CTS

Chứng khoán VietinBank ·HOSE ·2026Q1

● FUNDING UNDER PRESSURE

Funding under pressure L/E 3.59x

Price

27,000

Latest close

02 Jun 2026

EPS TTM (TTM) 2,517

BVPS (Latest) 13,619

P/E (Price/EPS) 10.7x

P/B (Price/BVPS) 2.0x

ROAE TTM (TTM) 20.4%

PBT Margin (TTM) 33.5%

Trading Share (Mix) 56.2%

Service & Brokerage Share (Mix) 15.2%

Equity / Assets (Latest) 21.8%

Leverage (Latest) 3.6x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 664.0bn, equivalent to a pre-tax margin of 33.5%, but headline durability remains more sensitive to revaluation, with margin also improving by +11.5pp, pointing to better earnings quality. The revenue mix still leans mainly on trading at 56.2% but narrowing by 4.6pp, while lending has widened to 28.6%; brokerage and services have reached 15.2% and improved by +4.0pp, making diversification more visible. On the balance sheet, Equity / Assets is 21.8% while Leverage is about 3.59x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 1.239 tỷ
+39,1%
Lãi thuần 739 tỷ
+109,7%

	                            
	                                Margin lending
	                            
Doanh thu 484 tỷ
+50,0%
Dư nợ 5.440 tỷ
+56,4%

	                                    Margin/equity 187.1% — approaching cap 200%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 205 tỷ
+105,7%
Lãi thuần 52,8 tỷ
+93,3%

Metric	2025	2024
PBT	714.7	287.4
Trading Share	63.7%	46.2%
Lending Share	23.6%	37.7%
Service & Brokerage Share	12.6%	16.1%
PBT Margin	34.10%	27.84%
Equity / Assets	23.0%	25.9%
Leverage	3.35x	2.86x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	82.0	26.9	337.8	217.4	132.6	73.3	64.5	25.2	124.4
Trading Share	31.5%	36.5%	66.4%	69.7%	73.8%	53.4%	56.4%	50.7%	59.5%
Lending Share	48.4%	40.0%	20.3%	20.2%	19.9%	33.7%	31.0%	32.7%	28.6%
Service & Brokerage Share	20.1%	23.4%	13.3%	10.1%	6.3%	12.9%	12.6%	16.6%	11.8%
PBT Margin	23.29%	6.72%	51.74%	37.59%	28.53%	24.21%	21.38%	9.22%	38.42%
Equity / Assets	21.8%	23.0%	24.6%	23.8%	24.3%	25.9%	23.8%	27.1%	31.0%
Leverage	3.59x	3.35x	3.06x	3.20x	3.11x	2.86x	3.19x	2.69x	2.23x

Drivers of CTS's profit

TTM

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

Trading +VND 387bn

Margin lending +VND 161bn

Total costs −VND 230bn

Tax −VND 68.9bn

TTM

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

Margin lending +VND 49.5bn

Tax +VND 10.5bn

Brokerage +VND 7.9bn

Other fees +VND 4.5bn

Total costs −VND 65.2bn

Trading −VND 47.3bn

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 56.2%, lending is at 28.6%, brokerage is around 12.1%, other services about 3.1%, brokerage plus services together are 15.2%.

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 1,983.0bn +47.7% YoY

PBT margin 33.5% +11.5pp

Trading Share 56.2% −4.6pp

Brokerage Share 12.1% +3.5pp

Revaluation / Trading 52.9% +1.6pp

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 33.5%, Return on assets is about 4.7%, provisions equal -2.4% of pre-tax profit, revaluation accounts for 75.7% 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 33.5% +11.5pp

Net margin 27.1% +9.4pp

ROAA 4.7% +2.4pp

ROAE 20.4% +11.1pp

Revaluation / PBT 75.7% −45.9pp

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 40.7% of assets, the prop book about 20.3%, liquid assets around 30.8%, equity roughly 21.8%.

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.

Key signals

Margin book / Assets 40.7% +4.8pp

Prop book / Assets 20.3% −3.5pp

Liquid assets / Assets 30.8% +0.5pp

Equity / Assets 21.8% −2.6pp

Liabilities / Equity 3.59x +0.49x

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 21.8% of assets, liabilities stand at 3.59x of equity, short-term borrowings are about 70.4% 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 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.

Leverage remains elevated

Liabilities-to-equity remains high, making capital posture more sensitive to earnings and asset-valuation swings.

