TCI

Chứng khoán Thành Công ·HOSE ·2026Q1

▼ BALANCED OPERATIONS

Balanced operations NPAT -103.4% YoY

Price

12,300

Latest close

03 Jun 2026

EPS TTM (TTM) -18

BVPS (Latest) 11,794

P/E (Price/EPS) -701.5x

P/B (Price/BVPS) 1.0x

ROAE TTM (TTM) -0.2%

PBT Margin (TTM) -0.9%

Trading Share (Mix) 60.0%

Service & Brokerage Share (Mix) 12.7%

Equity / Assets (Latest) 46.4%

Leverage (Latest) 1.2x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 3.7bn, equivalent to a pre-tax margin of -0.9%, showing a profit base that is under clearer pressure, while margin has narrowed by 27.3pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 60.0% after expanding by +17.6pp, while lending is at 27.3%; brokerage and services are still 12.7% but have narrowed by 5.2pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 46.4% while Leverage is about 1.16x, indicating that buffers and funding are not yet truly roomy, with buffers thickening and leverage easing further.

	                            
	                                Trading
	                            
	                        
Doanh thu 267 tỷ
+110,4%
Lãi thuần 69,3 tỷ
−25,1%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 91,3 tỷ
+10,9%
Dư nợ 866 tỷ
+12,4%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 35,9 tỷ
+20,4%
Lãi thuần −2,26 tỷ
+31,4%

Metric	2025	2024
PBT	14.5	58.8
Trading Share	61.2%	37.7%
Lending Share	26.4%	43.2%
Service & Brokerage Share	12.4%	19.1%
PBT Margin	3.66%	25.68%
Equity / Assets	46.5%	56.4%
Leverage	1.15x	0.77x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	2.3	-112.1	86.2	20.0	29.5	-1.3	22.8	14.3	23.0
Trading Share	49.4%	55.1%	72.4%	49.0%	56.0%	22.7%	40.6%	42.2%	42.1%
Lending Share	37.0%	29.8%	17.6%	36.1%	32.2%	48.5%	41.1%	40.5%	43.7%
Service & Brokerage Share	13.6%	15.1%	10.1%	15.0%	11.8%	28.8%	18.3%	17.2%	14.2%
PBT Margin	2.81%	-114.01%	58.41%	26.86%	39.46%	-2.48%	40.85%	23.05%	40.65%
Equity / Assets	46.4%	46.5%	42.1%	48.7%	42.5%	56.4%	70.0%	66.2%	70.9%
Leverage	1.16x	1.15x	1.37x	1.06x	1.35x	0.77x	0.43x	0.51x	0.41x

Drivers of TCI's profit

TTM

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

Margin lending +VND 9.0bn

Tax +VND 7.5bn

Total costs −VND 54.8bn

Trading −VND 23.2bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower trading. Supporting and offsetting drivers:

Tax +VND 4.1bn

Margin lending +VND 2.6bn

Trading −VND 20.2bn

Total costs −VND 10.2bn

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?

The current revenue mix does not yet show an earnings engine that is both clean and strong enough, so this section needs to be read more cautiously.

Trading currently accounts for about 60.0%, lending is at 27.3%, brokerage is around 10.7%, other services about 2.0%, brokerage plus services together are 12.7%.

The earnings engine is already less one-dimensional, so the more important question is whether diversification can hold.

Revaluation does not fully dominate trading income at this stage.

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 401.6bn +62.6% YoY

PBT margin -0.9% −27.3pp

Trading Share 60.0% +17.6pp

Brokerage Share 10.7% −3.6pp

Provisions / Revenue 16.9% —

TTM YoY · 2026Q1

Profitability Quality & Volatility

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

Profitability has broken more clearly, so this section should be read as a profit-hit case rather than a technical fluctuation.

Pre-tax margin is currently -0.9%, Return on assets is about -0.1%.

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

Return profile remains weak

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

Key signals

PBT margin -0.9% −27.3pp

Net margin -0.5% −24.5pp

ROAA -0.1% −2.3pp

ROAE -0.2% −4.6pp

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 29.5% of assets, the prop book about 2.2%, liquid assets around 43.7%, equity roughly 46.4%.

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

Key signals

Margin book / Assets 29.5% +3.3pp

Prop book / Assets 2.2% —

Liquid assets / Assets 43.7% −6.0pp

Equity / Assets 46.4% +3.8pp

Liabilities / Equity 1.16x −0.19x

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 46.4% of assets, liabilities stand at 1.16x of equity, short-term borrowings are about 52.6% of assets, cash covers roughly 0.16x 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 46.4% +3.8pp

Liabilities / Equity 1.16x −0.19x

Short-term borrowings / Assets 52.6% +10.5pp

Liquid assets / Assets 43.7% −6.0pp

Cash / Short-term borrowings 0.16x −0.30x

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, TCI 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.

