	37.9	39.4
4.4. Other investment expenses	1.2	1.2	0.5	1.0	1.0	1.0	0.7	0.0	0.0
Total financial expenses (51->54)	190.4	132.3	105.3	84.9	61.9	47.4	46.6	37.9	39.4
VI. General and Administrative expenses	44.7	65.9	51.0	53.2	37.4	44.2	50.8	44.1	48.0
VII. Net profit from securities business (20+50-40-60-61-62)	117.1	120.9	269.1	126.8	100.4	113.2	94.0	136.4	171.6
8.1. Other incomes	0.0	—	0.0	0.0	0.0	0.2	0.4	0.0	0.0
8.2. Other expenses	0.0	1.0	—	0.0	0.1	0.0	0.0	0.0	0.0
Other profit (71-72)	0.0	-1.0	0.0	0.0	-0.1	0.2	0.3	-0.0	0.0
IX. Profit before tax (70+80)	117.1	119.8	269.2	126.8	100.4	113.4	94.4	136.3	171.6
9.1. Realised profit	78.2	149.9	231.0	105.8	91.9	95.6	76.1	207.2	81.0
9.2. Unrealised profit	38.9	-30.1	38.1	21.0	8.5	17.8	18.3	-70.9	90.6
CORPORATE INCOME TAX	28.3	24.8	53.6	24.9	19.3	22.3	24.4	21.6	34.4
10.1. Current corporate income tax expenses	25.4	34.3	42.1	28.1	16.5	20.8	14.5	36.9	18.2
10.2. Deferred income tax expenses	3.0	-9.5	11.5	-3.2	2.7	1.5	9.9	-15.3	16.2
XI. Net profit after tax (90-100)	88.8	95.1	215.6	101.9	81.1	91.1	70.0	114.8	137.1
11.1. Profit after tax for shareholders of the parents company	88.8	95.1	215.6	101.9	81.1	91.1	70.0	114.8	137.1
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	—	—	-1.1	9.0	-5.8	-4.3	—	—	—
Total other comprehensive income	—	—	-1.1	9.0	-5.8	-4.3	—	—	—
13.1. Earning per share	362.00	387.00	879.00	457.00	364.00	331.00	338.00	556.00	676.00
13.2. Diluted earning per share	—	—	—	—	—	331.00	—	—	—
Earnings per Share	196.92	210.77	477.99	237.68	189.20	212.57	163.29	281.01	335.78

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)	17,878.6	16,235.0	16,272.0	14,452.2	12,448.5	9,761.4	9,976.3	9,571.5	10,479.0
Short-term financial assets	17,867.8	16,217.6	16,259.5	14,436.7	12,429.4	9,744.1	9,963.9	9,559.1	10,465.6
1. Cash and cash equivalents	549.6	1,064.1	759.4	393.4	301.3	284.4	281.8	907.8	388.3
1.1. Cash	549.6	1,064.1	759.4	393.4	301.3	284.4	281.8	907.8	388.3
2. Financial assets at fair value through profit or loss (FVTPL)	6,381.0	4,462.5	5,131.1	5,727.3	4,224.0	3,083.7	2,901.9	2,127.9	3,194.9
3. Held to maturity investments (HTM)	1,443.0	1,138.4	1,763.4	1,577.1	965.3	1,024.9	1,424.6	1,202.2	1,305.2
4. Loans	9,165.3	9,337.8	8,336.0	6,606.0	6,694.4	5,200.2	5,056.4	5,228.0	5,498.8
5. Available-for-sale financial assets (AFS)	—	—	—	9.2	123.7	34.4	—	—	—
6. Provisions for impairment loss of financial assets and mortgages	-6.0	-5.9	-6.1	-6.3	-6.3	-6.4	-6.4	-6.3	-6.3
7. Short-term receivables	314.9	204.1	268.9	94.4	118.0	116.3	297.6	83.5	65.5
7.1. Receivables from disposal of financial assets	118.5	4.3	126.0	1.2	11.8	22.4	215.6	17.2	2.6