Key signals

Equity / Assets 21.8% −2.6pp

Liabilities / Equity 3.59x +0.49x

Short-term borrowings / Assets 70.4% −2.6pp

Liquid assets / Assets 30.8% +0.5pp

Cash / Short-term borrowings 0.05x —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, CTS 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)	1,170.4	391.8
a. Realised gains on disposals of FVTPL financial assets	607.1	162.4
b. Gains from revaluation of FVTPL financial assets	544.0	206.7
c. Dividends and interest income from FVTPL financial assets	19.3	22.7
1.2. Gains from held to maturity investments	180.0	119.5
1.3. Interest income from loans and receivables	434.2	319.6
1.4. Gains from available-for-sale financial assets (AFS)	79.9	64.9
1.6. Revenue from brokerage services	180.8	105.2
1.7. Revenue from share issue guarantee and agency activities	3.2	1.1
1.8. Revenue from investment advisory services	21.9	8.9
1.10. Revenue from securities custody services	12.8	13.0
1.11. Other revenue	12.8	8.3
Revenue from securities business (01->11)	2,095.8	1,032.2
Net sales	2,095.8	1,032.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	643.7	249.6
a. Loss from disposals of financial assets at FVTPL	45.7	28.6
b. Loss from revaluation of financial assets at FVTPL	597.9	221.0
c. Transaction cost of acquisition of financial assets at FVTPL	0.0	0.1
2.4. Selling loss available-for-sale financial assets (AFS)	1.2	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	—	-15.7
2.6. Expenses for proprietary trading activities	30.1	13.2
2.7. Expenses for brokerage services	135.9	76.0
2.9. Expenses for financial advisory services	14.1	12.8
2.11. Expenses for secutiries custodian services	24.2	20.0
2.12. Other expenses	0.1	0.1
Operating expenses (21->33)	849.3	356.0
Gross profit	1,246.6	676.3
3.1. Realized and unrealized gain from changes in foreign exchange rates	0.1	—
3.2. Dividends, interest income from demand deposits	2.2	2.4
3.4. Other income about investment	0.4	1.4
Total financial income (41->44)	2.6	3.8
4.2. Borrowing costs	374.2	251.3
4.4. Other investment expenses	0.3	5.0
Total financial expenses (51->54)	374.5	256.3
VI. General and Administrative expenses	160.5	138.6
VII. Net profit from securities business (20+50-40-60-61-62)	714.2	285.1
8.1. Other incomes	0.7	2.8
8.2. Other expenses	0.2	0.5
Other profit (71-72)	0.5	2.3
IX. Profit before tax (70+80)	714.7	287.4
9.1. Realised profit	768.6	301.7
9.2. Unrealised profit	-53.9	-14.3
CORPORATE INCOME TAX	137.3	56.3
10.1. Current corporate income tax expenses	151.8	59.2
10.2. Deferred income tax expenses	-14.5	-2.9
XI. Net profit after tax (90-100)	577.4	231.1
11.1. Profit after tax for shareholders of the parents company	577.4	231.1
OTHER COMPREHENSIVE INCOME AFTER TAX	49.8	—
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	49.8	—
Total other comprehensive income	627.1	231.1
13.1. Earning per share	2,715.00	1,554.00
13.2. Diluted earning per share	2,715.00	—
Earnings per Share	2,705.14	1,545.93

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	12,312.4	8,598.3
Short-term financial assets	12,303.0	8,590.8
1. Cash and cash equivalents	733.4	300.2
1.1. Cash	733.4	300.2
2. Financial assets at fair value through profit or loss (FVTPL)	2,067.6	2,572.6
3. Held to maturity investments (HTM)	3,562.6	1,708.5
4. Loans	4,964.3	3,241.3
5. Available-for-sale financial assets (AFS)	817.2	680.7
6. Provisions for impairment loss of financial assets and mortgages	-4.8	-4.8
7. Short-term receivables	152.4	85.9
7.1. Receivables from disposal of financial assets	11.9	1.0
7.2. Receivables and accruals from dividends and interest income	140.5	84.9
7.2.2. Undue dividend and interest receivables	140.5	84.9
Prepayments to suppliers	1.3	2.6
9. Service related receivable	8.7	2.6
12. Other receivables	1.1	1.8
13. Provision for doubtful debts	-0.7	-0.7
II. Other short-term assets	9.4	7.6
1. Advances	0.1	0.0
2. Office supplies, tools	0.0	—
3. Short-term prepayments	9.2	7.5
4. Pledged assets, mortgages, security deposits in short term	0.1	0.1
Taxes and other receivables from state authorities	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	98.3	99.8
II. Fixed assets	62.8	57.9
1. Tangible fixed assets	19.6	25.5
- Cost	88.6	88.8
- Accumulated depreciation	-69.0	-63.3
3. Intangible fixed assets	43.2	32.4
- Cost	88.7	75.7
- Accumulated depreciation	-45.5	-43.3
IV. Construction in progress	0.1	4.3
V. Other long-term assets	35.4	37.6
1. Pledged assets, mortgages, security deposits in long term	1.1	1.1
2. Long-term prepayments	4.1	6.4
4. Payment for Settlement Assistance Fund	20.0	20.0
5. Other long-term assets	10.1	10.1
TOTAL ASSETS (270=100+200)	12,410.7	8,698.1
A. LIABILITIES (300=310+340)	9,555.3	6,445.2
I. Short -term liabilities	9,534.2	6,422.0
1. Short-term borrowings	8,423.0	6,330.6
1.1. Short-term borrowings	8,423.0	6,330.6
6. Payables to securities trading activities	19.1	3.6
8. Trade accounts payable	937.2	2.4
9. Advances from customers	0.5	0.6
10. Taxes and other payables to state authorities	71.5	28.4
11. Payable to employees	44.9	25.4
13. Accrued expenses	28.5	22.5
15. Unearned revenue	2.6	0.3
16. Short-term deposits, collateral received	0.0	—
17. Other payables	2.1	1.6
19. Bonus and welfare fund	4.9	6.5
II. Long-term liabilities	21.1	23.2
9. Unearned revenue	0.6	0.6
14. Deferred income tax liabilities	20.5	22.5
B. OWNER'S EQUITY (400=410+420)	2,855.4	2,252.9
I. Owner's equity	2,855.4	2,252.9
1. Investment capital from owners	2,134.3	1,494.8
1.1. Capital from owners	2,126.9	1,487.4
a. Common stock	2,126,934,380,000.00	1,487,383,110,000.00
1.2. Share premium	7.4	7.4
2. Assets revaluation differences	49.8	—
7. Undistributed earnings after tax	664.3	751.1
7.1. Realised profits	631.9	679.2
7.2. Unrealised losses	32.4	71.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	12,410.7	8,698.1