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)	205.6	73.5
a. Realised gains on disposals of FVTPL financial assets	179.2	53.3
b. Gains from revaluation of FVTPL financial assets	24.8	17.0
c. Dividends and interest income from FVTPL financial assets	1.6	3.1
1.2. Gains from held to maturity investments	49.4	13.8
1.3. Interest income from loans and receivables	88.7	84.1
1.4. Gains from available-for-sale financial assets (AFS)	9.7	20.1
1.6. Revenue from brokerage services	34.6	30.2
1.8. Revenue from investment advisory services	0.1	0.2
1.10. Revenue from securities custody services	0.7	1.0
1.11. Other revenue	6.3	5.9
Revenue from securities business (01->11)	395.1	228.8
Net sales	395.1	228.8
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	175.1	37.6
a. Loss from disposals of financial assets at FVTPL	155.4	26.1
b. Loss from revaluation of financial assets at FVTPL	19.8	11.5
2.4. Selling loss available-for-sale financial assets (AFS)	9.1	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	42.4	0.7
2.6. Expenses for proprietary trading activities	4.4	1.5
2.7. Expenses for brokerage services	37.7	31.1
2.11. Expenses for secutiries custodian services	1.3	1.1
2.12. Other expenses	6.1	4.2
Operating expenses (21->33)	276.0	76.2
Gross profit	119.1	152.6
3.2. Dividends, interest income from demand deposits	1.9	1.1
3.4. Other income about investment	—	0.5
Total financial income (41->44)	1.9	1.6
4.2. Borrowing costs	56.4	44.2
4.4. Other investment expenses	0.4	0.4
Total financial expenses (51->54)	56.9	44.7
VI. General and Administrative expenses	47.0	50.3
VII. Net profit from securities business (20+50-40-60-61-62)	17.0	59.3
8.1. Other incomes	0.6	1.5
8.2. Other expenses	3.2	2.0
Other profit (71-72)	-2.6	-0.6
IX. Profit before tax (70+80)	14.5	58.8
9.1. Realised profit	9.5	53.2
9.2. Unrealised profit	5.0	5.5
CORPORATE INCOME TAX	2.4	1.7
10.1. Current corporate income tax expenses	9.5	8.0
10.2. Deferred income tax expenses	-7.1	-6.3
XI. Net profit after tax (90-100)	12.0	57.0
11.1. Profit after tax for shareholders of the parents company	11.7	56.7
11.3. Profit after tax attribute to non-controling interest	0.3	0.3
OTHER COMPREHENSIVE INCOME AFTER TAX	141.1	-128.3
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	141.1	-128.3
Total other comprehensive income	141.1	-128.3
13.1. Earning per share	101.00	491.00
Earnings per Share	104.16	493.39

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	2,884.0	2,077.5
Short-term financial assets	2,880.3	2,072.8
1. Cash and cash equivalents	198.9	264.5
1.1. Cash	10.5	71.5
1.2. Cash equivalents	188.4	193.0
2. Financial assets at fair value through profit or loss (FVTPL)	79.4	71.2
3. Held to maturity investments (HTM)	1,031.7	445.0
4. Loans	815.4	707.4
5. Available-for-sale financial assets (AFS)	710.3	562.6
7. Short-term receivables	40.5	17.0
7.1. Receivables from disposal of financial assets	17.6	—
7.2. Receivables and accruals from dividends and interest income	22.9	17.0
7.2.1. Due dividend and interest receivables	10.1	13.4
7.2.2. Undue dividend and interest receivables	12.9	3.6
Prepayments to suppliers	1.0	0.2
9. Service related receivable	3.2	4.9
12. Other receivables	1.8	1.8
13. Provision for doubtful debts	-1.8	-1.9
II. Other short-term assets	3.6	4.7
1. Advances	0.0	0.0
3. Short-term prepayments	3.6	4.6
B. LONG-TERM ASSETS (200=210+220+240+250-260)	132.7	138.5
I. Long-term financial assets	41.7	41.7
2. Long-term investments	41.7	41.7
2.5. Other long-term investments	41.7	41.7
II. Fixed assets	18.5	14.0
1. Tangible fixed assets	5.6	4.9
- Cost	24.6	22.3
- Accumulated depreciation	-19.0	-17.4
3. Intangible fixed assets	12.8	9.0
- Cost	45.3	37.8
- Accumulated depreciation	-32.5	-28.8
IV. Construction in progress	—	4.5
V. Other long-term assets	72.5	78.4
1. Pledged assets, mortgages, security deposits in long term	1.1	1.8
2. Long-term prepayments	2.1	2.8
4. Payment for Settlement Assistance Fund	12.1	9.8
5. Other long-term assets	10.0	10.0
6. Goodwill	47.2	54.1
TOTAL ASSETS (270=100+200)	3,016.6	2,216.1
A. LIABILITIES (300=310+340)	1,614.7	967.2
I. Short -term liabilities	1,611.5	956.9
1. Short-term borrowings	1,580.0	491.5
1.1. Short-term borrowings	1,580.0	491.5
4. Short-term bonds	—	399.6
6. Payables to securities trading activities	3.3	2.4
8. Trade accounts payable	4.2	36.1
10. Taxes and other payables to state authorities	11.1	9.6
11. Payable to employees	1.1	2.3
13. Accrued expenses	8.8	14.9
17. Other payables	3.1	0.6
II. Long-term liabilities	3.1	10.3
14. Deferred income tax liabilities	3.1	10.3
B. OWNER'S EQUITY (400=410+420)	1,402.0	1,248.9
I. Owner's equity	1,402.0	1,248.9
1. Investment capital from owners	1,156.1	1,156.1
1.1. Capital from owners	1,156.2	1,156.2
a. Common stock	1,156,209,640,000.00	1,156,209,640,000.00
1.2. Share premium	-0.1	-0.1
2. Assets revaluation differences	2.8	-138.3
7. Undistributed earnings after tax	241.3	229.6
7.1. Realised profits	215.9	216.4
7.2. Unrealised losses	25.4	13.3
8. Minority interest	1.8	1.5
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	3,016.6	2,216.1

