DSE

Chứng khoán DNSE ·HOSE ·2026Q1

● PROVISION HEAVY

Provision drag PBT margin 17.9%, -5.8% YoY

Price

22,200

Latest close

02 Jun 2026

EPS TTM (TTM) 589

BVPS (Latest) 10,390

P/E (Price/EPS) 37.7x

P/B (Price/BVPS) 2.1x

ROAE TTM (TTM) 4.9%

PBT Margin (TTM) 17.9%

Trading Share (Mix) 14.0%

Service & Brokerage Share (Mix) 38.9%

Equity / Assets (Latest) 34.4%

Leverage (Latest) 1.9x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 287.9bn, equivalent to a pre-tax margin of 17.9%, but earnings quality is still being dragged down by provisioning, while margin has narrowed by 5.8pp, pointing to greater pressure on earnings quality. The revenue mix is now leaning more toward lending at 47.2% but narrowing by 16.7pp, while trading is at 14.0%; brokerage and services have reached 38.9% and improved by +10.9pp, making diversification more visible. On the balance sheet, Equity / Assets is 34.4% while Leverage is about 1.90x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 509 tỷ
+65,4%
Lãi thuần 447 tỷ
+68,1%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 600 tỷ
+53,7%
Dư nợ 5.910 tỷ
+38,2%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 475 tỷ
+193,4%
Lãi thuần −67,0 tỷ
−87,6%

Metric	2025	2024
PBT	340.2	227.5
Trading Share	14.9%	8.5%
Lending Share	48.2%	64.1%
Service & Brokerage Share	37.0%	27.4%
PBT Margin	23.34%	28.18%
Equity / Assets	28.4%	37.9%
Leverage	2.52x	1.64x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	14.2	11.7	171.1	91.0	66.5	41.5	55.5	42.7	87.7
Trading Share	7.9%	15.4%	17.6%	12.8%	10.1%	7.6%	7.2%	7.0%	12.8%
Lending Share	49.7%	45.2%	42.4%	53.8%	60.0%	65.9%	67.4%	62.8%	59.6%
Service & Brokerage Share	42.4%	39.4%	40.0%	33.4%	29.9%	26.5%	25.4%	30.2%	27.5%
PBT Margin	3.59%	2.68%	34.95%	31.36%	27.31%	17.76%	28.64%	21.56%	48.33%
Equity / Assets	34.4%	28.4%	30.6%	34.9%	36.6%	37.9%	40.1%	46.3%	46.0%
Leverage	1.90x	2.52x	2.26x	1.87x	1.73x	1.64x	1.50x	1.16x	1.17x

Drivers of DSE'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 210bn

Trading +VND 181bn

Other fees +VND 16.7bn

Total costs −VND 294bn

Brokerage −VND 31.3bn

Tax −VND 15.6bn

TTM

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

Margin lending +VND 43.8bn

Tax +VND 10.5bn

Total costs −VND 90.9bn

Brokerage −VND 6.0bn

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?

Current earnings lean more heavily on margin lending, so the quality of the revenue engine should be read together with margin-book dependence.

Margin income currently accounts for about 47.2%, trading is at 14.0%, brokerage and services together remain around 38.9% of the engine mix.

When lending is the main engine, headline quality depends more heavily on margin-book safety and funding cost.

Revaluation is currently only a small component and not a headline driver.

The revenue headline should be read together with leakage into provisioning and net margin, not just the surface mix.

Key risks

Provision drag is eroding revenue

Provision load is large enough relative to revenue to weaken the quality of the earnings engine.

Key signals

Securities business revenue 1,609.7bn +85.2% YoY

PBT margin 17.9% −5.8pp

Lending Share 47.2% −16.7pp

Brokerage Share 37.3% +10.8pp

Provisions / Revenue 25.7% −2.4pp

TTM YoY · 2026Q1

Profitability Quality & Volatility

How strong is current profitability, and how durable is it?

Profit remains positive, but quality is no longer clean because provisioning is materially eroding headline returns.

Pre-tax margin is currently 17.9%, Return on assets is about 1.7%, provisions equal 143.7% of pre-tax profit, revaluation accounts for -2.7% of pre-tax profit.

Headline profit needs a discount because provisioning is eating into core returns.

Profit appears cleaner and less dependent on revaluation.

Provisioning is a meaningful drag on profit.

Key risks

Provision drag remains meaningful

Provision load relative to PBT is high enough to weigh on profitability quality.

Return profile remains weak

ROAA or ROAE remains in a weak range, leaving profitability on an insufficient base.

Key signals

PBT margin 17.9% −5.8pp

Net margin 14.3% −4.6pp

ROAA 1.7% +0.4pp

ROAE 4.9% +0.9pp

Provisions / PBT 143.7% +25.3pp

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 38.0% of assets, the prop book about 9.7%, liquid assets around 49.2%, equity roughly 34.4%.

