MBS

Chứng khoán MB ·HNX ·2026Q1

▲ MARGIN LENDING STRONG

Margin lending strong Lending share 45.8%, ROAE 14.8%

Price

19,600

Latest close

02 Jun 2026

EPS TTM (TTM) 1,796

BVPS (Latest) 12,247

P/E (Price/EPS) 10.9x

P/B (Price/BVPS) 1.6x

ROAE TTM (TTM) 14.8%

PBT Margin (TTM) 36.2%

Trading Share (Mix) 20.8%

Service & Brokerage Share (Mix) 33.4%

Equity / Assets (Latest) 27.3%

Leverage (Latest) 2.7x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 1,444.1bn, equivalent to a pre-tax margin of 36.2%, showing a relatively clean and sufficiently thick earnings base, with margin also improving by +2.8pp, pointing to better earnings quality. The revenue mix is now leaning more toward lending at 45.8% after expanding by +6.3pp, while trading is down to 20.8% after narrowing by 14.6pp; brokerage and services have reached 33.4% and improved by +8.4pp, making diversification more visible. On the balance sheet, Equity / Assets is 27.3% while Leverage is about 2.66x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 1.246 tỷ
−8,5%
Lãi thuần 821 tỷ
+33,9%

	                            
	                                Margin lending
	                            
Doanh thu 1.585 tỷ
+47,7%
Dư nợ 15.520 tỷ
+35,6%

	                                    Margin/equity 185.4% — approaching cap 200%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 1.031 tỷ
+78,7%
Lãi thuần 186 tỷ
+137,8%

Metric	2025	2024
PBT	1,415.0	930.6
Trading Share	22.6%	35.6%
Lending Share	44.8%	38.2%
Service & Brokerage Share	32.6%	26.2%
PBT Margin	38.88%	29.82%
Equity / Assets	26.0%	31.2%
Leverage	2.85x	2.20x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	368.0	385.4	418.1	272.5	338.9	206.9	223.5	270.6	229.6
Trading Share	16.9%	20.4%	23.0%	24.9%	22.6%	33.7%	40.4%	41.9%	23.3%
Lending Share	50.8%	49.3%	38.8%	44.4%	49.5%	41.7%	37.7%	32.1%	43.3%
Service & Brokerage Share	32.3%	30.3%	38.2%	30.7%	27.9%	24.6%	21.9%	26.0%	33.3%
PBT Margin	36.11%	37.93%	35.98%	34.40%	50.67%	27.30%	27.75%	30.64%	34.09%
Equity / Assets	27.3%	26.0%	22.9%	28.8%	32.0%	31.2%	31.6%	30.7%	31.7%
Leverage	2.66x	2.85x	3.36x	2.47x	2.12x	2.20x	2.17x	2.25x	2.16x

Drivers of MBS'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 512bn

Trading +VND 208bn

Brokerage +VND 108bn

Total costs −VND 447bn

Tax −VND 80.7bn

TTM

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

Margin lending +VND 162bn

Brokerage +VND 28.4bn

Trading +VND 18.0bn

Other fees +VND 14.9bn

Total costs −VND 194bn

Tax −VND 6.5bn

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 45.8%, trading is at 20.8%, brokerage and services together remain around 33.4% 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 mix is still fairly readable for now, but case durability will depend on whether brokerage and services keep thickening.

Key risks

Key signals

Securities business revenue 3,989.6bn +28.1% YoY

PBT margin 36.2% +2.8pp

Lending Share 45.8% +6.3pp

Brokerage Share 29.8% +8.5pp

Revaluation / Trading -3.4% —

TTM YoY · 2026Q1

Profitability Quality & Volatility

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

Profitability currently looks relatively clean, with margins and returns strong enough not to rely heavily on unusual support.

Pre-tax margin is currently 36.2%, Return on assets is about 4.3%, provisions equal -7.3% of pre-tax profit, revaluation accounts for -1.7% of pre-tax profit.

Headline profit is still fairly readable because returns are not being materially distorted by less durable support.

Profit appears cleaner and less dependent on revaluation.

Provisioning is not currently the main drag on profit.

Key risks

Key signals

PBT margin 36.2% +2.8pp

Net margin 28.9% +2.3pp

ROAA 4.3% +1.2pp

ROAE 14.8% +3.7pp

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 50.6% of assets, the prop book about 10.2%, liquid assets around 24.3%, equity roughly 27.3%.

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 50.6% −0.4pp

Prop book / Assets 10.2% −1.3pp

Liquid assets / Assets 24.3% −4.8pp

Equity / Assets 27.3% −4.7pp

Liabilities / Equity 2.66x +0.54x

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 27.3% of assets, liabilities stand at 2.66x of equity, short-term borrowings are about 55.4% of assets, cash covers roughly 0.11x 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 27.3% −4.7pp

Liabilities / Equity 2.66x +0.54x

Short-term borrowings / Assets 55.4% −3.1pp

Liquid assets / Assets 24.3% −4.8pp

Cash / Short-term borrowings 0.11x −0.01x

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, MBS 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.

When earnings lean heavily on margin lending, margin-book asset quality and funding need closer monitoring.