Item	2025	2024
1. Profit before tax	14.5	58.8
2. Adjustments for	63.0	41.8
- Depreciation and amortization	13.2	12.0
- (Reversal of provisions)/provisions	-0.1	-2.8
- Unrealized foreign exchange (gains)/losses	-36.1	—
- Loss/(profits) from other investing activities	—	-10.9
- Interest expense	98.9	47.1
- Accrued interest income	-12.9	-3.6
3. Add non-cash expenses	28.8	11.5
- Loss from revaluation losses of FVTPL financial assets	19.8	11.5
- Value decline of available-for-sale financial assets	9.1	—
4. Less non-cash income	-24.8	-17.0
- Gains from revaluation gains of FVTPL financial assets	-24.8	-17.0
5. Changes of assets and liabilities	-713.4	-568.5
- Increase/decrease in FVTPL financial assets	-3.2	-12.0
- Increase/decrease in held to maturity investments	-586.6	-440.0
- Increase/decrease in loan	-107.9	38.5
- Increase/decrease in AFS financial assets	-15.6	-155.1
6. Operating profit before changes in working capital	-631.8	-473.5
Increase/decrease in receiables sale of financial assets	-17.6	2.7
Increase/decrease in receiables interest of financial assets	6.9	2.4
Increase/decrease in service related receivables	1.7	-1.9
Increases/decreases in other receivables	0.0	-0.0
Increase/decrease in other assets	-2.5	-11.3
- Increase/(decrease) in payables (other than interest, corporate income tax)	2.8	-1.9
- (Increase)/decrease in prepaid expenses	1.7	-3.1
- Corporate income tax paid	-8.1	-9.0
- Interest paid	-107.8	-34.6
Increases/decreaese in trade payables	-32.0	11.1
Increases/decreases in tax and other payables to the State Budget	-0.0	0.4
Increases/dcreases in payable to employees	-1.2	2.0
Increases/dcreases in other payables	3.5	-2.4
Net cash flows from securities trading activities	-784.3	-519.2
1. Payment for fixed assets, constructions and other long-term assets	-6.3	-7.1
6. Collections on investment in other entities	—	25.3
7. Dividends, interest and profit received	36.5	10.2
Net cash flows from investing activities	30.3	28.5
3. Short-term and long-term borrowings	4,369.3	2,084.4
3.2. Other borrowings	4,369.3	2,084.4
4. Principal repayments	-3,680.8	-1,692.9
4.3. Other principal repayments	-3,680.8	-1,692.9
Net cash flows from financing activities	688.5	391.5
IV. Net cash flows during the period	-65.6	-99.3
V. Cash and cash equivalents at begingning of the period	264.5	363.8
Cash at bank	264.5	363.8
- Cash at bank for securities company activities	71.5	49.1
- Cash equivalents	193.0	314.6
Cash and cash equivalents at end of period	198.9	264.5
Cash at bank	198.9	264.5
- Cash at bank for securities company activities	10.5	71.5
- Cash equivalents	188.4	193.0
1. Proceeds from sale of brokerage securities to customers	13,585.4	12,923.4
2. Money spent on buying brokerage securities for customers	-13,785.8	-12,098.1
9. Receive deposits to pay for securities transactions of customers	340.9	-698.4
10. Margin deposit of investors at VSD	0.9	0.2
14. Payment of customers' securities depository fees	-134.2	-137.6
17. Proceeds from Securities Issuers	75.2	40.5
18. Payments to Securities Issuers	-75.2	-40.5
Increase / decrease of net money during the period	13.1	-20.3
II. Cash and cash equivalents at the beginning of the period of the customer	125.2	145.5
Cash at bank	125.2	145.5
-Deposits of investors on securities transactions under the Securities Company management method	66.3	66.0
-Cash deposit for securities transactions for customers	58.9	79.5
-Deposits from issuing organizations	0.0	0.0
III. Cash and cash equivalents at the end of the period of the customer	138.3	125.2
Cash at bank	138.3	125.2
-Deposits of investors on securities transactions under the Securities Company management method	68.4	66.3
-Cash deposit for securities transactions for customers	69.9	58.9
-Deposits from issuing organizations	0.0	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	31.6	45.9	97.0	26.1	36.6	9.2	19.9	22.4	22.0