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

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 38.0% −0.3pp

Prop book / Assets 9.7% +4.7pp

Liquid assets / Assets 49.2% −1.5pp

Equity / Assets 34.4% −2.2pp

Liabilities / Equity 1.90x +0.17x

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 34.4% of assets, liabilities stand at 1.90x of equity, short-term borrowings are about 55.9% of assets, cash covers roughly 0.09x 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 34.4% −2.2pp

Liabilities / Equity 1.90x +0.17x

Short-term borrowings / Assets 55.9% −3.8pp

Liquid assets / Assets 35.1% +1.2pp

Cash / Short-term borrowings 0.09x —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, DSE is showing a more balanced earnings mix thanks to brokerage and service income, but funding or capital risk still calls for caution.

Brokerage and service income are now large enough to reduce pure dependence on trading or margin.

Profit is still positive, but provisioning is large enough to make earnings durability less certain.

Profitability does not currently show a sufficiently durable base to be read as a clean case.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	171.4	47.9
a. Realised gains on disposals of FVTPL financial assets	134.9	48.6
b. Gains from revaluation of FVTPL financial assets	0.4	-0.0
c. Dividends and interest income from FVTPL financial assets	36.1	-0.7
1.2. Gains from held to maturity investments	303.9	245.0
1.3. Interest income from loans and receivables	555.8	360.5
1.6. Revenue from brokerage services	404.0	144.8
1.7. Revenue from share issue guarantee and agency activities	2.9	—
1.8. Revenue from investment advisory services	3.0	0.7
1.10. Revenue from securities custody services	7.9	5.6
1.11. Other revenue	9.0	2.8
Revenue from securities business (01->11)	1,457.9	807.4
Net sales	1,457.9	807.4
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	25.2	41.1
a. Loss from disposals of financial assets at FVTPL	31.3	10.3
b. Loss from revaluation of financial assets at FVTPL	-9.3	28.3
c. Transaction cost of acquisition of financial assets at FVTPL	3.2	2.6
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	363.0	182.6
2.6. Expenses for proprietary trading activities	0.5	0.1
2.7. Expenses for brokerage services	464.9	174.8
2.8. Expenses for underwriting and issurance agency services	0.0	0.1
2.9. Expenses for financial advisory services	3.0	2.5
2.11. Expenses for secutiries custodian services	11.6	10.9
2.12. Other expenses	9.1	7.5
Operating expenses (21->33)	877.2	419.5
Gross profit	580.7	387.9
3.1. Realized and unrealized gain from changes in foreign exchange rates	—	0.6
3.2. Dividends, interest income from demand deposits	7.5	4.9
3.4. Other income about investment	—	0.0
Total financial income (41->44)	7.5	5.6
4.1. Realized and unrealized loss from changes in foreign exchange rates	—	0.0
4.2. Borrowing costs	66.8	28.0
4.4. Other investment expenses	0.7	0.0
Total financial expenses (51->54)	67.6	28.1
VI. General and Administrative expenses	181.4	151.9
VII. Net profit from securities business (20+50-40-60-61-62)	339.3	213.5
8.1. Other incomes	1.8	16.0
8.2. Other expenses	0.8	2.0
Other profit (71-72)	1.0	14.0
IX. Profit before tax (70+80)	340.2	227.5
9.1. Realised profit	330.6	255.8
9.2. Unrealised profit	9.6	-28.3
CORPORATE INCOME TAX	67.7	45.7
10.1. Current corporate income tax expenses	67.6	45.7
10.2. Deferred income tax expenses	0.1	-0.0
XI. Net profit after tax (90-100)	272.5	181.8
11.1. Profit after tax for shareholders of the parents company	272.5	181.8
13.1. Earning per share	748.00	556.00
Earnings per Share	703.72	550.82