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)	719.0	983.2
a. Realised gains on disposals of FVTPL financial assets	689.7	970.7
b. Gains from revaluation of FVTPL financial assets	-5.0	9.8
c. Dividends and interest income from FVTPL financial assets	16.3	2.7
d. Gain from revaluation of outstanding covered warrant payables	18.0	0.0
1.2. Gains from held to maturity investments	332.0	181.7
1.3. Interest income from loans and receivables	1,423.1	1,056.1
1.4. Gains from available-for-sale financial assets (AFS)	129.8	174.9
1.6. Revenue from brokerage services	923.5	628.2
1.7. Revenue from share issue guarantee and agency activities	0.6	0.2
1.8. Revenue from investment advisory services	9.9	25.6
1.10. Revenue from securities custody services	41.9	28.8
1.11. Other revenue	59.7	41.6
Revenue from securities business (01->11)	3,639.4	3,120.4
Net sales	3,639.4	3,120.4
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	378.1	797.1
a. Loss from disposals of financial assets at FVTPL	341.5	794.1
b. Loss from revaluation of financial assets at FVTPL	27.8	-0.0
c. Transaction cost of acquisition of financial assets at FVTPL	5.4	2.8
d. Loss from revaluation of outstanding covered warrant payables	3.5	0.2
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	-105.5	43.6
2.6. Expenses for proprietary trading activities	30.5	15.6
2.7. Expenses for brokerage services	766.1	517.5
2.8. Expenses for underwriting and issurance agency services	0.0	0.0
2.9. Expenses for financial advisory services	4.4	12.4
2.11. Expenses for secutiries custodian services	34.5	23.4
2.12. Other expenses	0.8	0.2
Operating expenses (21->33)	1,108.9	1,409.8
Gross profit	2,530.5	1,710.6
3.1. Realized and unrealized gain from changes in foreign exchange rates	0.0	0.0
3.2. Dividends, interest income from demand deposits	6.7	6.1
Total financial income (41->44)	6.7	6.1
4.1. Realized and unrealized loss from changes in foreign exchange rates	—	0.0
4.2. Borrowing costs	844.4	541.2
Total financial expenses (51->54)	844.4	541.2
VI. General and Administrative expenses	280.7	239.7
VII. Net profit from securities business (20+50-40-60-61-62)	1,396.3	925.8
8.1. Other incomes	18.9	4.9
8.2. Other expenses	0.2	0.0
Other profit (71-72)	18.7	4.9
IX. Profit before tax (70+80)	1,415.0	930.6
9.1. Realised profit	1,433.2	921.0
9.2. Unrealised profit	-18.2	9.6
CORPORATE INCOME TAX	284.1	187.1
10.1. Current corporate income tax expenses	275.8	188.5
10.2. Deferred income tax expenses	8.4	-1.4
XI. Net profit after tax (90-100)	1,130.9	743.6
11.1. Profit after tax for shareholders of the parents company	1,130.9	743.6
13.1. Earning per share	1,633.00	1,346.00
Earnings per Share	1,675.30	1,226.39

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	30,570.2	21,873.6
Short-term financial assets	30,551.1	21,853.9
1. Cash and cash equivalents	2,431.3	1,773.5
1.1. Cash	2,431.3	1,749.5
1.2. Cash equivalents	—	24.0
2. Financial assets at fair value through profit or loss (FVTPL)	3,104.5	1,973.8
3. Held to maturity investments (HTM)	6,714.5	4,994.5
4. Loans	15,040.6	10,293.7
5. Available-for-sale financial assets (AFS)	3,092.7	2,706.4
6. Provisions for impairment loss of financial assets and mortgages	-27.4	-98.4
7. Short-term receivables	174.8	231.2
7.2. Receivables and accruals from dividends and interest income	174.8	231.2
7.2.1. Due dividend and interest receivables	29.8	29.2
7.2.2. Undue dividend and interest receivables	145.0	202.1
Prepayments to suppliers	11.0	8.2
9. Service related receivable	9.0	7.9
12. Other receivables	7.9	4.5
13. Provision for doubtful debts	-7.8	-41.5
II. Other short-term assets	19.1	19.7
1. Advances	0.1	1.7
2. Office supplies, tools	0.2	0.6
3. Short-term prepayments	3.5	2.3
4. Pledged assets, mortgages, security deposits in short term	15.1	15.1
Taxes and other receivables from state authorities	0.0	0.0
5. Other short-term assets	0.2	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	206.1	258.3
II. Fixed assets	117.1	155.7
1. Tangible fixed assets	98.4	126.7
- Cost	305.9	313.5
- Accumulated depreciation	-207.5	-186.8
3. Intangible fixed assets	18.7	29.0
- Cost	105.8	103.0
- Accumulated depreciation	-87.1	-74.1
V. Other long-term assets	89.1	102.6
1. Pledged assets, mortgages, security deposits in long term	2.5	2.5
2. Long-term prepayments	54.2	59.5
3. Deferred income tax assets	2.1	10.5
4. Payment for Settlement Assistance Fund	20.0	20.0
5. Other long-term assets	10.2	10.2
TOTAL ASSETS (270=100+200)	30,776.3	22,131.9
A. LIABILITIES (300=310+340)	22,781.5	15,223.3
I. Short -term liabilities	21,219.9	14,162.0
1. Short-term borrowings	17,730.0	13,069.7
1.1. Short-term borrowings	17,730.0	13,069.7
6. Payables to securities trading activities	43.9	21.6
8. Trade accounts payable	12.5	11.5
9. Advances from customers	2,873.2	683.2
10. Taxes and other payables to state authorities	184.9	120.3
11. Payable to employees	6.0	4.1
12. Employee welfare payables	2.7	2.7
13. Accrued expenses	292.9	165.3
15. Unearned revenue	3.4	3.1
17. Other payables	9.6	14.5
19. Bonus and welfare fund	61.0	66.1
II. Long-term liabilities	1,561.6	1,061.4
4. Long-term bonds	1,561.6	1,061.4
B. OWNER'S EQUITY (400=410+420)	7,994.8	6,908.5
I. Owner's equity	7,994.8	6,908.5
1. Investment capital from owners	6,750.3	6,062.9
1.1. Capital from owners	6,587.3	5,728.1
a. Common stock	6,587,267,870,000.00	5,728,129,810,000.00
1.2. Share premium	163.8	335.6
1.5. Treasury shares	-743,610,327.00	-743,610,327.00
7. Undistributed earnings after tax	1,218.4	819.5
7.1. Realised profits	1,214.8	789.3
7.2. Unrealised losses	3.6	30.1
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	30,776.3	22,131.9