Item	2025	2024
1. Profit before tax	714.7	287.4
2. Adjustments for	326.4	-121.2
- Depreciation and amortization	9.5	9.4
- (Reversal of provisions)/provisions	0.1	-15.6
- Loss/(profits) from other investing activities	-0.2	-0.0
- Interest expense	374.2	251.3
- Accrued interest income	-57.2	-366.3
3. Add non-cash expenses	597.9	221.0
- Loss from revaluation losses of FVTPL financial assets	597.9	221.0
4. Less non-cash income	-544.0	-206.7
- Gains from revaluation gains of FVTPL financial assets	-544.0	-206.7
5. Changes of assets and liabilities	-3,200.2	-852.2
- Increase/decrease in FVTPL financial assets	451.1	-549.1
- Increase/decrease in held to maturity investments	-1,854.1	74.0
- Increase/decrease in loan	-1,722.9	-464.5
- Increase/decrease in AFS financial assets	-74.3	87.4
6. Operating profit before changes in working capital	-2,105.2	-671.6
Increase/decrease in receiables sale of financial assets	-10.9	366.3
Increase/decrease in receiables interest of financial assets	1.5	474.4
Increase/decrease in service related receivables	-6.1	0.6
Increases/decreases in other receivables	2.0	0.3
Increase/decrease in other assets	-0.0	0.1
- Increase/(decrease) in payables (other than interest, corporate income tax)	4.0	0.7
- (Increase)/decrease in prepaid expenses	0.4	8.0
- Corporate income tax paid	-119.6	-57.8
- Interest paid	-372.2	-246.3
Increases/decreaese in trade payables	950.1	-4.7
Increases/decreases in tax and other payables to the State Budget	10.9	1.1
Increases/dcreases in payable to employees	19.5	-1.8
Increases/dcreases in other payables	2.7	-36.7
- Other receipts from operating activities	0.3	0.2
- Other payments for operating activities	-26.5	-15.4
Net cash flows from securities trading activities	-1,649.0	-182.5
1. Payment for fixed assets, constructions and other long-term assets	-10.3	-18.8
2. Proceeds from disposals of fixed assets and other long-term assets	0.2	0.0
Net cash flows from investing activities	-10.1	-18.8
1. Receipts from equity issue and owner's capital contribution	—	1,537,316,500.00
3. Short-term and long-term borrowings	48,977.5	30,055.7
3.2. Other borrowings	48,977.5	30,055.7
4. Principal repayments	-46,885.1	-29,980.6
4.3. Other principal repayments	-46,885.1	-29,980.6
Net cash flows from financing activities	2,092.4	76.7
IV. Net cash flows during the period	433.2	-124.6
V. Cash and cash equivalents at begingning of the period	300.2	424.9
Cash at bank	300.2	424.9
- Cash at bank for securities company activities	300.2	424.9
Cash and cash equivalents at end of period	733.4	300.2
Cash at bank	733.4	300.2
- Cash at bank for securities company activities	733.4	300.2
1. Proceeds from sale of brokerage securities to customers	152,613.9	125,364.3
2. Money spent on buying brokerage securities for customers	-148,247.2	-122,500.5
9. Receive deposits to pay for securities transactions of customers	-3,368.4	-3,087.9
10. Margin deposit of investors at VSD	2.4	—
14. Payment of customers' securities depository fees	-1.5	-2.0
17. Proceeds from Securities Issuers	4,039.5	6,387.9
18. Payments to Securities Issuers	-4,040.0	-6,385.9
Increase / decrease of net money during the period	998.7	-224.1
II. Cash and cash equivalents at the beginning of the period of the customer	760.3	984.4
Cash at bank	760.3	984.4
-Deposits of investors on securities transactions under the Securities Company management method	621.2	793.0
-Cash deposit for securities transactions for customers	106.7	130.4
-Securities clearing and settlement deposits	25.7	56.3
-Deposits from issuing organizations	6.8	4.8
III. Cash and cash equivalents at the end of the period of the customer	1,759.0	760.3
Cash at bank	1,759.0	760.3
-Deposits of investors on securities transactions under the Securities Company management method	1,277.3	621.2
-Cash deposit for securities transactions for customers	474.8	106.7
-Securities clearing and settlement deposits	0.6	25.7
-Deposits from issuing organizations	6.3	6.8