a. Realised gains on disposals of FVTPL financial assets	26.4	45.0	81.4	19.5	33.3	7.1	18.0	17.1	11.1
b. Gains from revaluation of FVTPL financial assets	5.1	0.8	15.4	5.5	3.1	1.1	1.5	3.9	10.5
c. Dividends and interest income from FVTPL financial assets	0.1	0.1	0.3	1.1	0.2	1.0	0.3	1.4	0.4
1.2. Gains from held to maturity investments	14.4	14.2	11.7	14.6	8.9	5.8	3.9	2.3	1.8
1.3. Interest income from loans and receivables	23.7	24.9	23.5	19.2	21.0	19.7	20.1	21.5	22.8
1.4. Gains from available-for-sale financial assets (AFS)	2.8	0.8	1.9	6.6	0.5	8.0	3.0	6.7	2.4
1.6. Revenue from brokerage services	7.6	8.1	12.9	7.3	6.3	6.5	8.3	8.7	6.7
1.8. Revenue from investment advisory services	—	—	—	0.1	—	0.0	0.1	—	0.1
1.10. Revenue from securities custody services	0.2	0.1	0.2	0.3	0.2	0.3	0.2	0.2	0.2
1.11. Other revenue	0.9	4.3	0.5	0.3	1.2	4.8	0.5	0.2	0.5
Revenue from securities business (01->11)	81.1	98.4	147.6	74.5	74.7	54.3	55.9	62.1	56.5
Net sales	81.1	98.4	147.6	74.5	74.7	54.3	55.9	62.1	56.5
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	23.8	158.7	9.7	6.0	0.8	18.4	7.5	7.8	3.9
a. Loss from disposals of financial assets at FVTPL	16.6	150.5	3.2	1.5	0.2	16.2	6.0	0.0	3.9
b. Loss from revaluation of financial assets at FVTPL	7.2	8.2	6.5	4.5	0.6	2.3	1.5	7.7	—
2.4. Selling loss available-for-sale financial assets (AFS)	0.1	—	—	—	—	—	—	—	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	26.1	24.2	16.7	0.8	0.7	1.5	-0.9	0.1	—
2.6. Expenses for proprietary trading activities	1.3	1.1	1.5	0.8	1.0	0.5	0.4	0.3	0.2
2.7. Expenses for brokerage services	8.9	10.5	10.9	7.8	8.5	7.8	8.7	8.1	6.5
2.11. Expenses for secutiries custodian services	0.5	0.3	0.4	0.3	0.3	0.3	0.3	0.3	0.3
2.12. Other expenses	3.5	1.9	1.3	1.4	1.5	1.5	1.3	1.1	0.2
Operating expenses (21->33)	64.1	196.7	40.4	17.1	12.8	30.1	17.3	17.6	11.1
Gross profit	17.0	-98.3	107.2	57.3	61.9	24.2	38.6	44.5	45.4
3.2. Dividends, interest income from demand deposits	0.4	0.8	0.4	0.1	0.6	0.5	0.2	0.2	0.2
3.4. Other income about investment	—	—	—	—	—	—	—	0.5	—
Total financial income (41->44)	0.4	0.8	0.4	0.1	0.6	0.5	0.2	0.7	0.2
4.2. Borrowing costs	—	0.7	9.2	26.7	19.8	12.9	9.6	10.9	10.8
4.4. Other investment expenses	—	—	0.1	0.1	0.1	0.2	-7.6	7.7	0.1
Total financial expenses (51->54)	—	0.7	9.4	26.9	19.9	13.1	2.1	18.6	10.9
VI. General and Administrative expenses	14.9	13.3	11.8	9.9	12.0	12.4	13.9	12.3	11.7
VII. Net profit from securities business (20+50-40-60-61-62)	2.5	-111.5	86.5	20.6	30.5	-0.8	22.8	14.3	23.0
8.1. Other incomes	0.1	-2.1	1.2	0.8	0.7	0.4	0.4	0.3	0.3
8.2. Other expenses	0.4	-1.4	1.5	1.4	1.7	1.0	0.4	0.3	0.4
Other profit (71-72)	-0.2	-0.6	-0.3	-0.6	-1.0	-0.6	0.0	0.0	-0.0
IX. Profit before tax (70+80)	2.3	-112.1	86.2	20.0	29.5	-1.3	22.8	14.3	23.0
9.1. Realised profit	4.4	-104.8	6.5	19.0	27.0	-0.2	15.2	25.8	12.5
9.2. Unrealised profit	-2.1	-7.4	8.9	1.0	2.5	-1.1	7.7	-11.5	10.5
CORPORATE INCOME TAX	1.8	-20.2	14.2	2.6	5.9	-4.0	1.4	2.6	0.1
10.1. Current corporate income tax expenses	—	-20.1	21.3	2.3	6.1	-1.1	3.8	2.8	2.6
10.2. Deferred income tax expenses	1.8	-0.1	-7.1	0.3	-0.2	-2.9	-2.4	-0.1	-2.5
XI. Net profit after tax (90-100)	0.5	-91.9	72.0	17.4	23.6	2.7	21.4	11.7	22.9
11.1. Profit after tax for shareholders of the parents company	0.5	-91.8	71.7	17.3	23.5	2.7	21.4	11.7	22.6
11.3. Profit after tax attribute to non-controling interest	-0.1	-0.1	0.3	0.1	0.1	0.0	0.0	0.0	0.2
OTHER COMPREHENSIVE INCOME AFTER TAX	-38.9	85.0	—	0.5	—	—	-48.7	-38.1	-57.5
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	-38.9	85.0	65.9	0.5	-19.3	16.0	-48.7	-38.1	-57.5
Total other comprehensive income	-38.9	85.0	65.9	0.5	-19.3	16.0	-48.7	-38.1	-57.5
13.1. Earning per share	5.00	-794.00	620.00	150.00	204.00	23.00	185.00	101.00	226.00
13.2. Diluted earning per share	5.00	—	—	—	—	23.00	—	—	—
Earnings per Share	4.06	-795.07	622.95	150.52	204.11	23.30	185.24	100.94	226.41