Item	2025	2024
1. Profit before tax	1,415.0	930.6
2. Adjustments for	713.2	467.8
- Depreciation and amortization	53.6	60.9
- (Reversal of provisions)/provisions	-104.7	43.9
- Unrealized foreign exchange (gains)/losses	-0.0	-0.0
- Loss/(profits) from other investing activities	-7.0	-6.5
- Interest expense	844.4	541.2
- Accrued interest income	-73.1	-171.7
- Adjustments for	-0.0	—
3. Add non-cash expenses	31.2	0.2
- Loss from revaluation losses of FVTPL financial assets	31.2	0.2
4. Less non-cash income	-13.0	-9.8
- Gains from revaluation gains of FVTPL financial assets	-13.0	-9.8
5. Changes of assets and liabilities	-8,016.6	-5,705.7
- Increase/decrease in FVTPL financial assets	-1,163.4	-841.0
- Increase/decrease in held to maturity investments	-1,720.0	-2,344.6
- Increase/decrease in loan	-4,746.9	-1,075.2
- Increase/decrease in AFS financial assets	-386.4	-1,444.8
6. Operating profit before changes in working capital	-5,870.2	-4,316.9
Increase/decrease in receiables sale of financial assets	2,190.0	681.0
Increase/decrease in receiables interest of financial assets	129.5	178.2
Increase/decrease in service related receivables	-1.2	0.3
Increases/decreases in other receivables	-3.4	-2.1
Increase/decrease in other assets	1.7	2.3
- Increase/(decrease) in payables (other than interest, corporate income tax)	74.0	33.7
- (Increase)/decrease in prepaid expenses	4.1	16.7
- Corporate income tax paid	-219.0	-151.9
- Interest paid	-781.4	-494.9
Increases/decreaese in trade payables	-1.8	-4.8
Increases/decreases in employee welfare payables	-0.0	-0.1
Increases/decreases in tax and other payables to the State Budget	7.8	7.0
Increases/dcreases in payable to employees	1.9	-3.2
Increases/dcreases in other payables	22.2	-22.6
- Other payments for operating activities	-49.7	—
Net cash flows from securities trading activities	-4,495.5	-4,077.4
1. Payment for fixed assets, constructions and other long-term assets	-15.0	-9.8
2. Proceeds from disposals of fixed assets and other long-term assets	0.3	0.4
7. Dividends, interest and profit received	6.7	—
Net cash flows from investing activities	-8.0	-9.4
1. Receipts from equity issue and owner's capital contribution	687,339,530,000.00	1,686,988,200,000.00
3. Short-term and long-term borrowings	54,639.4	38,636.0
3.2. Other borrowings	54,639.4	38,636.0
4. Principal repayments	-49,479.0	-34,509.7
4.3. Other principal repayments	-49,479.0	-34,509.7
6. Dividends paid, profits distributed to owners	-686.5	-524.2
Net cash flows from financing activities	5,161.2	5,289.1
IV. Net cash flows during the period	657.7	1,202.3
V. Cash and cash equivalents at begingning of the period	1,773.5	571.2
Cash at bank	1,773.5	571.2
- Cash at bank for securities company activities	1,749.5	441.2
- Cash equivalents	24.0	130.0
Cash and cash equivalents at end of period	2,431.3	1,773.5
Cash at bank	2,431.3	1,773.5
- Cash at bank for securities company activities	2,431.3	1,749.5
- Cash equivalents	—	24.0
1. Proceeds from sale of brokerage securities to customers	372,162.8	243,148.3
2. Money spent on buying brokerage securities for customers	-382,148.8	-247,997.9
9. Receive deposits to pay for securities transactions of customers	11,188.8	3,995.9
14. Payment of customers' securities depository fees	-21.5	-16.5
17. Proceeds from Securities Issuers	2,192.6	2,577.0
18. Payments to Securities Issuers	-2,100.0	-2,580.4
Increase / decrease of net money during the period	1,273.8	-873.6
II. Cash and cash equivalents at the beginning of the period of the customer	3,358.9	4,232.5
Cash at bank	3,358.9	4,232.5
-Deposits of investors on securities transactions under the Securities Company management method	2,910.9	3,897.1
-Cash deposit for securities transactions for customers	171.6	192.4
-Deposits from issuing organizations	5.9	9.3
III. Cash and cash equivalents at the end of the period of the customer	4,632.8	3,358.9
Cash at bank	4,632.8	3,358.9
-Deposits of investors on securities transactions under the Securities Company management method	4,249.8	2,910.9
-Cash deposit for securities transactions for customers	101.6	171.6
-Deposits from issuing organizations	98.6	5.9

