PSI

Chứng khoán Dầu khí ·HNX ·2026Q1

● FUNDING UNDER PRESSURE

Funding under pressure L/E 4.31x

Price

8,800

Latest close

02 Jun 2026

EPS TTM (TTM) 995

BVPS (Latest) 12,442

P/E (Price/EPS) 8.8x

P/B (Price/BVPS) 0.7x

ROAE TTM (TTM) 8.3%

PBT Margin (TTM) 15.2%

Trading Share (Mix) 28.7%

Service & Brokerage Share (Mix) 28.7%

Equity / Assets (Latest) 18.8%

Leverage (Latest) 4.3x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 77.7bn, equivalent to a pre-tax margin of 15.2%, showing an earnings base that is still positive but not yet clearly standout, with margin also improving by +6.1pp, pointing to better earnings quality. The revenue mix is now leaning more toward lending at 42.6% but narrowing by 4.2pp, while trading is at 28.7%; brokerage and services have reached 28.7% and improved by +0.9pp, making diversification more visible. On the balance sheet, Equity / Assets is 18.8% while Leverage is about 4.31x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 189 tỷ
+58,2%
Lãi thuần 84,7 tỷ
+51,2%

	                            
	                                Margin lending
	                            
Doanh thu 191 tỷ
+35,3%
Dư nợ 1.627 tỷ
+6,2%

	                                    Margin/equity 209.3% — above cap 200%, capital raise needed

	                            
	                                Brokerage
	                            
	                        
Doanh thu 97,7 tỷ
+105,7%
Lãi thuần 0,56 tỷ
+102,3%

Metric	2025	2024
PBT	55.4	33.2
Trading Share	28.6%	26.1%
Lending Share	43.0%	46.0%
Service & Brokerage Share	28.4%	27.8%
PBT Margin	11.62%	9.66%
Equity / Assets	23.9%	27.2%
Leverage	3.18x	2.67x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	32.4	8.4	24.8	12.1	10.1	7.3	4.4	9.7	12.6
Trading Share	32.0%	13.5%	27.2%	39.9%	32.4%	15.1%	30.2%	22.1%	31.8%
Lending Share	42.0%	53.8%	41.8%	34.6%	43.7%	49.6%	42.7%	52.1%	43.9%
Service & Brokerage Share	26.0%	32.7%	31.0%	25.5%	24.0%	35.3%	27.0%	25.8%	24.3%
PBT Margin	25.23%	7.46%	18.49%	8.98%	10.63%	9.20%	5.21%	11.26%	13.60%
Equity / Assets	18.8%	24.1%	21.4%	22.9%	24.7%	27.3%	26.9%	24.4%	28.9%
Leverage	4.31x	3.16x	3.67x	3.37x	3.05x	2.67x	2.72x	3.10x	2.46x

Drivers of PSI'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 50.0bn

Trading +VND 29.2bn

Brokerage +VND 24.6bn

Total costs −VND 52.2bn

Tax −VND 8.4bn

Other fees −VND 5.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower total costs. Supporting and offsetting drivers:

Total costs +VND 15.0bn

Trading +VND 12.7bn

Margin lending +VND 8.5bn

Brokerage −VND 11.9bn

Tax −VND 4.7bn

Other fees −VND 2.0bn

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 42.6%, trading is at 28.7%, brokerage and services together remain around 28.7% of the engine mix.

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

Revaluation does not fully dominate trading income at this stage.

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 510.1bn +47.7% YoY

PBT margin 15.2% +6.1pp

Lending Share 42.6% −4.2pp

Brokerage Share 21.8% +6.0pp

Other Fee Share 6.9% −5.1pp

TTM YoY · 2026Q1

Profitability Quality & Volatility

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

Profitability still holds on a positive base, but the quality and durability of returns are not yet strong enough to read as a clearly robust case.

Pre-tax margin is currently 15.2%, Return on assets is about 1.8%, provisions equal 7.1% of pre-tax profit, revaluation accounts for 13.2% of pre-tax profit.

Headline profit still needs to be read together with what is creating it and how thick returns really are.

Profit appears cleaner and less dependent on revaluation.

Provisioning is not currently the main drag on profit.

Key risks

Key signals

PBT margin 15.2% +6.1pp

Net margin 12.2% +5.1pp

ROAA 1.8% +0.9pp

ROAE 8.3% +5.0pp

Revaluation / PBT 13.2% −11.7pp

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

The margin book is about 39.4% of assets, the prop book about 10.3%, liquid assets around 43.4%, equity roughly 18.8%.

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

The margin book is larger than the prop book.

Capital buffer is not the main weakness for now, so the key reading point shifts to which assets are driving the balance sheet.