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)	85.8	117.9	386.5	361.0	305.0	132.9	142.0	121.2	165.2
a. Realised gains on disposals of FVTPL financial assets	14.2	25.3	202.5	186.9	192.4	66.8	40.7	21.0	33.9
b. Gains from revaluation of FVTPL financial assets	70.2	88.2	181.0	163.6	111.1	62.5	93.9	92.2	127.7
c. Dividends and interest income from FVTPL financial assets	1.4	4.4	3.0	10.5	1.4	3.6	7.4	8.0	3.6
1.2. Gains from held to maturity investments	62.3	55.3	51.2	43.5	29.9	33.1	31.2	24.3	31.0
1.3. Interest income from loans and receivables	131.7	129.2	118.4	104.4	82.2	84.0	78.0	78.2	79.4
1.4. Gains from available-for-sale financial assets (AFS)	17.6	22.0	19.2	17.0	21.7	20.6	18.6	10.3	15.4
1.6. Revenue from brokerage services	43.4	56.6	63.8	41.1	19.2	21.5	24.8	34.1	28.6
1.7. Revenue from share issue guarantee and agency activities	0.1	0.5	1.4	1.2	—	0.4	0.4	0.2	0.1
1.8. Revenue from investment advisory services	3.9	10.6	5.5	4.2	1.6	3.6	1.9	2.3	1.1
1.10. Revenue from securities custody services	3.2	3.4	3.1	3.3	3.0	3.9	3.2	3.0	2.9
1.11. Other revenue	4.0	4.4	3.8	2.5	2.1	2.8	1.4	0.1	0.1
Revenue from securities business (01->11)	351.9	399.9	652.9	578.3	464.7	302.7	301.7	273.7	323.7
Net sales	351.9	399.9	652.9	578.3	464.7	302.7	301.7	273.7	323.7
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	56.8	119.9	127.6	195.8	200.5	95.0	107.4	135.5	81.2
a. Loss from disposals of financial assets at FVTPL	1.2	16.0	11.4	10.8	7.5	2.4	24.9	1.1	0.1
b. Loss from revaluation of financial assets at FVTPL	55.5	103.8	116.2	185.0	192.9	92.5	82.5	134.4	81.1
c. Transaction cost of acquisition of financial assets at FVTPL	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2.4. Selling loss available-for-sale financial assets (AFS)	—	1.2	—	—	—	—	—	—	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	—	—	—	—	—	-12.8	—	—	-2.9
2.6. Expenses for proprietary trading activities	5.7	10.7	7.4	8.7	3.3	3.6	3.3	3.2	3.1
2.7. Expenses for brokerage services	31.9	50.8	39.9	29.6	15.7	16.6	19.0	21.0	19.4
2.9. Expenses for financial advisory services	2.1	5.8	2.9	2.9	2.5	3.5	2.9	3.0	3.4
2.11. Expenses for secutiries custodian services	5.2	7.8	6.0	5.6	4.9	5.8	4.9	4.8	4.5
2.12. Other expenses	—	0.1	—	—	—	0.1	—	—	0.0
Operating expenses (21->33)	101.7	196.2	183.7	242.5	226.8	111.8	137.6	167.4	108.7
Gross profit	250.2	203.7	469.2	335.8	237.9	190.9	164.1	106.3	215.1
3.1. Realized and unrealized gain from changes in foreign exchange rates	0.5	0.1	—	—	—	—	—	—	—
3.2. Dividends, interest income from demand deposits	—	1.3	0.4	0.3	0.1	1.6	0.3	0.3	0.3
3.4. Other income about investment	0.0	0.0	0.0	0.0	0.3	0.3	0.2	0.4	0.4
Total financial income (41->44)	0.5	1.4	0.4	0.3	0.5	1.9	0.5	0.7	0.7
4.2. Borrowing costs	139.8	118.9	94.6	87.7	73.1	75.5	67.7	51.8	56.3
4.4. Other investment expenses	0.6	—	—	0.0	0.3	0.3	0.2	1.0	3.5
Total financial expenses (51->54)	140.3	118.9	94.6	87.7	73.4	75.8	67.9	52.9	59.8
VI. General and Administrative expenses	29.0	59.3	37.5	31.2	32.5	44.7	32.2	29.2	32.5
VII. Net profit from securities business (20+50-40-60-61-62)	81.4	26.8	337.6	217.2	132.5	72.2	64.4	25.0	123.5
8.1. Other incomes	0.4	0.1	0.3	0.2	0.1	1.2	0.1	0.3	1.3
8.2. Other expenses	-0.2	0.1	0.1	0.0	0.1	0.1	-0.0	-0.0	0.4
Other profit (71-72)	0.6	0.0	0.2	0.2	0.0	1.1	0.1	0.3	0.9
IX. Profit before tax (70+80)	82.0	26.9	337.8	217.4	132.6	73.3	64.5	25.2	124.4
9.1. Realised profit	67.3	42.4	273.0	238.8	214.4	103.4	53.1	67.5	77.8
9.2. Unrealised profit	14.7	-15.6	64.8	-21.4	-81.8	-30.1	11.4	-42.2	46.6
CORPORATE INCOME TAX	16.1	1.7	67.3	41.6	26.6	15.1	11.8	4.3	25.0
10.1. Current corporate income tax expenses	13.2	8.7	54.2	45.9	43.0	21.1	9.5	12.8	15.7
10.2. Deferred income tax expenses	2.9	-6.9	13.1	-4.3	-16.4	-6.0	2.3	-8.4	9.3
XI. Net profit after tax (90-100)	65.8	25.1	270.5	175.7	106.0	58.2	52.7	20.9	99.3
11.1. Profit after tax for shareholders of the parents company	65.8	25.1	270.5	175.7	106.0	58.2	52.7	20.9	99.3
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	-18.2	27.0	35.2	—	—	-18.4	12.7	-0.7	10.9
Total other comprehensive income	-14.5	21.6	28.2	—	—	-18.4	10.2	-0.6	8.8
13.1. Earning per share	310.00	118.00	1,272.00	1,061.00	712.00	391.00	354.00	140.00	668.00
Earnings per Share	308.50	117.79	1,267.44	823.38	708.96	389.13	352.46	139.73	665.28