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)	145.9	177.6	241.9	172.9	126.6	216.7	285.6	341.0	139.9
a. Realised gains on disposals of FVTPL financial assets	163.0	159.9	243.2	179.6	107.0	207.8	283.1	341.6	138.2
b. Gains from revaluation of FVTPL financial assets	-4.9	6.3	-2.1	-24.1	15.0	8.8	2.5	-2.7	1.2
c. Dividends and interest income from FVTPL financial assets	—	0.0	0.0	16.3	-0.0	0.1	0.0	2.4	0.2
d. Gain from revaluation of outstanding covered warrant payables	-12.2	11.4	0.8	1.2	4.7	0.0	—	-0.2	0.2
1.2. Gains from held to maturity investments	117.9	103.8	83.5	76.1	68.6	61.0	41.8	35.7	43.3
1.3. Interest income from loans and receivables	439.3	429.1	408.1	308.8	277.1	268.2	266.3	261.7	259.9
1.4. Gains from available-for-sale financial assets (AFS)	37.1	41.4	27.0	20.9	40.4	54.0	57.0	33.2	30.7
1.6. Revenue from brokerage services	241.3	228.5	369.6	191.9	133.5	131.4	132.8	179.4	184.6
1.7. Revenue from share issue guarantee and agency activities	0.0	0.6	—	—	—	—	0.2	—	—
1.8. Revenue from investment advisory services	2.0	3.3	1.4	1.6	3.7	8.3	3.7	13.1	0.5
1.10. Revenue from securities custody services	10.4	11.5	13.8	9.8	6.9	7.4	7.3	8.7	5.5
1.11. Other revenue	25.2	20.4	16.9	10.3	12.1	10.9	10.7	10.7	9.3
Revenue from securities business (01->11)	1,019.1	1,016.2	1,162.1	792.3	668.9	757.9	805.5	883.4	673.6
Net sales	1,019.1	1,016.2	1,162.1	792.3	668.9	757.9	805.5	883.4	673.6
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	101.0	136.9	80.5	106.9	53.8	172.6	235.5	286.8	102.2
a. Loss from disposals of financial assets at FVTPL	102.2	122.6	89.9	103.0	26.1	171.3	234.9	286.5	101.4
b. Loss from revaluation of financial assets at FVTPL	-0.9	4.3	-5.3	2.2	26.6	0.0	-0.0	-0.1	0.1
c. Transaction cost of acquisition of financial assets at FVTPL	1.6	1.5	1.7	1.2	1.0	1.0	0.6	0.5	0.7
d. Loss from revaluation of outstanding covered warrant payables	-2.0	8.6	-5.8	0.5	0.1	0.3	—	-0.0	0.0
2.4. Selling loss available-for-sale financial assets (AFS)	—	—	-1.9	—	1.9	—	—	—	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	—	-37.4	9.3	—	-77.4	15.8	14.3	—	13.5
2.6. Expenses for proprietary trading activities	-1.8	6.8	14.3	4.8	4.6	1.2	4.7	5.5	4.3
2.7. Expenses for brokerage services	197.0	192.9	293.4	162.4	117.5	130.7	114.3	136.4	136.0
2.8. Expenses for underwriting and issurance agency services	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2.9. Expenses for financial advisory services	2.1	2.2	1.8	-0.5	0.8	4.4	2.3	4.4	1.4
2.11. Expenses for secutiries custodian services	8.7	9.1	10.4	8.5	6.5	6.3	5.9	5.8	5.4
2.12. Other expenses	0.5	0.0	0.7	0.0	0.0	0.0	0.2	0.0	-0.0
Operating expenses (21->33)	307.4	310.4	408.6	282.1	107.7	331.0	377.1	438.9	262.8
Gross profit	711.7	705.7	753.4	510.2	561.2	426.8	428.4	444.5	410.9
3.1. Realized and unrealized gain from changes in foreign exchange rates	—	0.0	—	—	—	0.0	—	0.0	—
3.2. Dividends, interest income from demand deposits	2.5	1.8	1.4	1.2	2.3	1.2	1.5	1.3	2.2
Total financial income (41->44)	2.5	1.8	1.4	1.2	2.3	1.2	1.5	1.3	2.2
4.1. Realized and unrealized loss from changes in foreign exchange rates	—	—	—	—	—	—	—	0.0	—
4.2. Borrowing costs	279.7	268.5	236.8	177.1	162.0	152.0	139.3	124.5	125.4
Total financial expenses (51->54)	279.7	268.5	236.8	177.1	162.0	152.0	139.3	124.5	125.4
VI. General and Administrative expenses	64.8	46.2	95.9	63.6	75.0	66.2	66.0	49.6	57.9
VII. Net profit from securities business (20+50-40-60-61-62)	366.2	385.2	417.8	268.1	325.2	206.0	222.8	268.5	228.6
8.1. Other incomes	1.8	0.3	0.4	4.4	13.8	0.9	0.7	2.2	1.1
8.2. Other expenses	—	—	0.0	—	0.1	0.0	—	—	0.0
Other profit (71-72)	1.8	0.3	0.3	4.4	13.7	0.9	0.7	2.2	1.1
IX. Profit before tax (70+80)	368.0	385.4	418.1	272.5	338.9	206.9	223.5	270.6	229.6
9.1. Realised profit	382.3	380.6	406.5	298.2	347.8	198.4	221.0	273.4	228.2
9.2. Unrealised profit	-14.2	4.8	11.6	-25.7	-8.9	8.5	2.5	-2.8	1.4
CORPORATE INCOME TAX	76.4	77.3	85.5	51.5	69.9	41.5	44.6	53.9	47.0
10.1. Current corporate income tax expenses	79.2	69.1	85.0	56.6	65.1	43.2	44.1	54.5	46.8
10.2. Deferred income tax expenses	-2.8	8.2	0.5	-5.1	4.8	-1.7	0.5	-0.6	0.3
XI. Net profit after tax (90-100)	291.6	308.2	332.6	221.1	269.0	165.3	178.9	216.7	182.6
11.1. Profit after tax for shareholders of the parents company	291.6	308.2	332.6	221.1	269.0	165.3	178.9	216.7	182.6
OTHER COMPREHENSIVE INCOME AFTER TAX	—	—	—	-1.6	—	—	20.5	—	—
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	—	—	—	-1.6	1.6	-26.6	20.5	6.1	—
Total other comprehensive income	—	—	—	-1.6	1.6	-26.6	20.5	6.1	—
13.1. Earning per share	—	—	—	—	—	—	337.00	—	—
Earnings per Share	426.59	456.53	548.62	364.60	443.71	272.69	327.11	495.25	417.21