Key risks

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 39.4% −13.4pp

Prop book / Assets 10.3% +4.1pp

Liquid assets / Assets 43.4% +13.8pp

Equity / Assets 18.8% −5.8pp

Liabilities / Equity 4.31x +1.26x

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 18.8% of assets, liabilities stand at 4.31x of equity, short-term borrowings are about 61.8% 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.

Leverage remains elevated

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

Key signals

Equity / Assets 18.8% −5.8pp

Liabilities / Equity 4.31x +1.26x

Short-term borrowings / Assets 61.8% −2.6pp

Liquid assets / Assets 43.4% +13.8pp

Cash / Short-term borrowings 0.09x —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, PSI 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)	121.6	80.4
a. Realised gains on disposals of FVTPL financial assets	111.4	72.4
b. Gains from revaluation of FVTPL financial assets	10.2	7.3
c. Dividends and interest income from FVTPL financial assets	0.0	0.6
1.2. Gains from held to maturity investments	50.8	35.7
1.3. Interest income from loans and receivables	182.8	141.5
1.4. Gains from available-for-sale financial assets (AFS)	1.0	0.5
1.6. Revenue from brokerage services	87.8	49.5
1.8. Revenue from investment advisory services	6.8	10.7
1.10. Revenue from securities custody services	7.9	7.9
1.11. Other revenue	18.4	17.3
Revenue from securities business (01->11)	477.1	343.5
Net sales	477.1	343.5
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	100.3	63.0
a. Loss from disposals of financial assets at FVTPL	91.7	57.2
b. Loss from revaluation of financial assets at FVTPL	8.5	5.6
c. Transaction cost of acquisition of financial assets at FVTPL	0.1	0.2
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	5.5	1.1
2.6. Expenses for proprietary trading activities	2.8	2.8
2.7. Expenses for brokerage services	119.9	86.4
2.9. Expenses for financial advisory services	6.2	6.1
2.11. Expenses for secutiries custodian services	8.2	7.7
2.12. Other expenses	-0.1	1.1
Operating expenses (21->33)	242.8	168.1
Gross profit	234.3	175.5
3.1. Realized and unrealized gain from changes in foreign exchange rates	—	0.2
3.2. Dividends, interest income from demand deposits	1.7	2.0
Total financial income (41->44)	1.7	2.2
4.1. Realized and unrealized loss from changes in foreign exchange rates	—	0.1
4.2. Borrowing costs	113.7	93.7
Total financial expenses (51->54)	113.7	93.8
VI. General and Administrative expenses	66.2	50.1
VII. Net profit from securities business (20+50-40-60-61-62)	56.1	33.7
8.1. Other incomes	0.2	1.6
8.2. Other expenses	0.9	2.1
Other profit (71-72)	-0.7	-0.6
IX. Profit before tax (70+80)	55.4	33.2
9.1. Realised profit	53.8	—
9.2. Unrealised profit	1.7	1.8
CORPORATE INCOME TAX	10.9	7.3
10.1. Current corporate income tax expenses	10.9	7.3
XI. Net profit after tax (90-100)	44.6	25.9
11.1. Profit after tax for shareholders of the parents company	44.6	25.9
13.1. Earning per share	745.00	433.00
Earnings per Share	714.07	414.75