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)	13,256.3	12,312.4	11,297.6	10,455.5	9,592.2	8,598.3	9,181.3	7,836.0	6,816.5
Short-term financial assets	13,248.2	12,303.0	11,286.7	10,450.4	9,585.3	8,590.8	9,170.2	7,831.6	6,809.8
1. Cash and cash equivalents	455.2	733.4	261.0	482.5	191.7	300.2	192.4	271.8	151.9
1.1. Cash	455.2	733.4	261.0	482.5	191.7	300.2	192.4	271.8	151.9
2. Financial assets at fair value through profit or loss (FVTPL)	2,716.8	2,067.6	1,844.0	1,622.0	2,312.8	2,572.6	2,569.2	2,088.6	1,542.7
3. Held to maturity investments (HTM)	3,662.8	3,562.6	3,139.8	3,275.0	2,746.0	1,708.5	2,217.5	1,656.7	1,598.7
4. Loans	5,439.6	4,964.3	4,945.8	4,230.2	3,478.9	3,241.3	3,119.4	2,805.3	2,990.1
5. Available-for-sale financial assets (AFS)	779.1	817.2	978.4	723.2	784.7	680.7	882.9	724.5	425.5
6. Provisions for impairment loss of financial assets and mortgages	-4.8	-4.8	-4.8	-4.8	-4.8	-4.8	-4.8	-4.8	-4.8
7. Short-term receivables	192.0	152.4	115.6	115.6	69.1	87.2	202.6	295.4	111.9
7.1. Receivables from disposal of financial assets	10.9	11.9	—	—	—	1.0	108.2	207.4	25.6
7.2. Receivables and accruals from dividends and interest income	181.1	140.5	115.6	115.6	69.1	86.2	94.5	88.0	86.3
7.2.2. Undue dividend and interest receivables	181.1	140.5	115.6	115.6	69.1	86.2	94.5	88.0	86.3
Prepayments to suppliers	1.0	1.3	0.7	0.3	2.7	2.6	1.3	1.6	2.5
9. Service related receivable	7.0	8.7	6.6	6.6	3.8	2.6	2.8	4.1	2.8
12. Other receivables	0.2	1.1	0.2	0.5	0.9	0.4	0.1	1.6	1.8
13. Provision for doubtful debts	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-13.3	-13.3	-13.3
II. Other short-term assets	8.1	9.4	11.0	5.1	6.9	7.6	11.2	4.4	6.8
1. Advances	0.5	0.1	0.2	0.1	0.1	0.0	0.1	0.0	0.1
2. Office supplies, tools	0.1	0.0	0.1	0.1	0.0	—	0.1	0.1	0.2
3. Short-term prepayments	7.4	9.2	10.6	4.8	6.7	7.5	9.7	3.1	5.4
4. Pledged assets, mortgages, security deposits in short term	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0
Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	98.0	98.3	98.0	97.9	95.8	99.8	99.7	103.5	105.8
II. Fixed assets	60.9	62.8	62.8	55.5	55.7	57.9	60.1	62.3	64.2
1. Tangible fixed assets	17.7	19.6	20.3	21.9	23.7	25.5	27.4	29.4	31.0
- Cost	88.6	—	—	—	—	—	—	—	—
- Accumulated depreciation	-70.9	—	—	—	—	—	—	—	—
3. Intangible fixed assets	43.2	43.2	42.5	33.6	32.0	32.4	32.7	32.8	33.2
- Cost	89.6	—	—	—	—	—	—	—	—
- Accumulated depreciation	-46.5	—	—	—	—	—	—	—	—
IV. Construction in progress	0.8	0.1	0.0	5.9	4.3	4.3	0.3	0.1	—
V. Other long-term assets	36.4	35.4	35.2	36.6	35.7	37.6	39.3	41.1	41.7
1. Pledged assets, mortgages, security deposits in long term	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	0.3
2. Long-term prepayments	5.3	4.1	3.9	5.4	4.5	6.4	8.1	9.9	11.3
4. Payment for Settlement Assistance Fund	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
5. Other long-term assets	10.0	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1