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)	2,821.2	2,884.0	3,210.4	2,473.4	2,806.8	2,077.5	1,629.3	1,751.6	1,655.6
Short-term financial assets	2,818.2	2,880.4	3,207.4	2,469.9	2,802.8	2,072.8	1,627.2	1,749.2	1,653.3
1. Cash and cash equivalents	254.3	198.9	444.1	242.4	577.2	264.5	259.0	545.7	347.3
1.1. Cash	48.0	10.5	64.1	38.4	78.6	71.5	51.8	71.7	64.5
1.2. Cash equivalents	206.3	188.4	380.0	204.0	498.6	193.0	207.2	474.0	282.9
2. Financial assets at fair value through profit or loss (FVTPL)	66.1	79.4	119.1	76.9	54.1	71.2	67.8	64.2	61.7
3. Held to maturity investments (HTM)	1,031.6	1,031.7	991.7	863.2	887.4	445.0	235.5	5.0	5.0
4. Loans	866.4	815.4	876.1	591.3	770.6	707.4	618.3	657.7	719.9
5. Available-for-sale financial assets (AFS)	563.0	710.3	734.1	634.0	497.2	562.6	381.6	460.9	507.2
7. Short-term receivables	34.9	40.5	39.7	59.9	13.1	17.0	16.5	14.9	11.0
7.1. Receivables from disposal of financial assets	8.2	17.6	26.8	43.6	—	—	8.8	8.3	4.2
7.2. Receivables and accruals from dividends and interest income	26.8	22.9	12.9	16.3	13.1	17.0	7.7	6.6	6.8
7.2.1. Due dividend and interest receivables	7.3	10.1	8.9	6.0	8.4	13.4	7.1	5.9	6.3
7.2.2. Undue dividend and interest receivables	19.4	12.9	4.0	10.3	4.7	3.6	0.6	0.6	0.5
Prepayments to suppliers	0.1	1.0	1.9	1.7	1.2	0.2	0.5	0.2	0.5
9. Service related receivable	1.9	3.3	0.8	0.6	2.0	4.9	1.1	0.5	0.6
12. Other receivables	1.8	1.8	1.8	1.8	1.8	1.8	48.7	4.2	4.0
13. Provision for doubtful debts	-1.8	-1.8	-1.8	-1.8	-1.8	-1.9	-1.8	-4.0	-4.0
II. Other short-term assets	3.0	3.6	2.9	3.5	4.0	4.7	2.0	2.4	2.3
1. Advances	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.1
3. Short-term prepayments	3.0	3.6	2.9	3.5	3.9	4.6	2.0	2.4	2.2
Taxes and other receivables from state authorities	0.0	—	—	—	0.0	—	—	—	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	119.4	132.7	135.2	139.0	140.1	138.5	130.5	151.1	158.5
I. Long-term financial assets	27.2	41.7	41.7	41.7	41.7	41.7	41.7	58.8	66.5
2. Long-term investments	27.2	41.7	41.7	41.7	41.7	41.7	41.7	58.8	66.5
2.1. Held to maturity investments (HTM)	—	—	—	0.1	—	—	—	—	—
2.5. Other long-term investments	27.2	41.7	41.7	41.7	41.7	41.7	41.7	66.4	66.5
II. Fixed assets	19.2	18.5	20.1	21.7	20.1	14.0	14.9	15.5	16.2
1. Tangible fixed assets	7.3	5.6	6.3	6.9	4.4	4.9	5.5	6.0	6.0
- Cost	27.0	—	—	—	—	—	—	—	—
- Accumulated depreciation	-19.7	—	—	—	—	—	—	—	—
3. Intangible fixed assets	11.9	12.8	13.8	14.8	15.6	9.0	9.4	9.5	10.2
- Cost	45.3	—	—	—	—	—	—	—	—
- Accumulated depreciation	-33.4	—	—	—	—	—	—	—	—
IV. Construction in progress	—	—	—	—	—	4.5	3.1	3.5	—
V. Other long-term assets	73.0	72.5	73.5	75.6	78.4	78.4	70.8	73.2	75.8
1. Pledged assets, mortgages, security deposits in long term	1.1	1.1	1.1	1.1	1.7	1.8	1.8	1.8	1.8