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	3,107.9	2,555.0
Short-term financial assets	2,995.5	2,457.1
1. Cash and cash equivalents	255.3	476.6
1.1. Cash	255.3	326.6
1.2. Cash equivalents	—	150.0
2. Financial assets at fair value through profit or loss (FVTPL)	346.1	181.9
3. Held to maturity investments (HTM)	800.0	611.0
4. Loans	1,394.3	1,018.0
5. Available-for-sale financial assets (AFS)	133.9	141.6
6. Provisions for impairment loss of financial assets and mortgages	-61.4	-63.5
7. Short-term receivables	103.1	87.8
7.1. Receivables from disposal of financial assets	63.2	64.7
7.2. Receivables and accruals from dividends and interest income	39.9	23.0
7.2.1. Due dividend and interest receivables	20.2	13.7
7.2.2. Undue dividend and interest receivables	19.7	9.3
Prepayments to suppliers	2.1	1.3
9. Service related receivable	6.0	7.8
12. Other receivables	30.2	10.3
13. Provision for doubtful debts	-14.1	-15.8
II. Other short-term assets	112.3	97.9
1. Advances	0.2	0.1
3. Short-term prepayments	3.9	2.7
4. Pledged assets, mortgages, security deposits in short term	108.2	95.0
5. Other short-term assets	0.2	0.2
B. LONG-TERM ASSETS (200=210+220+240+250-260)	35.2	43.7
II. Fixed assets	9.6	11.3
1. Tangible fixed assets	8.5	8.9
- Cost	37.4	36.2
- Accumulated depreciation	-28.9	-27.3
3. Intangible fixed assets	1.1	2.4
- Cost	34.2	34.2
- Accumulated depreciation	-33.0	-31.7
V. Other long-term assets	25.5	32.4
1. Pledged assets, mortgages, security deposits in long term	1.9	1.9
2. Long-term prepayments	2.3	9.2
4. Payment for Settlement Assistance Fund	21.3	21.2
TOTAL ASSETS (270=100+200)	3,143.0	2,598.6
A. LIABILITIES (300=310+340)	2,391.8	1,891.0
I. Short -term liabilities	2,391.7	1,821.0
1. Short-term borrowings	1,762.9	1,566.5
1.1. Short-term borrowings	1,762.9	1,566.5
4. Short-term bonds	69.9	—
6. Payables to securities trading activities	2.8	2.6
8. Trade accounts payable	0.7	1.2
9. Advances from customers	0.8	0.7
10. Taxes and other payables to state authorities	7.1	5.4
11. Payable to employees	9.5	0.9
12. Employee welfare payables	0.3	0.4
13. Accrued expenses	45.4	22.4
16. Short-term deposits, collateral received	0.1	0.1
17. Other payables	491.9	220.3
19. Bonus and welfare fund	0.3	0.5
II. Long-term liabilities	0.1	70.0
4. Long-term bonds	—	69.9
13. Provision for investor's damage claims	0.0	0.0
B. OWNER'S EQUITY (400=410+420)	751.3	707.7
I. Owner's equity	751.3	707.7
1. Investment capital from owners	624.6	624.6
1.1. Capital from owners	598.4	598.4
a. Common stock	598,413,000,000.00	598,413,000,000.00
1.2. Share premium	26.2	26.2
4. Supplementary capital reserve	4.7	4.7
7. Undistributed earnings after tax	117.2	73.6
7.1. Realised profits	117.5	75.6
7.2. Unrealised losses	-0.3	-2.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	3,143.0	2,598.6

Item	2025	2024
1. Profit before tax	55.4	33.2
2. Adjustments for	121.0	99.7
- Depreciation and amortization	3.7	6.9
- (Reversal of provisions)/provisions	5.4	1.1
- Loss/(profits) from other investing activities	-1.8	-2.0
- Interest expense	113.7	93.7
3. Add non-cash expenses	8.5	5.6
- Loss from revaluation losses of FVTPL financial assets	8.5	5.6
4. Less non-cash income	-10.2	-7.3