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)	29,427.3	30,570.2	30,308.7	25,308.7	22,156.5	21,873.6	19,288.8	17,302.6	16,176.0
Short-term financial assets	29,404.3	30,551.1	30,288.3	25,289.9	22,094.0	21,853.9	19,265.9	17,278.9	16,150.4
1. Cash and cash equivalents	1,922.6	2,684.3	1,754.4	1,951.4	1,598.4	1,773.5	1,579.8	721.8	1,168.3
1.1. Cash	1,920.6	2,431.3	1,734.4	1,921.4	1,578.4	1,749.5	1,579.8	606.8	1,138.3
1.2. Cash equivalents	2.0	253.0	20.0	30.0	20.0	24.0	—	115.0	30.0
2. Financial assets at fair value through profit or loss (FVTPL)	3,115.9	3,104.5	2,699.4	3,108.9	2,564.9	1,973.8	1,700.9	1,599.6	1,149.2
3. Held to maturity investments (HTM)	5,513.4	6,461.5	7,041.8	5,696.8	4,901.8	4,994.5	3,792.5	2,856.4	2,669.2
4. Loans	15,520.4	15,040.6	15,698.2	12,795.7	11,441.8	10,293.7	9,865.6	9,978.6	9,869.1
5. Available-for-sale financial assets (AFS)	3,181.2	3,092.7	2,914.0	1,667.8	1,529.1	2,706.4	2,232.1	2,023.9	1,175.9
6. Provisions for impairment loss of financial assets and mortgages	-27.4	-27.4	-65.7	-56.3	-56.3	-98.4	-82.6	-82.6	-82.6
7. Short-term receivables	163.6	174.8	226.1	103.3	94.7	231.2	190.8	161.1	203.1
7.2. Receivables and accruals from dividends and interest income	163.6	174.8	226.1	103.3	94.7	231.2	190.8	161.1	203.1
7.2.1. Due dividend and interest receivables	26.9	29.8	102.2	19.3	19.2	29.2	28.9	23.0	21.8
7.2.2. Undue dividend and interest receivables	136.7	145.0	123.9	84.0	75.5	202.1	161.9	138.1	181.2
Prepayments to suppliers	4.9	11.0	6.7	9.9	5.3	8.2	9.5	11.7	7.8
9. Service related receivable	9.7	9.0	8.5	9.3	8.7	7.9	13.3	24.5	9.4
12. Other receivables	8.4	7.9	11.8	9.3	11.8	4.5	5.3	10.9	7.9
13. Provision for doubtful debts	-8.3	-7.8	-7.0	-6.3	-6.2	-41.5	-41.4	-27.0	-27.0
II. Other short-term assets	23.0	19.1	20.4	18.8	62.5	19.7	22.9	23.7	25.6
1. Advances	0.3	0.1	0.2	0.3	2.1	1.7	3.5	4.0	3.9
2. Office supplies, tools	1.6	0.2	0.4	0.5	0.9	0.6	0.4	0.3	0.4
3. Short-term prepayments	5.8	3.5	4.8	2.3	3.5	2.3	2.9	3.6	4.9
4. Pledged assets, mortgages, security deposits in short term	15.1	15.1	15.1	15.1	56.0	15.1	15.1	15.1	15.1
Taxes and other receivables from state authorities	—	0.0	0.0	0.7	0.0	0.0	1.0	0.8	1.3
5. Other short-term assets	0.2	0.2	—	—	—	—	—	—	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	1,231.7	206.1	226.1	242.6	252.5	258.3	267.8	291.1	304.3
I. Long-term financial assets	1,022.0	—	—	—	—	—	—	—	—
2. Long-term investments	1,022.0	—	—	—	—	—	—	—	—
2.1. Held to maturity investments (HTM)	1,022.0	—	—	—	—	—	—	—	—
II. Fixed assets	112.7	117.1	129.1	142.5	154.7	155.7	167.6	182.1	192.0
1. Tangible fixed assets	95.0	98.4	108.2	118.3	128.5	126.7	136.8	147.2	152.0
- Cost	309.8	—	—	—	—	—	—	—	—
- Accumulated depreciation	-214.8	—	—	—	—	—	—	—	—
3. Intangible fixed assets	17.7	18.7	20.9	24.2	26.2	29.0	30.8	34.8	39.9
- Cost	108.3	—	—	—	—	—	—	—	—
- Accumulated depreciation	-90.6	—	—	—	—	—	—	—	—
V. Other long-term assets	97.0	89.1	97.0	100.1	97.8	102.6	100.2	109.0	112.3
1. Pledged assets, mortgages, security deposits in long term	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5	1.4
2. Long-term prepayments	59.4	54.2	54.0	56.6	59.9	59.5	65.4	68.6	72.0