TOTAL ASSETS (270=100+200)	13,354.2	12,410.7	11,395.6	10,553.4	9,687.9	8,698.1	9,281.1	7,939.4	6,922.4
A. LIABILITIES (300=310+340)	10,447.5	9,555.3	8,586.9	8,043.4	7,329.0	6,445.2	7,067.9	5,789.2	4,776.3
I. Short -term liabilities	10,427.1	9,534.2	8,564.3	8,040.9	7,322.2	6,422.0	7,034.2	5,760.1	4,738.8
1. Short-term borrowings	9,395.4	8,423.0	8,118.7	7,904.8	7,071.9	6,330.6	6,490.5	5,440.0	4,560.1
1.1. Short-term borrowings	9,395.4	8,423.0	8,118.7	7,904.8	7,071.9	6,330.6	6,490.5	5,440.0	4,560.1
6. Payables to securities trading activities	36.8	19.1	5.6	4.9	3.5	3.6	3.1	11.0	6.5
8. Trade accounts payable	920.8	937.2	314.2	6.1	154.9	2.4	450.8	224.7	117.9
9. Advances from customers	0.5	0.5	0.5	0.6	0.6	0.6	0.6	0.6	0.6
10. Taxes and other payables to state authorities	21.9	71.5	64.9	55.0	48.8	28.4	19.6	22.4	21.2
11. Payable to employees	14.5	44.9	26.1	19.3	16.3	25.4	32.3	25.0	14.0
12. Employee welfare payables	0.0	—	0.0	0.1	0.1	—	0.1	0.1	0.1
13. Accrued expenses	31.8	28.5	15.4	24.2	21.0	22.5	25.4	21.3	15.4
15. Unearned revenue	2.2	2.6	2.5	1.5	0.4	0.3	0.4	0.4	0.2
16. Short-term deposits, collateral received	0.0	0.0	—	—	—	—	—	—	—
17. Other payables	2.2	2.1	1.5	1.5	1.6	1.6	1.5	1.4	2.1
19. Bonus and welfare fund	0.9	4.9	14.9	22.9	3.3	6.5	10.2	13.3	0.8
II. Long-term liabilities	20.3	21.1	22.6	2.5	6.8	23.2	33.7	29.0	37.5
9. Unearned revenue	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.7	0.6
14. Deferred income tax liabilities	19.8	20.5	22.0	1.9	6.2	22.5	33.1	28.3	36.9
B. OWNER'S EQUITY (400=410+420)	2,906.8	2,855.4	2,808.7	2,510.0	2,358.9	2,252.9	2,213.1	2,150.3	2,146.0
I. Owner's equity	2,906.8	2,855.4	2,808.7	2,510.0	2,358.9	2,252.9	2,213.1	2,150.3	2,146.0
1. Investment capital from owners	2,134.3	2,134.3	2,134.3	2,134.3	1,494.8	1,494.8	1,494.8	1,494.8	1,493.3
1.1. Capital from owners	2,126.9	2,126.9	2,126.9	2,126.9	1,487.4	1,487.4	1,487.4	1,487.4	1,487.4
a. Common stock	2,126,934,380,000.00	2,126,934,380,000.00	2,126,934,380,000.00	2,126,934,380,000.00	1,487,383,110,000.00	1,487,383,110,000.00	1,487,383,110,000.00	1,487,383,110,000.00	1,487,383,110,000.00
1.2. Share premium	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	6.2
1.5. Treasury shares	—	—	—	—	—	—	—	—	-258,748,681.00
2. Assets revaluation differences	35.2	49.8	28.2	—	—	—	18.4	8.2	8.8
7. Undistributed earnings after tax	730.2	664.3	639.2	368.7	857.1	751.1	692.9	640.2	639.7
7.1. Realised profits	686.0	631.9	598.1	379.3	850.6	679.2	596.9	553.4	519.1
7.2. Unrealised losses	44.2	32.4	41.1	-10.6	6.5	71.9	96.0	86.9	120.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	13,354.2	12,410.7	11,395.6	10,553.4	9,687.9	8,698.1	9,281.1	7,939.4	6,922.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	82.0	26.9	337.8	217.4	132.6	73.3	64.5	25.2	124.4
2. Adjustments for	74.7	124.6	86.7	124.9	-9.8	-27.3	-16.5	-33.2	-44.2