- Gains from revaluation gains of FVTPL financial assets	-10.2	-7.3
5. Changes of assets and liabilities	-727.8	-183.3
- Increase/decrease in FVTPL financial assets	-162.6	-66.0
- Increase/decrease in held to maturity investments	-189.0	23.0
- Increase/decrease in loan	-376.3	-140.2
- Increase/decrease in AFS financial assets	—	-0.0
6. Operating profit before changes in working capital	-553.0	-52.2
Increase/decrease in receiables sale of financial assets	1.5	1.6
Increase/decrease in receiables interest of financial assets	-16.9	5.3
Increase/decrease in service related receivables	0.3	-2.0
Increases/decreases in other receivables	-19.9	0.2
Increase/decrease in other assets	-0.1	-0.4
- (Increase)/decrease in prepaid expenses	5.7	-6.9
- Corporate income tax paid	-10.2	-10.6
- Interest paid	-90.8	-83.9
Increases/decreaese in trade payables	-1.2	-0.2
Increases/decreases in employee welfare payables	-0.1	-0.3
Increases/decreases in tax and other payables to the State Budget	1.1	0.1
Increases/dcreases in payable to employees	8.6	-2.9
Increases/dcreases in other payables	271.8	83.8
- Other receipts from operating activities	188.4	315.2
- Other payments for operating activities	-202.7	-350.4
Net cash flows from securities trading activities	-417.6	-103.5
1. Payment for fixed assets, constructions and other long-term assets	-2.0	-9.5
2. Proceeds from disposals of fixed assets and other long-term assets	0.2	—
7. Dividends, interest and profit received	1.7	2.0
Net cash flows from investing activities	-0.2	-7.6
3. Short-term and long-term borrowings	94,684.8	60,294.3
3.2. Other borrowings	94,684.8	60,294.3
4. Principal repayments	-94,488.4	-60,060.3
4.3. Other principal repayments	-94,488.4	-60,060.3
Net cash flows from financing activities	196.4	234.1
IV. Net cash flows during the period	-221.4	123.0
V. Cash and cash equivalents at begingning of the period	476.6	353.7
Cash at bank	476.6	353.7
- Cash at bank for securities company activities	326.6	353.7
- Cash equivalents	150.0	—
Cash and cash equivalents at end of period	255.3	476.6
Cash at bank	255.3	476.6
- Cash at bank for securities company activities	255.3	326.6
- Cash equivalents	—	150.0
1. Proceeds from sale of brokerage securities to customers	77,872.0	66,996.0
2. Money spent on buying brokerage securities for customers	-97,755.3	-50,758.3
9. Receive deposits to pay for securities transactions of customers	20,056.1	—
11. Payment for customers' securities transactions	—	-7.9
14. Payment of customers' securities depository fees	-7.9	—
17. Proceeds from Securities Issuers	1,743.3	1,707.5
18. Payments to Securities Issuers	-1,743.3	-1,707.5
Increase / decrease of net money during the period	164.9	-154.2
II. Cash and cash equivalents at the beginning of the period of the customer	175.4	329.6
Cash at bank	175.4	329.6
-Deposits of investors on securities transactions under the Securities Company management method	171.0	298.0
-Securities clearing and settlement deposits	4.4	31.5
III. Cash and cash equivalents at the end of the period of the customer	340.3	175.4
Cash at bank	340.3	175.4
-Deposits of investors on securities transactions under the Securities Company management method	323.1	175.0
-Securities clearing and settlement deposits	17.2	0.4