2. Long-term prepayments	1.8	2.1	1.3	1.7	2.2	2.8	3.5	4.2	5.0
4. Payment for Settlement Assistance Fund	14.6	12.1	12.1	12.1	12.1	9.8	9.8	9.8	9.8
5. Other long-term assets	10.0	10.0	10.0	10.0	10.0	10.0	55.8	57.5	59.2
6. Goodwill	45.5	47.2	48.9	50.6	—	54.1	—	—	—
TOTAL ASSETS (270=100+200)	2,940.6	3,016.7	3,345.6	2,612.4	2,946.9	2,216.1	1,759.7	1,902.8	1,814.2
A. LIABILITIES (300=310+340)	1,577.1	1,614.7	1,936.7	1,341.4	1,693.7	965.6	527.9	643.7	529.0
I. Short -term liabilities	1,572.1	1,611.6	1,933.4	1,331.1	1,683.6	956.9	516.3	629.7	514.9
1. Short-term borrowings	1,547.7	1,580.0	1,431.5	901.5	1,241.4	491.5	490.0	315.0	200.0
1.1. Short-term borrowings	1,547.7	1,580.0	1,431.5	901.5	1,241.4	491.5	490.0	315.0	200.0
4. Short-term bonds	—	—	400.0	399.9	399.7	399.6	—	299.9	299.9
6. Payables to securities trading activities	3.3	3.3	1.0	0.8	0.8	2.4	5.4	1.1	3.3
8. Trade accounts payable	11.6	4.2	52.8	4.1	19.1	36.1	3.9	0.2	1.1
10. Taxes and other payables to state authorities	2.4	11.1	32.4	9.8	7.4	9.6	11.0	6.9	4.6
11. Payable to employees	3.0	1.1	2.1	1.9	2.7	2.3	2.4	2.3	2.2
13. Accrued expenses	3.6	8.8	13.2	12.4	12.0	14.9	3.2	3.8	3.5
17. Other payables	0.4	3.2	0.4	0.6	0.5	0.6	0.4	0.4	0.4
II. Long-term liabilities	4.9	3.1	3.2	10.3	10.1	8.7	11.6	13.9	14.1
14. Deferred income tax liabilities	4.9	3.1	3.2	10.3	10.1	8.7	11.6	13.9	14.1
B. OWNER'S EQUITY (400=410+420)	1,363.5	1,402.0	1,408.9	1,271.1	1,253.2	1,250.5	1,231.8	1,259.1	1,285.5
I. Owner's equity	1,363.5	1,402.0	1,408.9	1,271.1	1,253.2	1,250.5	1,231.8	1,259.1	1,285.5
1. Investment capital from owners	1,156.1	1,156.1	1,156.1	1,156.1	1,156.1	1,156.1	1,156.1	1,156.1	1,009.7
1.1. Capital from owners	1,156.2	1,156.2	1,156.2	1,156.2	1,156.2	1,156.2	1,156.2	1,156.2	1,009.8
a. Common stock	1,156,209,640,000.00	1,156,209,640,000.00	1,156,209,640,000.00	1,156,209,640,000.00	1,156,209,640,000.00	1,156,209,640,000.00	1,156,209,640,000.00	1,156,209,640,000.00	1,009,799,820,000.00
1.2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
2. Assets revaluation differences	-36.2	-6.3	-91.3	-157.1	-157.6	-138.3	-154.3	-105.6	-67.6
7. Undistributed earnings after tax	241.8	250.3	342.1	270.4	253.2	231.2	228.6	207.2	341.9
7.1. Realised profits	220.4	225.0	309.5	253.8	237.2	216.4	215.5	204.1	327.5
7.2. Unrealised losses	21.4	25.4	32.6	16.7	15.9	14.9	13.1	3.1	14.4
8. Minority interest	1.7	1.8	1.9	1.6	1.5	1.5	1.5	1.4	1.4
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	2,940.6	3,016.7	3,345.6	2,612.4	2,946.9	2,216.1	1,759.7	1,902.8	1,814.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	2.3	-121.2	86.2	20.0	29.5	-1.3	22.8	14.3	23.0
2. Adjustments for	15.1	15.5	16.3	16.5	14.8	13.8	5.5	11.6	10.9
- Depreciation and amortization	3.3	4.3	2.4	3.3	3.2	3.0	3.0	3.0	3.0