- Depreciation and amortization	2.9	2.8	2.3	2.2	2.2	2.3	2.3	2.4	2.5
- (Reversal of provisions)/provisions	—	0.1	—	—	—	-12.7	0.0	0.0	-2.9
- Loss/(profits) from other investing activities	0.1	-0.0	-0.2	-0.0	—	-0.0	—	—	—
- Interest expense	139.8	118.9	94.6	87.7	73.1	75.5	67.7	51.8	56.3
- Accrued interest income	-68.1	2.9	-10.0	35.0	-85.1	-92.4	-86.5	-87.4	-100.0
3. Add non-cash expenses	55.5	103.8	116.2	185.0	192.9	-77.0	82.5	134.4	81.1
- Loss from revaluation losses of FVTPL financial assets	55.5	103.8	116.2	185.0	192.9	-77.0	82.5	134.4	81.1
4. Less non-cash income	-70.2	-88.2	-181.0	-163.6	-111.1	107.1	-93.9	-92.2	-127.7
- Gains from revaluation gains of FVTPL financial assets	-70.2	-88.2	-181.0	-163.6	-111.1	107.1	-93.9	-92.2	-127.7
5. Changes of assets and liabilities	-1,190.2	-492.2	-957.6	-549.4	-1,201.1	532.8	-1,489.8	-761.0	865.9
- Increase/decrease in FVTPL financial assets	-634.6	-239.1	-157.2	669.4	178.0	-33.5	-469.2	-588.1	541.8
- Increase/decrease in held to maturity investments	-100.2	-422.8	135.2	-529.0	-1,037.5	509.0	-560.8	-58.0	183.8
- Increase/decrease in loan	-475.4	-18.5	-715.6	-751.3	-237.6	-121.9	-314.1	184.8	-213.2
- Increase/decrease in AFS financial assets	20.0	188.2	-220.0	61.5	-104.0	179.2	-145.7	-299.7	353.5
6. Operating profit before changes in working capital	-1,048.2	-325.2	-597.9	-185.6	-996.5	608.8	-1,453.2	-726.8	899.5
Increase/decrease in receiables sale of financial assets	1.0	-11.9	0.0	0.0	1.0	107.1	99.3	-181.8	341.7
Increase/decrease in receiables interest of financial assets	27.5	-27.8	10.1	-81.6	100.8	102.1	80.0	85.7	206.7
Increase/decrease in service related receivables	1.7	-2.0	-0.0	-2.8	-1.2	0.2	1.4	-1.3	0.4
Increases/decreases in other receivables	1.1	-1.5	-0.1	3.0	0.6	-1.7	1.9	0.3	-0.1
Increase/decrease in other assets	-0.5	0.2	-0.1	-0.1	-0.0	0.1	-0.0	0.3	-0.3
- Increase/(decrease) in payables (other than interest, corporate income tax)	-2.1	1.8	-1.4	4.7	-1.1	0.9	-1.3	2.0	-0.8
- (Increase)/decrease in prepaid expenses	0.7	1.2	-4.4	1.1	2.6	3.9	-4.8	3.6	5.2
- Corporate income tax paid	-52.9	-10.0	-45.9	-42.9	-20.7	-10.0	-12.8	-15.8	-19.3
- Interest paid	-134.4	-107.5	-102.0	-89.2	-73.5	-79.3	-62.2	-48.0	-56.7
Increases/decreaese in trade payables	1.3	636.5	308.7	-147.5	152.5	-448.0	226.1	118.9	98.3
Increases/decreases in employee welfare payables	0.0	—	-0.1	0.0	0.1	—	0.0	0.0	0.1
Increases/decreases in tax and other payables to the State Budget	-9.9	8.0	1.6	3.2	-1.9	-1.1	0.2	4.2	-2.1
Increases/dcreases in payable to employees	-30.3	18.7	6.8	3.0	-9.0	-6.9	7.3	10.9	-13.1
Increases/dcreases in other payables	-0.3	0.6	1.0	1.2	-0.2	0.7	-8.0	4.2	-33.6
- Other receipts from operating activities	—	0.0	0.0	0.3	—	0.0	0.0	0.2	—
- Other payments for operating activities	-4.0	-10.0	-8.0	-5.4	-3.2	-3.6	-3.1	-5.5	-3.2
Net cash flows from securities trading activities	-1,249.2	171.1	-431.7	-538.7	-849.8	273.2	-1,129.3	-748.8	1,422.5