7.2. Receivables and accruals from dividends and interest income	196.4	199.9	142.9	93.2	106.3	93.9	82.0	66.3	62.9
7.2.2. Undue dividend and interest receivables	196.4	199.9	142.9	93.2	106.3	93.9	82.0	66.3	62.9
Prepayments to suppliers	4.4	1.5	3.5	1.8	3.0	1.1	1.3	11.1	10.3
9. Service related receivable	15.4	15.1	3.3	33.7	5.4	5.4	6.8	4.7	4.0
12. Other receivables	0.3	0.1	0.1	0.1	0.6	0.1	0.1	0.3	4.9
13. Provision for doubtful debts	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	—	—
II. Other short-term assets	10.7	17.4	12.4	15.5	19.1	17.3	12.4	12.4	13.5
1. Advances	0.1	0.0	0.1	0.1	3.8	0.0	0.0	0.0	1.4
2. Office supplies, tools	0.7	0.7	0.5	0.5	0.5	—	0.4	0.7	0.7
3. Short-term prepayments	5.8	12.6	7.9	10.1	10.0	12.5	7.1	6.8	6.5
5. Other short-term assets	4.0	4.0	4.0	4.8	4.8	4.8	4.8	4.8	4.8
B. LONG-TERM ASSETS (200=210+220+240+250-260)	284.5	392.8	388.6	395.1	581.7	553.6	545.6	286.7	85.4
I. Long-term financial assets	208.5	310.5	305.9	313.1	414.6	466.3	459.3	203.1	—
2. Long-term investments	208.5	310.5	305.9	313.1	414.6	466.3	459.3	203.1	—
2.1. Held to maturity investments (HTM)	208.5	310.5	305.9	313.1	414.6	466.3	—	203.1	—
II. Fixed assets	23.7	25.7	27.0	24.6	26.3	27.6	27.4	29.1	31.0
1. Tangible fixed assets	13.8	15.3	16.6	14.5	16.0	17.5	14.6	15.7	17.0
- Cost	60.9	—	—	—	—	—	—	—	—
- Accumulated depreciation	-47.1	—	—	—	—	—	—	—	—
3. Intangible fixed assets	9.9	10.5	10.4	10.1	10.3	10.1	12.8	13.4	14.0
- Cost	21.8	—	—	—	—	—	—	—	—
- Accumulated depreciation	-12.0	—	—	—	—	—	—	—	—
V. Other long-term assets	52.3	56.5	55.7	57.4	140.8	59.7	58.9	54.5	54.3
1. Pledged assets, mortgages, security deposits in long term	11.5	11.5	11.5	11.4	94.6	11.4	11.4	11.3	11.7
2. Long-term prepayments	5.8	8.7	8.6	10.3	11.2	12.5	12.1	7.7	7.6
4. Payment for Settlement Assistance Fund	20.0	21.4	20.6	20.6	20.0	20.8	20.4	20.4	20.0
5. Other long-term assets	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0
TOTAL ASSETS (270=100+200)	18,163.0	16,627.8	16,660.6	14,847.3	13,030.2	10,315.1	10,521.9	9,858.2	10,564.4
A. LIABILITIES (300=310+340)	12,546.5	11,100.0	11,227.7	9,631.0	7,893.0	5,253.2	5,546.3	4,952.6	5,742.8
I. Short -term liabilities	12,524.1	11,080.6	11,198.7	9,613.6	7,872.3	5,235.3	5,529.9	4,946.1	5,720.9
1. Short-term borrowings	11,199.5	9,603.5	9,903.1	8,145.6	6,250.6	4,876.8	4,349.3	3,712.1	4,155.9
1.1. Short-term borrowings	11,199.5	9,603.5	9,903.1	8,145.6	6,250.6	4,876.8	4,349.3	3,712.1	4,155.9
4. Short-term bonds	300.0	300.0	—	—	—	—	—	300.0	300.0
6. Payables to securities trading activities	920.1	1,026.1	1,154.4	1,351.7	1,564.4	252.2	1,090.5	800.8	1,183.8
8. Trade accounts payable	2.6	2.5	0.3	1.5	0.3	0.8	1.4	0.8	0.3