3. Deferred income tax assets	5.0	2.1	10.3	10.8	5.2	10.5	2.2	7.8	8.8
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	10.2	10.2	10.2	10.2	10.2	10.2	10.2	10.2	10.2
TOTAL ASSETS (270=100+200)	30,659.1	30,776.3	30,534.8	25,551.3	22,409.0	22,131.9	19,556.6	17,593.7	16,480.3
A. LIABILITIES (300=310+340)	22,286.7	22,781.5	23,535.5	18,197.3	15,229.8	15,223.3	13,379.7	12,185.2	11,259.5
I. Short -term liabilities	19,755.1	21,219.9	21,974.0	17,135.8	14,168.4	14,162.0	12,318.4	11,123.9	10,853.6
1. Short-term borrowings	16,974.4	17,730.0	19,579.3	14,824.8	13,112.1	13,069.7	11,524.0	10,385.9	10,162.5
1.1. Short-term borrowings	16,974.4	17,730.0	19,579.3	14,824.8	13,112.1	13,069.7	11,524.0	10,385.9	10,162.5
6. Payables to securities trading activities	28.3	43.9	27.0	20.3	20.7	21.6	10.8	16.3	20.6
8. Trade accounts payable	15.3	12.5	25.6	11.7	11.1	11.5	11.9	16.3	18.7
9. Advances from customers	2,369.6	2,873.2	1,840.5	1,931.7	740.4	683.2	481.3	2.5	2.3
10. Taxes and other payables to state authorities	142.3	184.9	151.7	91.5	100.5	120.3	66.2	85.3	88.6
11. Payable to employees	10.3	6.0	10.6	6.2	6.4	4.1	2.8	6.7	11.3
12. Employee welfare payables	1.8	2.7	2.9	2.7	2.6	2.7	2.4	2.6	2.2
13. Accrued expenses	165.0	292.9	259.7	166.1	127.9	165.3	128.4	122.2	84.4
15. Unearned revenue	2.0	3.4	3.3	4.6	0.9	3.1	4.6	4.6	1.1
17. Other payables	12.6	9.6	9.0	7.7	7.1	14.5	16.7	401.1	412.1
19. Bonus and welfare fund	33.4	61.0	64.3	68.6	38.8	66.1	69.2	80.6	49.9
II. Long-term liabilities	2,531.6	1,561.6	1,561.5	1,061.5	1,061.4	1,061.4	1,061.3	1,061.2	405.9
4. Long-term bonds	2,531.6	1,561.6	1,561.5	1,061.5	1,061.4	1,061.4	1,061.3	1,061.2	405.9
B. OWNER'S EQUITY (400=410+420)	8,372.3	7,994.8	6,999.3	7,354.0	7,179.2	6,908.5	6,176.9	5,408.5	5,220.8
I. Owner's equity	8,372.3	7,994.8	6,999.3	7,354.0	7,179.2	6,908.5	6,176.9	5,408.5	5,220.8
1. Investment capital from owners	6,836.2	6,750.3	6,062.9	6,062.9	6,062.9	6,062.9	5,470.1	4,376.0	4,375.9
1.1. Capital from owners	6,673.2	6,587.3	5,728.1	5,728.1	5,728.1	5,728.1	5,470.8	4,376.7	4,376.7
a. Common stock	6,673,189,810,000.00	6,587,267,870,000.00	5,728,129,810,000.00	5,728,129,810,000.00	5,728,129,810,000.00	5,728,129,810,000.00	5,470,799,810,000.00	4,376,699,930,000.00	4,376,699,930,000.00
1.2. Share premium	163.8	163.8	335.6	335.6	335.6	335.6	—	—	—
1.5. Treasury shares	-743,610,327.00	-743,610,327.00	-743,610,327.00	-743,610,327.00	-743,610,327.00	-743,610,327.00	-743,610,327.00	-743,610,327.00	-753,511,600.00
2. Assets revaluation differences	—	—	—	—	1.6	—	26.6	6.1	—
7. Undistributed earnings after tax	1,510.0	1,218.4	910.2	1,264.9	1,088.5	819.5	654.1	1,000.4	818.7
7.1. Realised profits	1,517.8	1,214.8	903.2	1,269.1	1,072.1	789.3	635.5	983.8	799.9
7.2. Unrealised losses	-7.8	3.6	7.0	-4.2	16.4	30.1	18.6	16.6	18.8
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	30,659.1	30,776.3	30,534.8	25,551.3	22,409.0	22,131.9	19,556.6	17,593.7	16,480.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	368.0	385.4	418.1	272.5	338.9	206.9	223.5	270.6	229.6
2. Adjustments for	228.5	395.4	61.8	254.8	1.1	154.1	179.4	182.2	-47.8
- Depreciation and amortization	13.4	13.2	13.5	13.5	13.5	13.9	17.5	13.1	16.4