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	13,285.8	8,172.0
Short-term financial assets	13,275.6	8,165.5
1. Cash and cash equivalents	510.6	1,093.2
1.1. Cash	510.6	943.2
1.2. Cash equivalents	—	150.0
2. Financial assets at fair value through profit or loss (FVTPL)	2,085.5	167.1
3. Held to maturity investments (HTM)	4,561.8	2,774.8
4. Loans	5,832.2	3,881.6
6. Provisions for impairment loss of financial assets and mortgages	-54.1	-42.2
7. Short-term receivables	310.0	279.4
7.1. Receivables from disposal of financial assets	0.0	0.5
7.2. Receivables and accruals from dividends and interest income	310.0	278.9
7.2.2. Undue dividend and interest receivables	310.0	278.9
Prepayments to suppliers	17.1	5.4
9. Service related receivable	7.4	1.8
12. Other receivables	5.2	4.6
13. Provision for doubtful debts	-0.1	-0.1
II. Other short-term assets	10.3	6.5
1. Advances	3.3	1.8
2. Office supplies, tools	0.1	—
3. Short-term prepayments	6.7	4.6
4. Pledged assets, mortgages, security deposits in short term	0.2	0.1
B. LONG-TERM ASSETS (200=210+220+240+250-260)	1,853.4	2,465.2
I. Long-term financial assets	1,704.7	2,328.6
2. Long-term investments	1,704.7	2,328.6
2.1. Held to maturity investments (HTM)	1,704.7	2,328.6
II. Fixed assets	105.8	96.2
1. Tangible fixed assets	12.3	11.8
- Cost	28.9	23.3
- Accumulated depreciation	-16.6	-11.5
3. Intangible fixed assets	24.9	39.7
- Cost	78.6	77.3
- Accumulated depreciation	-53.7	-37.6
IV. Construction in progress	—	0.5
V. Other long-term assets	42.9	39.9
1. Pledged assets, mortgages, security deposits in long term	7.8	4.6
2. Long-term prepayments	6.1	8.7
4. Payment for Settlement Assistance Fund	18.9	16.6
5. Other long-term assets	10.1	10.0
TOTAL ASSETS (270=100+200)	15,139.2	10,637.3
A. LIABILITIES (300=310+340)	10,836.9	6,607.5
I. Short -term liabilities	9,511.9	6,589.0
1. Short-term borrowings	9,321.8	6,505.9
1.1. Short-term borrowings	9,302.2	6,494.3
6. Payables to securities trading activities	21.8	7.1
8. Trade accounts payable	4.0	1.8
10. Taxes and other payables to state authorities	34.3	25.7
11. Payable to employees	39.2	18.6
12. Employee welfare payables	1.7	1.1
13. Accrued expenses	88.4	24.1
17. Other payables	0.7	4.8
19. Bonus and welfare fund	0.0	0.0
II. Long-term liabilities	1,325.0	18.4
4. Long-term bonds	1,297.9	—
14. Deferred income tax liabilities	0.1	0.1
B. OWNER'S EQUITY (400=410+420)	4,302.3	4,029.8
I. Owner's equity	4,302.3	4,029.8
1. Investment capital from owners	3,872.7	3,300.0
1.1. Capital from owners	3,426.0	3,300.0
a. Common stock	3,426,000,000,000.00	3,300,000,000,000.00
1.2. Share premium	446.7	—
2. Assets revaluation differences	—	572.7
4. Supplementary capital reserve	2.6	2.6
7. Undistributed earnings after tax	427.0	151.2
7.1. Realised profits	451.9	185.7
7.2. Unrealised losses	-24.9	-34.5
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	15,139.2	10,637.3

Item	2025	2024
1. Profit before tax	340.2	227.5
2. Adjustments for	-21.2	-81.9
- Depreciation and amortization	35.4	25.9
- (Reversal of provisions)/provisions	12.0	-2.4
- Loss/(profits) from other investing activities	-7.5	-4.6
- Interest expense	66.8	28.0
- Accrued interest income	-127.9	-128.9
3. Add non-cash expenses	-9.3	28.3
- Loss from revaluation losses of FVTPL financial assets	-9.3	28.3
4. Less non-cash income	-0.4	0.0
- Gains from revaluation gains of FVTPL financial assets	-0.4	0.0
5. Changes of assets and liabilities	-5,022.5	-2,903.5