9. Advances from customers	0.5	0.5	0.5	0.4	0.5	0.5	0.7	1.0	1.2
10. Taxes and other payables to state authorities	50.9	52.3	63.6	44.4	37.1	46.3	27.9	54.6	42.6
11. Payable to employees	17.6	54.3	34.5	24.6	2.5	42.4	36.2	25.4	18.2
12. Employee welfare payables	—	0.0	0.2	—	—	0.0	0.2	0.0	—
13. Accrued expenses	31.6	36.5	29.4	23.8	15.7	11.8	12.8	23.9	16.9
17. Other payables	0.8	1.0	1.5	1.4	0.7	1.4	1.0	6.4	2.0
19. Bonus and welfare fund	0.6	4.0	11.3	20.0	0.6	3.2	9.8	21.1	0.2
II. Long-term liabilities	22.4	19.4	29.0	17.5	20.6	17.9	16.5	6.6	21.9
14. Deferred income tax liabilities	22.4	19.4	29.0	17.5	20.6	17.9	16.5	6.6	21.9
B. OWNER'S EQUITY (400=410+420)	5,616.6	5,527.8	5,433.0	5,216.3	5,137.2	5,061.9	4,975.5	4,905.5	4,821.6
I. Owner's equity	5,616.6	5,527.8	5,433.0	5,216.3	5,137.2	5,061.9	4,975.5	4,905.5	4,821.6
1. Investment capital from owners	4,510.3	4,510.3	4,510.3	4,287.3	4,287.3	4,287.3	4,287.3	4,084.5	4,084.5
1.1. Capital from owners	2,453.7	2,453.7	2,453.7	2,230.6	2,230.6	2,230.6	2,230.6	2,027.8	2,027.8
a. Common stock	2,453,659,430,000.00	2,453,659,430,000.00	2,453,659,430,000.00	2,230,607,010,000.00	2,230,607,010,000.00	2,230,607,010,000.00	2,230,607,010,000.00	2,027,831,270,000.00	2,027,831,270,000.00
1.2. Share premium	2,056.7	2,056.7	2,056.7	2,056.7	2,056.7	2,056.7	2,056.7	2,056.7	2,056.7
2. Assets revaluation differences	—	—	—	-1.1	-10.1	-4.3	—	—	—
7. Undistributed earnings after tax	1,106.3	1,017.4	922.7	930.1	860.0	778.9	688.3	821.1	737.1
7.1. Realised profits	945.8	893.0	777.7	811.7	765.8	690.5	616.2	757.4	617.9
7.2. Unrealised losses	160.4	124.4	145.0	118.4	94.2	88.4	72.0	63.6	119.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	18,163.0	16,627.8	16,660.6	14,847.3	13,030.2	10,315.1	10,521.9	9,858.2	10,564.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	117.1	119.8	269.2	126.8	100.4	113.4	94.4	136.3	171.6
2. Adjustments for	-25.8	74.0	42.3	77.1	-47.2	27.2	25.7	49.6	-38.6
- Depreciation and amortization	2.0	2.2	2.3	2.0	2.0	2.6	2.3	2.2	2.1
- (Reversal of provisions)/provisions	0.1	-0.1	-0.3	0.0	-0.1	-0.0	0.1	0.1	-0.1
- Loss/(profits) from other investing activities	-0.8	-2.2	-2.3	-2.6	-1.9	-2.5	-1.5	-2.5	-1.8
- Interest expense	189.2	131.1	104.9	83.9	60.9	46.4	45.9	37.9	39.4
- Accrued interest income	-216.3	-57.0	-62.3	-6.3	-108.1	-19.2	-21.1	11.9	-78.2
3. Add non-cash expenses	147.8	98.0	118.4	77.7	60.5	34.5	37.6	115.1	11.6
- Loss from revaluation losses of FVTPL financial assets	147.8	98.0	118.4	77.7	60.5	34.5	37.6	115.1	11.6
4. Less non-cash income	-186.7	-67.9	-156.5	-98.8	-69.0	-52.3	-55.8	-44.2	-102.1