- (Reversal of provisions)/provisions	0.5	-37.4	10.0	0.0	-77.3	15.9	14.5	0.0	13.5
- Unrealized foreign exchange (gains)/losses	—	-0.0	—	—	—	-0.0	0.0	-0.0	—
- Loss/(profits) from other investing activities	-3.9	-1.8	-1.4	-1.5	-2.3	-1.2	-7.9	2.6	0.0
- Interest expense	279.7	268.5	236.8	339.1	—	152.0	139.3	124.5	125.4
- Accrued interest income	-61.2	153.0	-197.1	65.7	-94.7	-26.6	16.0	42.0	-203.1
- Adjustments for	—	-0.0	—	—	—	—	—	—	—
3. Add non-cash expenses	-2.8	12.9	-11.1	2.7	26.7	0.3	-0.0	-0.2	0.1
- Loss from revaluation losses of FVTPL financial assets	-2.8	12.9	-11.1	2.7	26.7	0.3	-0.0	-0.2	0.1
4. Less non-cash income	17.1	-24.3	8.0	23.0	-19.7	-8.8	-2.5	2.9	-1.5
- Gains from revaluation gains of FVTPL financial assets	17.1	-24.3	8.0	23.0	-19.7	-8.8	-2.5	2.9	-1.5
5. Changes of assets and liabilities	-404.5	403.1	-5,081.0	-2,859.4	-479.3	-2,395.1	-1,109.7	-1,591.5	-609.3
- Increase/decrease in FVTPL financial assets	-15.4	-403.1	412.7	-570.3	-602.7	-264.2	-98.8	-452.9	-25.1
- Increase/decrease in held to maturity investments	179.1	327.4	-1,345.0	-795.0	92.7	-1,202.0	-936.2	-187.1	-19.3
- Increase/decrease in loan	-479.8	657.6	-2,902.5	-1,353.8	-1,148.1	-428.1	113.0	-109.5	-650.6
- Increase/decrease in AFS financial assets	-88.4	-178.8	-1,246.1	-140.3	1,178.9	-500.8	-187.8	-841.9	85.7
6. Operating profit before changes in working capital	206.2	1,172.6	-4,604.2	-2,306.3	-132.2	-2,042.7	-709.4	-1,135.9	-428.9
Increase/decrease in receiables sale of financial assets	-503.5	1,034.8	-93.3	1,191.3	57.2	201.8	479.2	—	—
Increase/decrease in receiables interest of financial assets	72.4	-106.6	75.7	-73.1	233.5	-12.7	-40.7	0.0	231.5
Increase/decrease in service related receivables	-0.7	-0.5	0.8	-0.6	-0.9	5.4	11.3	-15.2	-1.2
Increases/decreases in other receivables	-0.5	-4.9	3.9	-5.6	3.3	-4.4	7.0	-2.9	-1.9
Increase/decrease in other assets	-1.5	7.2	-2.3	45.6	-48.9	2.5	5.9	-3.0	-3.1
- Increase/(decrease) in payables (other than interest, corporate income tax)	-115.0	5.7	64.0	33.8	-29.5	28.9	12.7	-24.8	16.9
- (Increase)/decrease in prepaid expenses	-7.5	1.0	0.2	4.4	-1.6	6.4	4.0	4.7	1.6
- Corporate income tax paid	-144.1	-10.0	-56.6	-65.1	-87.3	0.0	-54.5	-46.8	-50.7
- Interest paid	-290.0	-231.6	-212.3	-167.7	-169.8	-140.5	-88.8	-137.4	-128.3
Increases/decreaese in trade payables	9.0	-18.1	16.0	0.6	-0.4	-0.4	-4.7	-2.2	2.6
Increases/decreases in employee welfare payables	-0.8	-0.3	0.2	0.2	-0.1	0.3	-0.2	0.3	-0.6
Increases/decreases in tax and other payables to the State Budget	22.2	-25.9	31.8	-0.5	2.4	10.9	-8.6	-11.0	15.7
Increases/dcreases in payable to employees	4.3	-4.6	4.3	-0.2	2.3	1.3	-3.8	-4.6	4.0
Increases/dcreases in other payables	-26.7	588.4	-559.9	26.9	-33.1	4.4	-463.5	59.3	377.2
- Other payments for operating activities	-27.6	-7.6	—	-42.1	—	—	—	—	—
Net cash flows from securities trading activities	-803.8	2,357.6	-5,289.5	-1,358.4	-205.2	-1,938.7	-854.1	-1,319.6	35.0
1. Payment for fixed assets, constructions and other long-term assets	-9.0	-1.1	-0.1	-1.4	-12.4	-2.0	-0.1	15.6	-23.3
2. Proceeds from disposals of fixed assets and other long-term assets	1.4	0.0	0.0	0.3	—	0.0	0.0	-21.4	21.7
7. Dividends, interest and profit received	2.5	6.7	—	—	—	—	—	—	—