- Increase/decrease in FVTPL financial assets	-1,908.8	103.2
- Increase/decrease in held to maturity investments	-1,163.1	-1,608.2
- Increase/decrease in loan	-1,950.6	-1,398.5
6. Operating profit before changes in working capital	-4,713.1	-2,729.6
Increase/decrease in receiables sale of financial assets	0.5	344.6
Increase/decrease in receiables interest of financial assets	96.7	55.2
Increase/decrease in service related receivables	-5.6	-0.7
Increases/decreases in other receivables	-0.5	-0.7
Increase/decrease in other assets	-1.6	21.8
- Increase/(decrease) in payables (other than interest, corporate income tax)	351.0	184.9
- (Increase)/decrease in prepaid expenses	0.6	-0.7
- Corporate income tax paid	-67.9	-61.9
- Interest paid	-353.5	-206.5
Increases/decreaese in trade payables	2.2	1.3
Increases/decreases in employee welfare payables	0.6	0.5
Increases/decreases in tax and other payables to the State Budget	9.0	11.5
Increases/dcreases in payable to employees	20.6	2.4
Increases/dcreases in other payables	10.5	-406.3
- Other payments for operating activities	-5.6	-4.5
Net cash flows from securities trading activities	-4,656.1	-2,788.4
1. Payment for fixed assets, constructions and other long-term assets	-23.1	-16.1
2. Proceeds from disposals of fixed assets and other long-term assets	—	1.0
7. Dividends, interest and profit received	7.5	4.9
Net cash flows from investing activities	-15.6	-10.2
1. Receipts from equity issue and owner's capital contribution	—	872,684,150,000.00
3. Short-term and long-term borrowings	49,711.5	31,668.5
3.2. Other borrowings	49,711.5	31,668.5
4. Principal repayments	-45,605.8	-28,817.3
4.3. Other principal repayments	-45,605.8	-28,817.3
6. Dividends paid, profits distributed to owners	—	-330.0
Net cash flows from financing activities	4,089.1	3,386.5
IV. Net cash flows during the period	-582.6	587.9
V. Cash and cash equivalents at begingning of the period	1,093.2	505.3
Cash at bank	1,093.2	505.3
- Cash at bank for securities company activities	943.2	505.3
- Cash equivalents	150.0	—
Cash and cash equivalents at end of period	510.6	1,093.2
Cash at bank	510.6	1,093.2
- Cash at bank for securities company activities	510.6	943.2
- Cash equivalents	—	150.0
1. Proceeds from sale of brokerage securities to customers	136,783.0	74,694.6
2. Money spent on buying brokerage securities for customers	-135,961.3	-71,625.2
9. Receive deposits to pay for securities transactions of customers	369,173.4	150,629.8
11. Payment for customers' securities transactions	-368,214.2	-153,185.4
14. Payment of customers' securities depository fees	-9.0	-6.4
17. Proceeds from Securities Issuers	743.4	448.9
18. Payments to Securities Issuers	-743.4	-448.9
Increase / decrease of net money during the period	1,771.9	507.5
II. Cash and cash equivalents at the beginning of the period of the customer	1,384.8	877.3
Cash at bank	1,384.8	877.3
-Deposits of investors on securities transactions under the Securities Company management method	942.0	698.4
-Cash deposit for securities transactions for customers	0.0	0.0
-Securities clearing and settlement deposits	45.1	86.9
III. Cash and cash equivalents at the end of the period of the customer	3,156.7	1,384.8
Cash at bank	3,156.7	1,384.8
-Deposits of investors on securities transactions under the Securities Company management method	2,729.9	942.0
-Cash deposit for securities transactions for customers	0.1	0.0
-Securities clearing and settlement deposits	253.7	45.1