- Gains from revaluation gains of FVTPL financial assets	-186.7	-67.9	-156.5	-98.8	-69.0	-52.3	-55.8	-44.2	-102.1
5. Changes of assets and liabilities	-1,907.1	-121.2	-889.8	-2,442.5	-1,948.5	46.1	-1,060.8	1,164.4	-2,587.3
- Increase/decrease in FVTPL financial assets	-1,877.0	635.4	633.7	-1,481.5	-1,133.0	-164.0	-753.8	993.7	-1,324.2
- Increase/decrease in held to maturity investments	-202.6	620.4	-179.1	-510.3	111.3	392.7	-478.6	-100.1	-60.1
- Increase/decrease in loan	172.5	-1,377.1	-1,354.8	-574.1	-831.7	-143.8	171.7	270.8	-1,203.0
- Increase/decrease in AFS financial assets	—	0.0	10.3	123.4	-95.1	-38.7	—	—	—
6. Operating profit before changes in working capital	-1,854.7	102.7	-616.5	-2,259.6	-1,903.8	168.9	-958.9	1,421.2	-2,544.8
Increase/decrease in receiables sale of financial assets	-114.2	121.7	-124.8	10.6	10.6	193.3	-198.5	-14.5	-1.5
Increase/decrease in receiables interest of financial assets	219.7	0.1	12.5	19.3	95.8	7.2	5.4	-15.3	95.0
Increase/decrease in service related receivables	-0.3	-11.7	30.4	-28.4	0.0	1.3	-2.1	-0.7	2.1
Increases/decreases in other receivables	-3.1	1.9	-1.7	1.7	-2.5	0.2	10.0	3.8	-12.4
Increase/decrease in other assets	-0.1	-0.2	0.8	86.9	-87.5	0.4	0.3	1.8	-0.6
- Increase/(decrease) in payables (other than interest, corporate income tax)	-0.1	0.1	0.0	-0.0	-0.1	0.1	-0.0	0.0	-0.0
- (Increase)/decrease in prepaid expenses	9.6	-4.8	3.9	0.8	3.8	-5.8	-4.7	-0.4	8.4
- Corporate income tax paid	-34.3	-42.1	-28.1	-16.5	-34.8	-0.5	-36.9	-18.2	-19.1
- Interest paid	-194.0	-124.1	-99.4	-75.7	-57.0	-47.5	-57.0	-30.8	-43.3
Increases/decreaese in trade payables	-108.6	780.4	-1.1	1.2	-0.4	-0.9	0.4	0.3	-1.5
Increases/decreases in employee welfare payables	-3.4	-7.5	-8.5	-12.3	-2.6	-6.8	-11.1	-9.9	-2.0
Increases/decreases in tax and other payables to the State Budget	7.6	-3.6	5.3	-4.3	9.0	-1.8	-4.4	-6.7	8.9
Increases/dcreases in payable to employees	-36.7	19.8	9.9	22.1	-39.9	6.2	10.8	7.2	-28.9
Increases/dcreases in other payables	-0.2	-528.6	-571.8	449.8	650.2	-838.0	282.4	-376.1	960.1
- Other receipts from operating activities	1.4	—	0.0	-0.6	0.8	—	0.0	-0.4	0.8
- Other payments for operating activities	—	-0.9	—	—	—	-0.5	—	—	—
Net cash flows from securities trading activities	-2,111.3	303.0	-1,389.1	-1,805.2	-1,358.1	-524.6	-964.2	961.2	-1,578.9
1. Payment for fixed assets, constructions and other long-term assets	—	-1.0	-4.7	-0.3	-0.8	-2.8	-0.6	-0.3	-4.1
2. Proceeds from disposals of fixed assets and other long-term assets	0.0	—	—	—	—	0.4	0.0	0.0	0.0
7. Dividends, interest and profit received	0.7	2.2	2.3	2.6	1.9	2.2	1.5	2.5	1.8
Net cash flows from investing activities	0.8	1.3	-2.4	2.3	1.2	-0.2	0.9	2.1	-2.3