Net cash flows from investing activities	-5.1	5.6	-0.1	-1.1	-12.4	-2.0	-0.1	-5.8	-1.6
1. Receipts from equity issue and owner's capital contribution	85,921,940,000.00	687,339,530,000.00	—	—	—	592,888,320,000.00	1,094,099,880,000.00	—	—
3. Short-term and long-term borrowings	17,355.4	20,705.0	10,866.9	12,178.3	10,889.1	9,291.3	9,220.3	9,560.5	10,563.9
3.2. Other borrowings	17,355.4	20,705.0	10,866.9	12,178.3	10,889.1	9,291.3	9,220.3	9,560.5	10,563.9
4. Principal repayments	-17,141.1	-22,554.5	-5,612.2	-10,465.7	-10,846.6	-7,745.6	-8,082.1	-8,681.7	-10,000.2
4.3. Other principal repayments	-17,141.1	-22,554.5	-5,612.2	-10,465.7	-10,846.6	-7,745.6	-8,082.1	-8,681.7	-10,000.2
6. Dividends paid, profits distributed to owners	—	-524.3	-162.1	-0.1	—	-4.2	-520.0	—	—
Net cash flows from financing activities	300.3	-1,686.4	5,092.6	1,712.5	42.5	2,134.5	1,712.2	878.8	563.7
IV. Net cash flows during the period	-508.7	676.9	-197.0	353.0	-175.2	193.8	858.0	-446.6	597.1
V. Cash and cash equivalents at begingning of the period	2,431.3	1,754.4	1,951.4	1,598.4	1,773.5	1,579.8	721.8	1,168.3	571.2
Cash and cash equivalents at end of period	1,922.6	2,431.3	1,754.4	1,951.4	1,598.4	1,773.5	1,579.8	721.8	1,168.3
- Cash equivalents	2.0	—	—	—	—	—	—	—	—
1. Proceeds from sale of brokerage securities to customers	100,272.2	95,304.5	150,053.1	75,680.2	51,125.0	53,087.5	53,208.1	70,237.9	66,614.8
2. Money spent on buying brokerage securities for customers	-100,370.1	-98,137.5	-152,069.6	-78,345.9	-53,595.8	-54,243.6	-53,380.6	-72,718.6	-67,655.1
9. Receive deposits to pay for securities transactions of customers	1,430.4	43.3	3,967.6	3,677.0	3,500.9	186.1	-727.2	2,104.4	2,432.5
14. Payment of customers' securities depository fees	-5.7	-12.2	—	-5.2	-4.1	-4.0	-8.5	—	-4.0
17. Proceeds from Securities Issuers	502.0	1,498.6	321.7	133.6	238.8	1,260.4	546.2	293.9	476.5
18. Payments to Securities Issuers	-422.0	-1,408.3	-315.9	-138.6	-237.2	-1,255.0	-584.1	-318.3	-422.9
Increase / decrease of net money during the period	1,406.9	-2,705.2	1,950.4	1,001.1	1,027.6	-968.6	-941.8	-404.9	1,441.8
II. Cash and cash equivalents at the beginning of the period of the customer	4,614.4	7,338.0	5,387.6	4,386.5	3,358.9	4,327.6	5,269.4	5,674.3	4,232.5
-Cash deposit for securities transactions for customers	101.6	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	98.6	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	6,021.3	4,632.8	7,338.0	5,387.6	4,386.5	3,358.9	4,327.6	5,269.4	5,674.3
-Cash deposit for securities transactions for customers	243.5	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	178.6	—	—	—	—	—	—	—	—

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MBS

Securities House Picture

Drivers of MBS's profit

Financial Highlights

Is revenue sustainable?

Revenue Mix & Earnings Engine ▲

Profitability Quality & Volatility ▲▲

Are assets at risk?

Balance Sheet Quality & Asset Composition ●

Is leverage safe?

Capital, Funding & Risk Posture ▼

Investment Takeaway

Statement Data

Revenue Mix & Earnings Engine

Profitability Quality & Volatility

Balance Sheet Quality & Asset Composition

Capital, Funding & Risk Posture