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)	23.5	53.0	71.1	29.8	17.5	12.2	9.9	9.7	16.0
a. Realised gains on disposals of FVTPL financial assets	14.2	56.1	57.2	18.8	2.9	7.5	8.2	18.4	14.5
b. Gains from revaluation of FVTPL financial assets	-0.0	-28.9	10.2	10.8	8.2	-0.1	0.1	-3.5	3.4
c. Dividends and interest income from FVTPL financial assets	9.2	25.8	3.7	0.2	6.5	4.8	1.6	-5.2	-1.9
1.2. Gains from held to maturity investments	98.4	90.2	85.6	57.7	70.4	74.1	55.1	58.8	57.1
1.3. Interest income from loans and receivables	147.5	155.9	171.2	125.1	103.7	105.4	93.4	87.6	74.2
1.6. Revenue from brokerage services	119.5	125.0	156.2	73.9	49.0	39.5	33.0	40.2	32.1
1.7. Revenue from share issue guarantee and agency activities	0.7	2.9	—	—	—	—	—	—	—
1.8. Revenue from investment advisory services	0.4	2.5	0.3	0.2	—	0.7	—	—	—
1.10. Revenue from securities custody services	2.2	2.2	2.2	1.9	1.6	1.4	1.4	1.5	1.3
1.11. Other revenue	2.9	3.2	2.9	1.8	1.1	0.8	0.8	0.4	0.9
Revenue from securities business (01->11)	395.1	434.8	489.5	290.2	243.4	233.9	193.7	198.2	181.5
Net sales	395.1	434.8	489.5	290.2	243.4	233.9	193.7	198.2	181.5
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	33.1	54.0	-1.0	-24.3	-3.5	12.4	8.7	24.1	-4.1
a. Loss from disposals of financial assets at FVTPL	15.4	28.7	0.4	0.3	1.8	1.7	0.5	7.7	0.3
b. Loss from revaluation of financial assets at FVTPL	17.0	24.4	-2.5	-25.6	-5.6	10.6	7.4	15.1	-4.9
c. Transaction cost of acquisition of financial assets at FVTPL	0.6	0.9	1.0	1.0	0.2	0.1	0.7	1.3	0.5
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	122.8	122.3	92.7	75.9	72.1	76.0	52.6	43.4	10.5
2.6. Expenses for proprietary trading activities	0.1	0.1	0.1	0.2	—	0.0	0.0	0.0	0.0
2.7. Expenses for brokerage services	137.8	149.9	169.9	83.9	61.3	50.4	41.1	44.7	38.7
2.8. Expenses for underwriting and issurance agency services	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2.9. Expenses for financial advisory services	1.1	1.4	0.7	0.6	0.4	0.5	0.5	0.7	0.8
2.11. Expenses for secutiries custodian services	2.3	2.4	2.6	3.0	3.6	3.3	2.7	2.6	2.3
2.12. Other expenses	1.8	3.1	1.9	2.0	2.0	2.4	1.8	1.7	1.5
Operating expenses (21->33)	299.0	333.3	266.9	141.3	135.9	145.0	107.6	117.2	49.7
Gross profit	96.1	101.6	222.6	148.9	107.5	88.9	86.2	81.0	131.8
3.1. Realized and unrealized gain from changes in foreign exchange rates	—	—	—	—	—	—	—	0.6	0.0
3.2. Dividends, interest income from demand deposits	2.3	2.3	2.2	1.7	1.3	1.2	1.1	1.2	1.4
3.4. Other income about investment	—	—	—	—	—	—	—	—	0.0
Total financial income (41->44)	2.3	2.3	2.2	1.7	1.3	1.2	1.1	1.8	1.4
4.1. Realized and unrealized loss from changes in foreign exchange rates	—	—	—	—	—	—	—	—	0.0
4.2. Borrowing costs	37.7	28.7	13.8	14.1	10.2	5.4	6.2	6.6	9.9
4.4. Other investment expenses	0.4	0.3	0.1	0.2	0.1	—	—	—	0.0
Total financial expenses (51->54)	38.1	29.0	14.0	14.3	10.3	5.4	6.2	6.6	9.9
VI. General and Administrative expenses	46.1	63.1	39.6	45.2	33.4	48.3	31.7	35.7	36.2
VII. Net profit from securities business (20+50-40-60-61-62)	14.2	11.7	171.3	91.1	65.2	36.5	49.3	40.6	87.1
8.1. Other incomes	0.0	0.1	0.0	0.0	1.6	6.8	6.2	2.2	0.7
8.2. Other expenses	0.0	0.2	0.2	0.1	0.3	1.7	0.0	0.1	0.1
Other profit (71-72)	-0.0	-0.0	-0.2	-0.1	1.3	5.1	6.2	2.1	0.6
IX. Profit before tax (70+80)	14.2	11.7	171.1	91.0	66.5	41.5	55.5	42.7	87.7
9.1. Realised profit	31.2	64.9	158.4	54.6	52.7	52.2	62.8	61.3	79.5
9.2. Unrealised profit	-17.0	-53.2	12.7	36.4	13.8	-10.6	-7.4	-18.6	8.3
CORPORATE INCOME TAX	2.8	2.4	34.3	17.7	13.4	8.5	11.1	8.6	17.6
10.1. Current corporate income tax expenses	2.8	8.2	32.2	15.5	11.7	8.5	11.1	9.3	16.9
10.2. Deferred income tax expenses	-0.0	-5.8	2.0	2.2	1.6	-0.0	0.0	-0.7	0.7
XI. Net profit after tax (90-100)	11.3	9.3	136.8	73.4	53.1	33.1	44.4	34.2	70.1
11.1. Profit after tax for shareholders of the parents company	11.3	9.3	136.8	73.4	53.1	33.1	44.4	34.2	70.1
Earnings per Share	21.96	23.94	353.26	189.41	137.10	85.44	114.58	88.21	181.13