- (Reversal of provisions)/provisions	—	0.0	0.0	0.0	-0.1	0.1	-2.2	0.0	-0.7
- Unrealized foreign exchange (gains)/losses	—	-36.1	—	—	—	—	—	—	—
- Loss/(profits) from other investing activities	5.1	—	-17.8	-8.8	-4.1	-3.2	-3.8	-2.5	-1.3
- Interest expense	26.1	24.9	25.9	27.6	20.5	16.6	8.7	11.0	10.8
- Accrued interest income	-19.4	-8.9	0.7	—	-4.7	-3.0	0.0	-0.1	-0.5
- Adjustments for	0.1	—	9.8	-10.2	-0.1	—	-0.0	—	-0.2
3. Add non-cash expenses	7.2	17.2	6.5	4.5	0.6	2.3	-6.1	15.3	—
- Loss from revaluation losses of FVTPL financial assets	7.2	8.2	6.5	4.5	0.6	2.3	1.5	7.7	—
- Value decline of available-for-sale financial assets	0.1	9.1	—	—	—	—	—	—	—
4. Less non-cash income	-5.1	-0.8	-15.4	-5.5	-3.1	-1.1	-1.5	-3.9	-10.5
- Gains from revaluation gains of FVTPL financial assets	-5.1	-0.8	-15.4	-5.5	-3.1	-1.1	-1.5	-3.9	-10.5
5. Changes of assets and liabilities	68.6	161.9	-481.0	45.6	-439.9	-468.3	-164.1	64.1	-0.3
- Increase/decrease in FVTPL financial assets	11.2	32.3	-33.4	-21.7	19.5	-4.6	-3.5	-6.4	2.5
- Increase/decrease in held to maturity investments	0.1	-39.9	-128.5	24.2	-442.4	-209.5	-230.5	—	—
- Increase/decrease in loan	-51.0	60.7	-284.8	179.3	-63.2	-89.1	39.3	62.2	26.1
- Increase/decrease in AFS financial assets	108.3	108.8	-34.3	-136.2	46.1	-165.1	30.6	8.3	-28.9
6. Operating profit before changes in working capital	88.1	72.6	-387.4	81.1	-398.1	-454.7	-143.4	101.5	23.1
Increase/decrease in receiables sale of financial assets	9.4	9.2	16.8	-43.6	—	8.8	-0.5	-4.1	-1.5
Increase/decrease in receiables interest of financial assets	15.6	-1.1	-3.0	2.4	8.6	-6.3	-1.2	0.3	9.5
Increase/decrease in service related receivables	1.3	-2.4	-0.2	1.4	2.9	-3.8	-0.6	0.1	2.4
Increases/decreases in other receivables	-0.0	0.0	0.0	-0.0	-0.0	44.7	-44.5	-0.2	-0.0
Increase/decrease in other assets	-1.6	0.9	-0.2	0.0	-3.2	-9.7	-0.3	0.4	-1.8
- Increase/(decrease) in payables (other than interest, corporate income tax)	-4.4	3.9	0.1	0.5	-1.7	0.6	0.3	0.4	-3.2
- (Increase)/decrease in prepaid expenses	1.0	-1.5	1.0	0.9	1.3	-1.9	1.1	0.6	-2.9
- Corporate income tax paid	-9.5	-0.1	0.0	0.0	-8.1	0.0	0.0	0.0	-9.0
- Interest paid	-26.9	-33.2	-25.3	-27.7	-21.6	-3.3	-9.7	-11.0	-10.5
Increases/decreaese in trade payables	7.5	-48.6	48.6	-15.0	-17.0	32.2	3.7	-0.9	-23.9
Increases/decreases in tax and other payables to the State Budget	0.9	-1.2	1.4	0.0	-0.2	-0.3	0.3	-0.4	0.9
Increases/dcreases in payable to employees	1.9	-1.0	0.2	-0.8	0.4	-0.0	0.1	0.1	1.8
Increases/dcreases in other payables	-2.7	5.0	-0.0	0.1	-1.6	-2.9	4.3	-2.1	-1.7
- Other receipts from operating activities	-0.1	—	0.4	—	0.1	—	0.0	—	0.2
Net cash flows from securities trading activities	80.6	2.0	-347.4	-0.6	-438.4	-396.9	-190.2	84.4	-16.6