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)	34.9	13.5	33.0	47.5	27.7	10.7	22.5	15.7	27.2
a. Realised gains on disposals of FVTPL financial assets	32.0	12.7	27.3	46.1	25.3	8.4	22.5	11.9	25.3
b. Gains from revaluation of FVTPL financial assets	2.5	0.8	5.7	1.3	2.4	1.8	0.1	3.6	1.9
c. Dividends and interest income from FVTPL financial assets	0.4	0.0	0.0	0.0	0.0	0.5	0.0	0.2	0.0
1.2. Gains from held to maturity investments	19.2	12.9	13.1	15.0	9.8	8.6	9.3	15.1	6.8
1.3. Interest income from loans and receivables	45.8	53.8	50.6	41.1	37.3	35.1	31.9	37.0	37.5
1.4. Gains from available-for-sale financial assets (AFS)	—	—	—	1.0	—	—	—	0.5	—
1.6. Revenue from brokerage services	22.0	24.5	30.1	21.1	12.1	13.5	8.5	13.4	14.2
1.8. Revenue from investment advisory services	1.1	2.3	0.5	2.7	1.3	4.1	0.7	1.4	4.5
1.10. Revenue from securities custody services	1.8	2.2	2.0	1.9	1.9	2.0	4.1	0.9	1.0
1.11. Other revenue	3.4	3.7	4.8	4.6	5.3	5.4	6.9	2.7	1.1
Revenue from securities business (01->11)	128.3	112.8	134.1	134.8	95.3	79.5	83.9	86.6	92.4
Net sales	128.3	112.8	134.1	134.8	95.3	79.5	83.9	86.6	92.4
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	26.9	7.7	22.4	47.3	22.9	7.0	19.1	14.5	22.5
a. Loss from disposals of financial assets at FVTPL	24.1	6.1	18.1	45.8	21.6	4.0	17.8	13.0	22.4
b. Loss from revaluation of financial assets at FVTPL	2.8	1.5	4.2	1.5	1.2	3.0	1.2	1.4	0.1
c. Transaction cost of acquisition of financial assets at FVTPL	—	—	—	—	0.1	0.1	0.1	0.0	0.0
2.4. Selling loss available-for-sale financial assets (AFS)	-10.0	—	4.8	—	—	—	—	—	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	—	0.7	—	—	—	—	—	0.2	—
2.6. Expenses for proprietary trading activities	0.5	1.1	0.5	0.8	0.4	1.2	0.3	0.4	0.6
2.7. Expenses for brokerage services	28.5	38.9	17.3	12.4	6.8	23.2	19.3	22.2	21.2
2.9. Expenses for financial advisory services	1.2	2.4	1.1	1.2	1.6	2.2	1.1	1.3	0.5
2.11. Expenses for secutiries custodian services	2.1	2.2	2.2	2.0	1.8	1.8	1.9	2.0	2.0
2.12. Other expenses	—	—	16.5	16.2	11.8	—	—	0.5	0.6
Operating expenses (21->33)	49.3	53.0	64.7	80.0	45.2	35.4	41.7	41.1	47.3
Gross profit	79.1	59.9	69.4	54.9	50.1	44.1	42.2	45.5	45.0
3.1. Realized and unrealized gain from changes in foreign exchange rates	—	—	—	—	—	0.1	0.0	0.1	0.0
3.2. Dividends, interest income from demand deposits	0.4	0.5	0.5	0.4	0.3	0.3	0.7	0.5	0.4
Total financial income (41->44)	0.4	0.5	0.5	0.4	0.3	0.5	0.7	0.6	0.4
4.1. Realized and unrealized loss from changes in foreign exchange rates	—	—	—	—	—	0.1	0.1	—	—
4.2. Borrowing costs	33.3	29.4	31.4	27.3	25.6	24.5	26.1	22.0	20.0
Total financial expenses (51->54)	33.3	29.4	31.4	27.3	25.6	24.5	26.2	22.0	20.0
VI. General and Administrative expenses	13.8	22.7	13.7	15.0	14.7	14.3	12.4	12.3	12.9
VII. Net profit from securities business (20+50-40-60-61-62)	32.4	8.3	24.8	13.0	10.1	5.8	4.4	11.8	12.6
8.1. Other incomes	—	0.2	0.0	—	—	1.6	—	—	0.0
8.2. Other expenses	—	—	—	0.9	—	—	0.0	2.1	0.1
Other profit (71-72)	—	0.2	0.0	-0.9	—	1.6	-0.0	-2.1	-0.1
IX. Profit before tax (70+80)	32.4	8.4	24.8	12.1	10.1	7.3	4.4	9.7	12.6
9.1. Realised profit	32.7	9.2	23.3	12.3	9.0	8.5	5.5	7.5	10.8
9.2. Unrealised profit	-0.4	-0.7	1.5	-0.2	1.2	-1.2	-1.1	2.2	1.8
CORPORATE INCOME TAX	6.5	1.9	4.7	2.5	1.8	2.8	0.1	2.3	2.2
10.1. Current corporate income tax expenses	6.5	1.9	4.7	2.5	1.8	2.8	0.1	2.3	2.2
XI. Net profit after tax (90-100)	25.9	6.6	20.1	9.6	8.3	4.5	4.3	7.4	10.4
11.1. Profit after tax for shareholders of the parents company	25.9	6.6	20.1	9.6	8.3	4.5	4.3	7.4	10.4
13.1. Earning per share	—	—	—	161.00	139.00	75.00	—	—	—
Earnings per Share	414.23	104.91	321.78	154.43	132.94	72.18	71.11	118.87	166.22