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)	13,212.8	12,270.8	11,280.4	9,561.4	9,137.3	8,172.0	7,786.2	6,527.4	7,854.3
Short-term financial assets	13,201.8	12,260.6	11,270.9	9,553.8	9,128.4	8,165.5	7,777.5	6,521.8	7,846.2
1. Cash and cash equivalents	795.3	510.6	742.2	66.6	535.0	1,093.2	156.7	936.5	633.0
1.1. Cash	795.3	510.6	742.2	66.6	535.0	943.2	156.7	886.5	545.5
1.2. Cash equivalents	—	—	—	—	—	150.0	—	50.0	87.4
2. Financial assets at fair value through profit or loss (FVTPL)	1,503.9	2,085.5	1,009.1	743.5	554.6	167.1	746.0	109.1	621.2
3. Held to maturity investments (HTM)	4,661.8	3,546.8	3,496.8	3,478.2	3,242.2	2,774.8	2,571.5	1,627.5	2,915.5
4. Loans	5,909.5	5,832.2	5,750.1	5,052.6	4,275.7	3,881.6	4,102.5	3,597.7	3,408.8
6. Provisions for impairment loss of financial assets and mortgages	-57.4	-54.1	-47.3	-53.2	-47.0	-42.2	-33.9	-23.5	-16.7
7. Short-term receivables	340.9	310.0	307.1	243.9	557.9	279.4	216.4	162.5	269.4
7.1. Receivables from disposal of financial assets	0.9	0.0	57.3	3.5	318.5	0.5	0.2	0.0	25.1
7.2. Receivables and accruals from dividends and interest income	340.0	310.0	249.8	240.4	239.4	278.9	216.2	162.5	244.3
7.2.2. Undue dividend and interest receivables	340.0	310.0	249.8	240.4	239.4	278.9	216.2	162.5	244.3
Prepayments to suppliers	23.3	17.1	1.4	10.9	0.8	5.4	11.0	101.4	1.4
9. Service related receivable	3.4	7.4	3.5	2.1	2.0	1.8	1.5	1.4	1.4
12. Other receivables	21.3	5.2	8.2	9.2	7.4	4.6	5.8	9.4	12.3
13. Provision for doubtful debts	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
II. Other short-term assets	11.0	10.3	9.5	7.6	8.9	6.5	8.7	5.6	8.1
1. Advances	5.4	3.3	4.1	2.8	2.9	1.8	3.2	1.8	2.6
2. Office supplies, tools	0.0	0.1	—	—	—	—	—	—	—
3. Short-term prepayments	5.3	6.7	5.2	4.5	5.8	4.6	5.4	3.7	5.5
4. Pledged assets, mortgages, security deposits in short term	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	2,346.3	2,868.4	2,728.9	2,358.6	2,018.9	2,465.2	2,597.6	2,375.0	1,380.4
I. Long-term financial assets	2,204.7	2,719.7	2,576.0	2,229.5	1,879.5	2,328.6	2,467.4	2,261.4	1,264.7
2. Long-term investments	2,204.7	2,719.7	2,576.0	2,229.5	1,879.5	2,328.6	2,467.4	2,261.4	1,264.7
2.1. Held to maturity investments (HTM)	2,204.7	2,719.7	2,576.0	2,229.5	1,879.5	2,328.6	2,467.4	2,261.4	1,264.7
II. Fixed assets	96.8	105.8	111.5	89.8	97.1	96.2	93.1	76.6	79.3
1. Tangible fixed assets	11.6	12.3	9.6	9.8	10.8	11.8	13.8	11.6	11.5
- Cost	29.6	—	—	—	—	—	—	—	—
- Accumulated depreciation	-18.0	—	—	—	—	—	—	—	—
3. Intangible fixed assets	21.1	24.9	28.8	32.3	35.6	39.7	43.9	47.2	48.9
- Cost	78.8	—	—	—	—	—	—	—	—
- Accumulated depreciation	-57.8	—	—	—	—	—	—	—	—
IV. Construction in progress	—	—	—	—	0.5	0.5	—	—	—
V. Other long-term assets	44.8	42.9	41.4	39.4	41.8	39.9	37.1	36.9	36.4
1. Pledged assets, mortgages, security deposits in long term	8.0	7.8	7.8	4.8	4.8	4.6	4.6	3.6	3.6
2. Long-term prepayments	6.8	6.1	5.4	6.4	8.7	8.7	6.8	7.6	7.1
4. Payment for Settlement Assistance Fund	20.0	18.9	18.2	18.2	18.2	16.6	15.7	15.7	15.7
5. Other long-term assets	10.1	10.1	10.0	10.0	10.0	10.0	10.0	10.0	10.0
TOTAL ASSETS (270=100+200)	15,559.1	15,139.2	14,009.4	11,920.0	11,156.2	10,637.3	10,383.9	8,902.3	9,234.8
A. LIABILITIES (300=310+340)	10,200.7	10,836.9	9,716.3	7,763.8	7,073.3	6,607.5	6,222.1	4,785.0	4,986.6
I. Short -term liabilities	8,879.1	9,511.9	9,379.4	7,445.8	6,753.2	6,577.4	6,191.3	4,773.3	4,972.9
1. Short-term borrowings	8,696.4	9,321.8	9,218.2	7,339.2	6,665.0	6,494.3	6,125.0	4,699.1	4,906.1
1.1. Short-term borrowings	8,678.2	9,302.2	9,198.0	7,324.4	6,649.9	6,494.3	6,125.0	4,699.1	4,906.1
6. Payables to securities trading activities	26.0	21.8	25.7	13.0	10.0	7.1	4.7	6.8	6.3
8. Trade accounts payable	2.1	4.0	5.2	7.2	3.2	1.8	1.6	3.2	0.4
10. Taxes and other payables to state authorities	26.5	34.3	60.8	32.6	31.5	25.7	21.4	42.0	28.1