1. Payment for fixed assets, constructions and other long-term assets	-2.4	-1.0	1.0	-3.2	-3.1	-1.9	-0.2	-3.8	-1.2
5. Payments for investment in other entities	—	—	—	-0.1	—	—	—	-6.4	—
6. Collections on investment in other entities	14.5	—	—	—	—	0.5	18.3	6.5	—
7. Dividends, interest and profit received	-5.1	5.4	18.0	9.0	4.2	2.3	3.9	2.7	1.3
Net cash flows from investing activities	7.0	4.4	19.1	5.7	1.2	0.9	28.5	-1.0	0.1
3. Short-term and long-term borrowings	1,652.1	540.0	1,491.5	548.5	1,789.3	1,079.4	490.0	315.1	199.8
3.2. Other borrowings	1,652.1	540.0	1,491.5	548.5	1,789.3	1,079.4	490.0	315.1	199.8
4. Principal repayments	-1,684.4	-791.5	-961.5	-888.4	-1,039.4	-677.9	-615.0	-200.2	-199.8
4.3. Other principal repayments	-1,684.4	-791.5	-961.5	-888.4	-1,039.4	-677.9	-615.0	-200.2	-199.8
Net cash flows from financing activities	-32.3	-251.5	530.0	-339.9	749.9	401.5	-125.0	114.9	0.1
IV. Net cash flows during the period	55.3	-245.1	201.7	-334.8	312.7	5.5	-286.7	198.4	-16.4
V. Cash and cash equivalents at begingning of the period	198.9	444.1	242.4	577.2	264.5	259.0	545.7	347.3	363.8
- Cash equivalents	188.4	—	—	—	—	—	—	7.6	—
Cash and cash equivalents at end of period	254.3	198.9	444.1	242.4	577.2	264.5	259.0	545.7	347.3
- Cash equivalents	206.3	—	—	—	—	—	—	—	—
1. Proceeds from sale of brokerage securities to customers	2,749.1	3,347.6	5,105.9	2,681.7	2,450.2	3,632.2	3,001.4	3,515.2	2,774.6
2. Money spent on buying brokerage securities for customers	-2,469.2	-3,465.4	-5,138.0	-2,696.8	-2,485.6	-3,349.2	-2,775.8	-3,312.5	-2,660.7
9. Receive deposits to pay for securities transactions of customers	-40.8	17.0	147.4	82.3	94.2	-266.6	-196.5	-236.2	0.9
10. Margin deposit of investors at VSD	0.1	-1.0	0.0	1.9	-0.1	0.2	—	—	—
14. Payment of customers' securities depository fees	-35.9	-35.4	-39.4	-30.8	-28.5	-37.1	-30.6	-33.1	-36.8
17. Proceeds from Securities Issuers	34.8	16.9	3.9	37.1	17.4	18.4	6.8	9.1	6.2
18. Payments to Securities Issuers	-34.8	-16.9	-3.9	-37.1	-17.4	-18.4	-6.8	-9.2	-6.1
Increase / decrease of net money during the period	209.4	-128.3	76.0	35.9	29.5	-37.7	4.2	-64.8	78.0
II. Cash and cash equivalents at the beginning of the period of the customer	138.3	266.7	190.7	154.8	125.2	162.9	158.7	209.5	131.5
-Cash deposit for securities transactions for customers	69.9	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	0.0	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	347.8	138.3	266.7	190.7	154.8	125.2	162.9	158.7	209.5
-Cash deposit for securities transactions for customers	282.8	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	0.0	—	—	—	—	—	—	—	—

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TCI

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