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)	4,090.6	3,087.9	3,446.1	3,127.3	2,860.5	2,556.5	2,572.3	2,826.1	2,356.2
Short-term financial assets	4,041.1	2,975.6	3,298.5	3,008.5	2,752.8	2,458.6	2,435.3	2,698.8	2,232.7
1. Cash and cash equivalents	236.2	255.3	67.2	309.9	156.0	476.6	593.0	645.5	224.8
1.1. Cash	236.2	255.3	67.2	309.9	6.0	326.6	593.0	645.5	224.8
1.2. Cash equivalents	—	—	—	—	150.0	150.0	—	—	—
2. Financial assets at fair value through profit or loss (FVTPL)	426.4	346.1	226.0	285.5	179.6	181.9	96.4	118.1	167.5
3. Held to maturity investments (HTM)	1,553.1	800.0	1,101.2	952.4	703.2	611.0	750.5	850.0	650.0
4. Loans	1,626.9	1,394.3	1,717.9	1,175.1	1,531.6	1,018.0	819.4	889.5	1,004.4
5. Available-for-sale financial assets (AFS)	133.9	133.9	133.9	141.6	141.6	131.6	131.6	146.6	146.6
6. Provisions for impairment loss of financial assets and mortgages	-51.4	-61.4	-60.6	-63.5	-63.5	-62.6	-62.6	-67.6	-67.4
7. Short-term receivables	110.9	103.1	109.3	201.2	98.8	87.8	87.7	106.9	102.1
7.1. Receivables from disposal of financial assets	63.2	63.2	74.0	165.2	64.7	64.7	66.3	65.5	66.3
7.2. Receivables and accruals from dividends and interest income	47.7	39.9	35.4	35.9	34.1	23.0	21.4	41.4	35.8
7.2.1. Due dividend and interest receivables	23.2	20.2	20.6	17.2	23.3	13.7	—	41.4	35.8
7.2.2. Undue dividend and interest receivables	24.5	19.7	14.8	18.8	10.9	9.3	21.4	—	—
Prepayments to suppliers	2.8	2.1	1.4	1.1	2.1	2.0	3.1	7.5	3.3
9. Service related receivable	6.1	6.0	6.1	8.7	6.5	7.8	7.2	7.5	6.7
12. Other receivables	10.3	10.3	10.3	10.7	11.0	20.3	24.7	10.5	10.5
13. Provision for doubtful debts	-14.1	-14.1	-14.1	-14.1	-14.1	-15.8	-15.8	-15.8	-15.8
II. Other short-term assets	49.6	112.2	147.6	118.8	107.8	97.9	136.9	127.4	123.5
1. Advances	0.2	0.2	0.6	0.4	0.6	0.1	0.3	0.9	1.1
3. Short-term prepayments	3.4	3.8	2.4	4.0	5.2	2.7	2.1	1.7	1.6
4. Pledged assets, mortgages, security deposits in short term	46.0	108.2	144.6	114.4	102.0	95.0	134.5	125.0	120.9
5. Other short-term assets	0.2	0.2	0.2	0.2	0.2	0.2	0.2	—	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	33.2	35.3	33.9	37.1	39.5	42.5	44.9	39.9	45.1
II. Fixed assets	8.8	9.6	8.5	9.5	10.4	11.3	12.7	6.0	7.8
1. Tangible fixed assets	7.9	8.5	7.1	7.7	8.3	8.9	9.7	2.2	2.8
- Cost	37.5	—	—	—	—	—	—	—	—
- Accumulated depreciation	-29.6	—	—	—	—	—	—	—	—
3. Intangible fixed assets	0.8	1.1	1.4	1.7	2.1	2.4	3.0	3.9	5.0
- Cost	34.2	—	—	—	—	—	—	—	—
- Accumulated depreciation	-33.3	—	—	—	—	—	—	—	—
V. Other long-term assets	24.4	25.6	25.4	27.6	29.1	31.2	32.2	33.8	37.3
1. Pledged assets, mortgages, security deposits in long term	1.8	1.9	1.9	1.9	1.9	1.9	1.9	1.9	2.0
2. Long-term prepayments	2.6	2.4	3.5	5.7	7.1	9.2	10.3	12.0	15.4
4. Payment for Settlement Assistance Fund	20.0	21.3	20.0	20.0	20.0	20.0	20.0	20.0	20.0
TOTAL ASSETS (270=100+200)	4,123.8	3,123.1	3,480.0	3,164.4	2,900.0	2,599.0	2,617.2	2,866.0	2,401.3
A. LIABILITIES (300=310+340)	3,346.7	2,371.9	2,735.3	2,439.8	2,184.0	1,890.7	1,913.3	2,166.5	1,708.2
I. Short -term liabilities	3,346.6	2,371.8	2,665.2	2,369.8	2,114.0	1,890.6	1,913.2	2,166.4	1,708.1
1. Short-term borrowings	2,550.6	1,762.9	2,108.2	1,934.0	1,868.1	1,566.5	1,497.0	1,858.7	1,397.8
1.1. Short-term borrowings	2,550.6	1,762.9	2,108.2	1,934.0	1,868.1	1,566.5	1,497.0	1,858.7	1,397.8
4. Short-term bonds	70.0	50.0	—	—	—	69.9	69.9	50.0	74.0
6. Payables to securities trading activities	2.8	2.8	2.6	2.6	1.7	2.6	102.1	1.3	1.6
8. Trade accounts payable	152.3	0.7	2.6	1.8	1.2	1.2	0.9	0.5	1.0
9. Advances from customers	0.8	0.8	1.1	0.7	0.6	0.7	2.2	2.4	2.6