11. Payable to employees	24.5	39.2	27.1	13.5	10.1	18.6	4.8	5.8	6.9
12. Employee welfare payables	1.9	1.7	1.5	1.4	1.2	1.1	0.9	0.8	0.7
13. Accrued expenses	91.0	88.4	39.9	37.4	31.7	24.1	31.1	14.6	24.1
16. Short-term deposits, collateral received	10.0	—	—	—	—	—	—	—	—
17. Other payables	0.8	0.7	0.9	1.6	0.5	4.8	1.8	1.1	0.4
19. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1,321.6	1,325.0	337.0	317.9	320.1	30.0	30.9	11.7	13.7
4. Long-term bonds	1,298.2	1,297.9	299.3	299.2	300.0	—	—	—	—
14. Deferred income tax liabilities	0.1	0.1	5.9	3.9	1.7	0.1	0.1	0.1	0.7
B. OWNER'S EQUITY (400=410+420)	5,358.4	4,302.3	4,293.1	4,156.3	4,082.9	4,029.8	4,161.7	4,117.3	4,248.2
I. Owner's equity	5,358.4	4,302.3	4,293.1	4,156.3	4,082.9	4,029.8	4,161.7	4,117.3	4,248.2
1. Investment capital from owners	5,157.3	3,872.7	3,872.7	3,872.7	3,872.7	3,872.7	3,872.7	3,872.7	3,872.7
1.1. Capital from owners	4,282.5	3,426.0	3,399.0	3,399.0	3,300.0	3,300.0	3,300.0	3,300.0	3,300.0
a. Common stock	4,282,498,060,000.00	3,426,000,000,000.00	3,399,000,000,000.00	3,399,000,000,000.00	3,300,000,000,000.00	3,300,000,000,000.00	3,300,000,000,000.00	3,300,000,000,000.00	3,300,000,000,000.00
1.2. Share premium	874.8	446.7	473.7	473.7	572.7	572.7	572.7	572.7	572.7
4. Supplementary capital reserve	2.6	2.6	2.6	—	2.6	2.6	2.6	2.6	2.6
7. Undistributed earnings after tax	198.5	427.0	417.7	283.5	204.3	151.2	283.2	238.8	369.6
7.1. Realised profits	240.4	451.9	395.2	271.6	226.6	185.7	307.0	255.3	368.2
7.2. Unrealised losses	-41.9	-24.9	22.6	11.9	-22.3	-34.5	-23.9	-16.5	1.4
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	15,559.1	15,139.2	14,009.4	11,920.0	11,156.2	10,637.3	10,383.9	8,902.3	9,234.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	14.2	11.7	171.1	91.0	66.5	41.5	55.5	42.7	87.7
2. Adjustments for	-95.4	36.5	31.7	3.8	-93.1	11.5	-5.8	7.4	-95.0
- Depreciation and amortization	10.0	9.8	9.2	8.4	8.0	7.9	6.4	5.8	5.8
- (Reversal of provisions)/provisions	3.2	6.8	-5.9	6.2	4.8	8.3	10.4	6.8	-27.8
- Loss/(profits) from other investing activities	-2.3	-2.3	-2.2	-1.7	-1.3	-0.9	-1.1	-1.2	-1.4
- Interest expense	37.7	28.7	13.8	24.3	—	5.4	6.2	6.6	9.9
- Accrued interest income	-144.1	-6.6	16.7	-23.2	-114.8	-9.2	-27.7	-10.5	-81.4
3. Add non-cash expenses	17.0	24.4	-2.5	-25.6	-5.6	10.6	7.4	15.1	-4.9
- Loss from revaluation losses of FVTPL financial assets	17.0	24.4	-2.5	-25.6	-5.6	10.6	7.4	15.1	-4.9
4. Less non-cash income	0.0	28.9	-10.2	-10.8	-8.2	0.1	-0.1	3.5	-3.4
- Gains from revaluation gains of FVTPL financial assets	0.0	28.9	-10.2	-10.8	-8.2	0.1	-0.1	3.5	-3.4
5. Changes of assets and liabilities	-112.9	-1,405.4	-1,315.4	-1,515.4	-786.2	724.8	-2,299.0	596.0	-1,925.2
- Increase/decrease in FVTPL financial assets	564.5	-1,129.6	-252.9	-152.5	-373.7	568.3	-644.3	493.6	-314.4
- Increase/decrease in held to maturity investments	-600.0	-193.7	-365.1	-585.9	-18.4	-64.4	-1,150.0	291.3	-685.0
- Increase/decrease in loan	-77.4	-82.1	-697.5	-776.9	-394.1	220.9	-504.8	-188.8	-925.8
6. Operating profit before changes in working capital	-177.1	-1,304.1	-1,125.3	-1,457.0	-826.7	788.4	-2,242.0	664.7	-1,940.7
Increase/decrease in receiables sale of financial assets	-0.9	57.3	-53.8	315.0	-317.9	-0.3	-0.2	25.1	320.0
Increase/decrease in receiables interest of financial assets	114.1	-53.6	-26.2	22.2	154.3	-53.4	-26.0	92.4	42.3
Increase/decrease in service related receivables	4.0	-3.9	-1.5	-0.1	-0.2	-0.3	-0.1	-0.0	-0.3
Increases/decreases in other receivables	-16.0	-0.8	1.7	-3.1	1.8	6.8	93.9	-97.1	-4.3
Increase/decrease in other assets	-2.0	0.8	-1.3	0.0	-1.1	1.4	-1.4	0.9	21.0
- Increase/(decrease) in payables (other than interest, corporate income tax)	119.6	115.4	98.6	69.7	67.3	67.7	42.3	36.5	38.4
- (Increase)/decrease in prepaid expenses	0.7	-2.2	0.3	3.7	-1.3	-1.1	-0.9	1.2	-0.0
- Corporate income tax paid	-8.2	-32.2	-15.5	-11.7	-8.5	-11.1	-9.3	-16.9	-24.6