3. Short-term and long-term borrowings	9,442.3	4,179.1	4,970.1	3,265.2	5,610.3	-4,815.0	4,882.3	4,633.5	4,955.6
3.2. Other borrowings	9,442.3	4,179.1	4,970.1	3,265.2	5,610.3	-4,815.0	4,882.3	4,633.5	4,955.6
4. Principal repayments	-7,846.3	-4,178.7	-3,212.7	-1,370.2	-4,236.5	5,342.5	-4,545.0	-5,077.3	-3,803.2
4.3. Other principal repayments	-7,846.3	-4,178.7	-3,212.7	-1,370.2	-4,236.5	5,342.5	-4,545.0	-5,077.3	-3,803.2
Net cash flows from financing activities	1,596.0	0.4	1,757.5	1,895.0	1,373.8	527.5	337.3	-443.8	1,152.4
IV. Net cash flows during the period	-514.6	304.7	366.0	92.1	16.8	2.6	-626.0	519.5	-428.8
V. Cash and cash equivalents at begingning of the period	1,064.1	759.4	393.4	301.3	284.4	281.8	907.8	388.3	817.1
Cash and cash equivalents at end of period	549.6	1,064.1	759.4	393.4	301.3	284.4	281.8	907.8	388.3
1. Proceeds from sale of brokerage securities to customers	43,098.2	44,474.9	63,874.0	52,740.2	25,161.3	31,665.8	30,517.2	39,769.2	35,327.8
2. Money spent on buying brokerage securities for customers	-42,884.3	-127,034.7	-66,937.2	-50,187.6	-23,344.8	-38,092.6	-28,983.3	-42,472.5	-35,301.4
9. Receive deposits to pay for securities transactions of customers	96,311.3	108,483.9	154,982.6	85,446.7	82,673.2	86,071.9	68,769.2	80,266.9	100,706.3
11. Payment for customers' securities transactions	-95,302.3	-26,612.3	-152,215.7	-87,683.2	-84,268.3	-79,748.8	-70,121.3	-77,487.7	-101,015.1
14. Payment of customers' securities depository fees	-3.0	-3.1	-1.0	-3.6	-3.6	-3.1	-2.7	-2.2	-2.9
17. Proceeds from Securities Issuers	975.8	9,366.8	5,799.1	3,974.4	790.1	1,175.2	1,459.1	734.8	2,196.8
18. Payments to Securities Issuers	-960.6	-9,314.5	-5,793.9	-3,978.1	-791.9	-1,178.6	-1,469.2	-730.1	-3,276.8
Increase / decrease of net money during the period	1,235.1	-639.0	-292.0	308.7	216.1	-110.3	169.1	78.2	-1,365.3
II. Cash and cash equivalents at the beginning of the period of the customer	1,230.6	1,869.6	2,161.6	1,852.8	1,636.7	1,747.0	1,577.9	1,499.6	2,864.9
-Cash deposit for securities transactions for customers	364.7	—	—	—	—	—	—	—	—
-Securities clearing and settlement deposits	40.1	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	73.0	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	2,465.6	1,230.6	1,869.6	2,161.6	1,852.8	1,636.7	1,747.0	1,577.9	1,499.6
-Cash deposit for securities transactions for customers	328.5	—	—	—	—	—	—	—	—
-Securities clearing and settlement deposits	75.1	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	88.3	—	—	—	—	—	—	—	—

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BSI

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