10. Taxes and other payables to state authorities	10.9	7.1	10.3	6.0	3.5	5.6	2.0	4.4	4.9
11. Payable to employees	7.7	9.5	5.6	3.5	0.3	0.9	1.5	3.3	1.8
12. Employee welfare payables	0.2	0.3	0.5	0.5	0.4	0.4	0.4	0.6	0.6
13. Accrued expenses	53.7	45.4	34.1	35.9	25.0	21.9	22.6	22.8	19.4
16. Short-term deposits, collateral received	0.1	0.1	0.1	0.1	0.1	0.1	0.3	0.1	—
17. Other payables	497.1	491.9	498.8	383.2	212.6	220.3	213.2	221.2	204.3
19. Bonus and welfare fund	0.3	0.3	1.4	1.4	0.4	0.5	1.1	1.1	0.1
II. Long-term liabilities	0.1	0.1	70.1	70.0	70.0	0.1	0.1	0.1	0.1
4. Long-term bonds	—	—	70.0	69.9	69.9	—	—	—	—
13. Provision for investor's damage claims	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+420)	777.1	751.3	744.7	724.6	716.0	708.3	703.8	699.6	693.1
I. Owner's equity	777.1	751.3	744.7	724.6	716.0	708.3	703.8	699.6	693.1
1. Investment capital from owners	624.6	624.6	624.6	624.6	624.6	624.6	598.4	624.6	624.6
1.1. Capital from owners	598.4	598.4	598.4	598.4	598.4	598.4	598.4	598.4	598.4
a. Common stock	598,413,000,000.00	598,413,000,000.00	598,413,000,000.00	598,413,000,000.00	598,413,000,000.00	598,413,000,000.00	598,413,000,000.00	598,413,000,000.00	598,413,000,000.00
1.2. Share premium	26.2	26.2	26.2	26.2	26.2	26.2	—	26.2	26.2
2. Assets revaluation differences	—	—	—	—	—	—	26.2	—	—
4. Supplementary capital reserve	4.7	4.7	4.7	4.7	4.7	4.7	4.7	4.7	4.7
7. Undistributed earnings after tax	143.1	117.2	110.7	90.6	81.9	74.3	69.8	65.5	59.1
7.1. Realised profits	143.8	117.5	110.2	91.6	82.7	76.2	71.7	65.2	61.0
7.2. Unrealised losses	-0.7	-0.3	0.4	-1.0	-0.8	-2.0	-2.0	0.3	-1.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	4,123.8	3,123.1	3,480.0	3,164.4	2,900.0	2,599.0	2,617.2	2,866.0	2,401.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	32.4	8.4	24.8	12.1	10.1	6.5	4.4	9.7	12.6
2. Adjustments for	23.8	32.2	34.8	27.8	26.2	32.5	22.5	23.3	21.4
- Depreciation and amortization	1.0	0.9	0.9	0.9	0.9	1.3	2.0	1.8	1.8
- (Reversal of provisions)/provisions	-10.0	2.5	2.9	-0.0	-0.0	5.9	-5.0	0.2	—
- Loss/(profits) from other investing activities	-0.4	-0.6	-0.5	-0.4	-0.3	-0.3	-0.7	-0.5	-0.4
- Interest expense	33.3	29.4	31.4	27.3	25.6	25.6	26.2	21.9	20.0
3. Add non-cash expenses	2.8	1.5	4.2	1.5	1.2	3.0	1.2	1.4	0.1
- Loss from revaluation losses of FVTPL financial assets	2.8	1.5	4.2	1.5	1.2	3.0	1.2	1.4	0.1
4. Less non-cash income	-2.5	-0.8	-5.7	-1.3	-2.4	-1.8	-0.1	-3.6	-1.9
- Gains from revaluation gains of FVTPL financial assets	-2.5	-0.8	-5.7	-1.3	-2.4	-1.8	-0.1	-3.6	-1.9
5. Changes of assets and liabilities	-1,066.0	348.7	-475.4	1.3	-602.3	-157.8	152.2	16.5	-194.1
- Increase/decrease in FVTPL financial assets	-80.3	-118.5	58.6	-106.1	3.5	-83.7	17.6	51.6	-51.5
- Increase/decrease in held to maturity investments	-753.1	151.2	1.2	-249.1	-92.2	139.5	49.5	-150.0	-16.0
- Increase/decrease in loan	-232.6	323.6	-542.8	356.5	-513.6	-198.6	70.1	114.9	-126.6
- Increase/decrease in AFS financial assets	—	—	7.7	—	—	-15.0	15.0	—	—
6. Operating profit before changes in working capital	-1,009.4	390.0	-417.3	41.4	-567.2	-117.6	180.1	47.4	-162.0
Increase/decrease in receiables sale of financial assets	0.1	10.7	91.3	-100.6	0.1	1.6	-0.8	0.8	—
Increase/decrease in receiables interest of financial assets	-7.8	-4.5	0.6	-1.8	-11.1	-1.6	20.0	-5.6	-7.5
Increase/decrease in service related receivables	-0.1	-1.8	4.7	-3.8	1.3	-2.2	0.2	-0.6	0.7
Increases/decreases in other receivables	19.9	-19.9	0.5	0.2	-0.7	14.4	-14.2	0.0	-0.0
Increase/decrease in other assets	1.2	-0.9	-0.2	0.2	0.8	-1.0	0.5	-0.2	0.3
- Increase/(decrease) in payables (other than interest, corporate income tax)	0.6	—	-16.4	—	—	—	-9.4	2.6	7.4