- Interest paid	-154.8	-95.6	-110.0	-78.1	-69.8	-80.1	-31.9	-52.6	-41.8
Increases/decreaese in trade payables	-3.0	-1.2	-2.0	3.9	1.4	0.2	-1.6	2.8	-0.2
Increases/decreases in employee welfare payables	0.2	0.1	0.2	0.2	0.2	0.1	0.1	0.1	0.1
Increases/decreases in tax and other payables to the State Budget	-2.5	-2.5	11.6	-2.7	2.6	6.9	-22.5	21.5	5.6
Increases/dcreases in payable to employees	-14.7	12.1	13.6	3.4	-8.5	13.7	-1.0	-1.1	-9.3
Increases/dcreases in other payables	4.3	-4.2	12.1	4.1	-1.5	5.5	-1.4	1.1	-411.5
- Other receipts from operating activities	10.0	—	—	—	—	—	—	—	—
- Other payments for operating activities	-1.3	-0.8	-2.9	-0.0	-1.9	-0.9	-0.9	-0.0	-2.6
Net cash flows from securities trading activities	-127.6	-1,315.3	-1,200.5	-1,130.6	-1,009.6	743.6	-2,202.9	678.7	-2,007.8
1. Payment for fixed assets, constructions and other long-term assets	-5.9	-16.0	4.3	-9.4	-2.1	-10.5	-2.2	-3.2	-0.3
2. Proceeds from disposals of fixed assets and other long-term assets	—	—	—	—	—	1.0	—	—	—
7. Dividends, interest and profit received	2.3	2.3	2.2	1.7	1.3	1.2	1.1	1.2	1.4
Net cash flows from investing activities	-3.7	-13.7	6.6	-7.7	-0.7	-8.3	-1.1	-1.9	1.1
1. Receipts from equity issue and owner's capital contribution	1,284,609,090,000.00	—	—	—	—	0.00	0.00	0.00	872,684,150,000.00
3. Short-term and long-term borrowings	11,005.3	11,629.5	14,397.9	13,041.9	10,642.2	15,030.5	3,770.4	8,410.4	4,457.1
3.2. Other borrowings	11,005.3	11,629.5	14,397.9	13,041.9	10,642.2	15,030.5	3,770.4	8,410.4	4,457.1
4. Principal repayments	-11,628.9	-10,526.8	-12,524.2	-12,368.2	-10,186.6	-14,661.2	-2,344.5	-8,617.4	-3,194.1
4.3. Other principal repayments	-11,628.9	-10,526.8	-12,524.2	-12,368.2	-10,186.6	-14,661.2	-2,344.5	-8,617.4	-3,194.1
6. Dividends paid, profits distributed to owners	-239.8	—	-11.4	—	—	-165.0	0.0	-165.0	—
Net cash flows from financing activities	415.9	1,097.5	1,869.5	669.9	452.2	201.1	1,424.3	-373.3	2,134.4
IV. Net cash flows during the period	284.7	-231.6	675.5	-468.4	-558.1	936.4	-779.7	303.5	127.7
V. Cash and cash equivalents at begingning of the period	510.6	742.2	66.6	535.0	1,093.2	156.7	936.5	633.0	505.3
Cash and cash equivalents at end of period	795.3	510.6	742.2	66.6	535.0	1,093.2	156.7	936.5	633.0
1. Proceeds from sale of brokerage securities to customers	37,123.3	36,464.4	56,117.4	25,998.8	18,202.4	16,712.8	16,246.3	25,969.5	15,766.0
2. Money spent on buying brokerage securities for customers	-36,735.1	-34,764.9	-55,974.6	-26,750.2	-18,471.6	-16,341.0	-15,979.3	-22,113.1	-17,191.8
9. Receive deposits to pay for securities transactions of customers	80,925.9	90,525.9	122,167.0	88,402.8	68,077.7	47,641.9	33,235.8	43,803.4	25,948.7
11. Payment for customers' securities transactions	-81,529.5	-92,257.7	-121,717.6	-87,511.4	-66,727.6	-48,264.1	-33,449.6	-47,610.3	-23,861.4
14. Payment of customers' securities depository fees	-1.9	-2.7	-2.6	-1.9	-1.8	-1.6	-1.6	-2.2	-1.0
17. Proceeds from Securities Issuers	203.0	-41.2	74.4	682.3	27.9	259.2	52.8	119.7	17.1
18. Payments to Securities Issuers	-203.0	41.2	-74.4	-682.4	-27.9	-259.2	-52.9	-120.7	-16.1
Increase / decrease of net money during the period	-217.3	-35.0	589.7	138.1	1,079.1	-252.0	51.6	46.3	661.6
II. Cash and cash equivalents at the beginning of the period of the customer	3,156.7	3,191.7	2,602.0	2,463.9	1,384.8	1,636.8	1,585.3	1,538.9	877.3
-Cash deposit for securities transactions for customers	0.1	—	—	—	—	—	—	—	—
-Securities clearing and settlement deposits	253.7	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	2,939.4	3,156.7	3,191.7	2,602.0	2,463.9	1,384.8	1,636.8	1,585.3	1,538.9
-Cash deposit for securities transactions for customers	0.1	—	—	—	—	—	—	—	—
-Securities clearing and settlement deposits	70.4	—	—	—	—	—	—	—	—

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