1. Payment for fixed assets, constructions and other long-term assets	-1.5	-2.9	-3.8	-3.6	—	-5.5	-0.4	-12.8	—
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.0	0.2	0.0	—	0.0	—	—	—
Net cash flows from investing activities	-1.5	-2.9	-3.7	-3.5	—	-5.5	-0.4	-12.8	—
1. Receipts from equity issue and owner's capital contribution	—	—	—	—	—	0.00	—	1,537,316,500.00	—
3. Short-term and long-term borrowings	10,663.3	10,659.7	13,338.0	13,995.8	10,983.9	9,318.4	9,174.5	6,026.7	5,536.2
3.2. Other borrowings	10,663.3	10,659.7	13,338.0	13,995.8	10,983.9	9,318.4	9,174.5	6,026.7	5,536.2
4. Principal repayments	-9,690.8	-10,355.5	-13,124.1	-13,162.9	-10,242.6	-9,478.2	-8,124.0	-5,146.7	-7,231.6
4.3. Other principal repayments	-9,690.8	-10,355.5	-13,124.1	-13,162.9	-10,242.6	-9,478.2	-8,124.0	-5,146.7	-7,231.6
Net cash flows from financing activities	972.5	304.2	213.9	832.9	741.3	-159.9	1,050.4	881.5	-1,695.4
IV. Net cash flows during the period	-278.3	472.4	-221.4	290.7	-108.5	107.8	-79.3	119.8	-272.9
V. Cash and cash equivalents at begingning of the period	733.4	261.0	482.5	191.7	300.2	192.4	271.8	151.9	424.9
Cash and cash equivalents at end of period	455.2	733.4	261.0	482.5	191.7	300.2	192.4	271.8	151.9
1. Proceeds from sale of brokerage securities to customers	31,847.7	13,133.2	68,057.4	48,379.3	23,044.0	36,644.3	30,152.2	32,767.1	25,800.8
2. Money spent on buying brokerage securities for customers	-32,737.4	-9,950.5	-66,937.8	-48,646.0	-22,712.9	-35,156.8	-29,644.3	-31,456.3	-26,243.1
9. Receive deposits to pay for securities transactions of customers	377.7	-3,268.2	-951.1	716.4	134.6	-1,631.6	-585.3	-1,240.7	369.6
10. Margin deposit of investors at VSD	—	2.1	0.0	0.3	—	—	—	—	—
14. Payment of customers' securities depository fees	-0.3	-0.5	-0.5	-0.3	-0.3	-0.4	-0.4	-0.7	-0.4
17. Proceeds from Securities Issuers	179.7	886.5	1,111.5	1,490.8	550.8	2,679.8	3,053.9	585.0	69.1
18. Payments to Securities Issuers	-180.4	-888.7	-1,109.0	-1,491.3	-551.0	-2,684.2	-3,047.4	-585.9	-68.4
Increase / decrease of net money during the period	-513.1	-86.1	170.5	449.1	465.2	-148.9	-71.3	68.5	-72.4
II. Cash and cash equivalents at the beginning of the period of the customer	1,759.0	1,845.1	1,674.6	1,225.5	760.3	909.3	980.6	912.0	984.4
-Cash deposit for securities transactions for customers	474.8	—	—	—	—	—	—	—	—
-Securities clearing and settlement deposits	0.6	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	6.3	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	1,245.9	1,759.0	1,845.1	1,674.6	1,225.5	760.3	909.3	980.6	912.0
-Cash deposit for securities transactions for customers	346.7	—	—	—	—	—	—	—	—
-Securities clearing and settlement deposits	3.7	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	5.5	—	—	—	—	—	—	—	—

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CTS

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