- (Increase)/decrease in prepaid expenses	0.3	-0.3	3.8	2.6	-0.4	0.5	1.3	3.3	-12.0
- Corporate income tax paid	-3.7	-3.8	-2.0	-1.5	-3.0	-0.1	-1.8	-2.4	-6.3
- Interest paid	-25.6	-6.5	-44.9	-16.4	-23.0	-25.2	-17.0	-21.1	-20.7
Increases/decreaese in trade payables	150.9	-2.5	0.4	1.6	-0.7	-0.8	7.5	-4.6	-2.3
Increases/decreases in employee welfare payables	-0.1	-0.2	0.1	0.0	0.0	-0.0	-0.1	0.0	-0.1
Increases/decreases in tax and other payables to the State Budget	0.9	-1.2	1.5	1.6	-0.8	0.9	-0.8	-0.4	0.4
Increases/dcreases in payable to employees	-1.7	3.8	2.1	3.2	-0.5	-0.6	-1.7	1.4	-1.9
Increases/dcreases in other payables	5.3	-6.6	115.6	171.5	-8.7	-92.3	-23,617.5	23,726.9	66.7
- Other receipts from operating activities	62.2	76.3	85.0	27.1	0.0	39.2	0.4	176.0	99.6
- Other payments for operating activities	-0.2	-64.1	-92.1	-37.8	-8.7	-0.8	-9.6	-180.0	-160.1
Net cash flows from securities trading activities	-807.3	384.9	-267.4	87.5	-622.6	-186.2	-23,463.0	23,743.5	-197.8
1. Payment for fixed assets, constructions and other long-term assets	-0.1	-2.0	—	—	—	0.0	-8.6	0.0	-0.9
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.2	—	—	—	—	—	—	—
7. Dividends, interest and profit received	0.4	0.5	0.5	0.4	0.3	0.3	0.7	0.5	0.4
Net cash flows from investing activities	0.4	-1.4	0.5	0.4	0.3	0.3	-7.9	0.5	-0.5
3. Short-term and long-term borrowings	25,867.0	25,482.0	28,625.8	20,919.4	19,657.6	18,448.8	38,613.7	-8,270.4	11,502.2
3.2. Other borrowings	25,867.0	25,482.0	28,625.8	20,919.4	19,657.6	18,448.8	38,613.7	-8,270.4	11,502.2
4. Principal repayments	-25,079.2	-25,827.4	-28,451.6	-20,853.4	-19,356.0	-18,379.3	-15,245.3	-15,002.9	-11,432.8
4.3. Other principal repayments	-25,079.2	-25,827.4	-28,451.6	-20,853.4	-19,356.0	-18,379.3	-15,245.3	-15,002.9	-11,432.8
Net cash flows from financing activities	787.8	-345.4	174.2	66.0	301.6	69.5	23,368.4	-23,273.3	69.5
IV. Net cash flows during the period	-19.1	38.1	-92.7	153.9	-320.6	-116.4	-102.5	470.7	-128.8
V. Cash and cash equivalents at begingning of the period	255.3	67.2	309.9	156.0	476.6	593.0	695.5	224.8	353.7
Cash and cash equivalents at end of period	236.2	255.3	67.2	309.9	156.0	476.6	593.0	695.5	224.8
1. Proceeds from sale of brokerage securities to customers	20,344.2	20,715.5	11,335.0	24,558.5	21,263.1	43,270.2	3,152.3	16,249.7	4,323.8
2. Money spent on buying brokerage securities for customers	-19,500.0	-30,331.4	-11,508.9	-33,978.2	-21,936.7	-30,284.5	-3,131.4	-12,906.4	-4,436.0
9. Receive deposits to pay for securities transactions of customers	—	9,867.8	—	10,188.2	—	—	—	—	—
11. Payment for customers' securities transactions	-525.4	—	—	—	887.1	3,350.3	-73.9	-3,578.6	294.4
14. Payment of customers' securities depository fees	-1.8	-2.2	-2.0	-1.9	-1.9	—	-4.1	-0.9	-1.0
17. Proceeds from Securities Issuers	19.3	581.5	861.0	111.2	189.6	303.1	1,111.1	150.9	142.4
18. Payments to Securities Issuers	-19.3	-581.5	-861.0	-111.2	-189.6	-303.1	-1,111.1	-151.5	-141.8
Increase / decrease of net money during the period	317.0	-23.3	97.0	-120.6	211.7	-42.1	-57.0	-236.7	181.7
II. Cash and cash equivalents at the beginning of the period of the customer	340.3	363.6	266.6	387.1	175.4	217.5	274.5	511.3	329.6
-Securities clearing and settlement deposits	17.2	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	657.3	340.3	363.6	266.6	387.1	175.4	217.5	274.5	511.3
-Securities clearing and settlement deposits	6.8	—	—	—	—	—	—	—	—

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PSI

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