VCI

Chứng khoán Vietcap ·HOSE ·2026Q1

▲▲ TRADING-LED STRONG

Trading-led Trading share 48.4%, NPAT +37.7% YoY

Price

24,350

Latest close

02 Jun 2026

EPS TTM (TTM) 1,178

BVPS (Latest) 12,229

P/E (Price/EPS) 20.7x

P/B (Price/BVPS) 2.0x

ROAE TTM (TTM) 9.3%

PBT Margin (TTM) 30.3%

Trading Share (Mix) 48.4%

Service & Brokerage Share (Mix) 25.0%

Equity / Assets (Latest) 46.7%

Leverage (Latest) 1.1x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 1,678.0bn, equivalent to a pre-tax margin of 30.3%, showing a relatively clean and sufficiently thick earnings base, while margin has narrowed by 2.2pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 48.4% but narrowing by 2.3pp, while lending is at 26.6%; brokerage and services have reached 25.0% and improved by +2.7pp, making diversification more visible. On the balance sheet, Equity / Assets is 46.7% while Leverage is about 1.14x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 2.893 tỷ
+43,9%
Lãi thuần 1.069 tỷ
+3,6%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 1.362 tỷ
+43,5%
Dư nợ 16.613 tỷ
+64,6%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 1.191 tỷ
+71,0%
Lãi thuần 433 tỷ
+217,9%

Metric	2025	2024
PBT	1,629.2	1,089.3
Trading Share	50.6%	51.6%
Lending Share	25.9%	25.3%
Service & Brokerage Share	23.6%	23.1%
PBT Margin	32.71%	29.48%
Equity / Assets	50.0%	48.7%
Leverage	1.00x	1.05x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	403.9	543.7	518.9	211.5	355.1	253.3	264.7	343.8	227.5
Trading Share	39.5%	52.3%	49.0%	54.3%	45.2%	49.1%	57.0%	50.7%	48.9%
Lending Share	32.5%	26.2%	22.9%	24.2%	32.7%	27.9%	22.0%	26.5%	25.0%
Service & Brokerage Share	27.9%	21.5%	28.2%	21.5%	22.1%	23.0%	21.1%	22.8%	26.1%
PBT Margin	28.72%	35.62%	35.96%	18.24%	41.73%	25.36%	27.17%	37.54%	28.22%
Equity / Assets	46.7%	50.0%	42.6%	56.8%	53.0%	48.7%	42.3%	38.3%	41.8%
Leverage	1.14x	1.00x	1.35x	0.76x	0.89x	1.05x	1.36x	1.61x	1.39x

Drivers of VCI'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 413bn

Brokerage +VND 297bn

Total costs −VND 291bn

Tax −VND 81.1bn

TTM

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

Brokerage +VND 159bn

Margin lending +VND 158bn

Total costs −VND 187bn

Trading −VND 72.6bn

Other fees −VND 8.1bn

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?

Revenue remains tilted toward trading, but the quality of that engine still needs to be read alongside concentration and the real contribution from brokerage and services.

Trading currently accounts for about 48.4%, lending is at 26.6%, brokerage is around 23.2%, other services about 1.7%, brokerage plus services together are 25.0%.

Trading is still the main engine, but brokerage and services have become large enough to start providing a more tangible diversification layer.

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 5,535.8bn +48.0% YoY

PBT margin 30.3% −2.2pp

Trading Share 48.4% −2.3pp

Brokerage Share 23.2% +3.4pp

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 30.3%, Return on assets is about 4.6%, revaluation accounts for 0.6% 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 30.3% −2.2pp

Net margin 25.1% −1.9pp

ROAA 4.6% +1.3pp

ROAE 9.3% +2.8pp

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 44.8% of assets, the prop book about 6.9%, liquid assets around 6.6%, equity roughly 46.7%.

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 44.8% +2.2pp

Prop book / Assets 6.9% +1.8pp

Liquid assets / Assets 6.6% −6.9pp

Equity / Assets 46.7% −6.3pp

Liabilities / Equity 1.14x +0.26x

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 46.7% of assets, liabilities stand at 1.14x of equity, short-term borrowings are about 49.2% 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 is not yet thick enough relative to 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 46.7% −6.3pp

Liabilities / Equity 1.14x +0.26x

Short-term borrowings / Assets 49.2% +5.7pp

Liquid assets / Assets 6.6% −6.9pp

Cash / Short-term borrowings 0.11x −0.11x

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, VCI 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)	2,356.3	1,778.6
a. Realised gains on disposals of FVTPL financial assets	2,349.5	1,759.4
b. Gains from revaluation of FVTPL financial assets	-0.8	3.9
c. Dividends and interest income from FVTPL financial assets	7.4	18.8
d. Gain from revaluation of outstanding covered warrant payables	0.2	-3.4
1.2. Gains from held to maturity investments	44.2	23.1
1.3. Interest income from loans and receivables	1,204.8	872.9
1.4. Gains from available-for-sale financial assets (AFS)	277.1	225.0
1.6. Revenue from brokerage services	1,000.2	729.6
1.8. Revenue from investment advisory services	82.4	50.6
1.10. Revenue from securities custody services	13.9	14.3
1.11. Other revenue	1.4	1.3
Revenue from securities business (01->11)	4,980.2	3,695.5
Net sales	4,980.2	3,695.5
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	1,536.3	991.7
a. Loss from disposals of financial assets at FVTPL	1,527.1	987.7
b. Loss from revaluation of financial assets at FVTPL	-4.7	2.9
c. Transaction cost of acquisition of financial assets at FVTPL	1.0	1.0
d. Loss from revaluation of outstanding covered warrant payables	13.0	—
2.6. Expenses for proprietary trading activities	43.4	49.9
2.7. Expenses for brokerage services	726.7	595.8
2.9. Expenses for financial advisory services	66.9	62.9
2.11. Expenses for secutiries custodian services	17.8	17.2
Operating expenses (21->33)	2,391.0	1,717.4
Gross profit	2,589.2	1,978.1
3.1. Realized and unrealized gain from changes in foreign exchange rates	7.1	21.1
3.2. Dividends, interest income from demand deposits	15.9	14.5
3.4. Other income about investment	0.1	15.0
Total financial income (41->44)	23.2	50.6
4.1. Realized and unrealized loss from changes in foreign exchange rates	6.3	14.6
4.2. Borrowing costs	801.9	764.1
4.4. Other investment expenses	45.5	18.7
Total financial expenses (51->54)	853.7	797.5
VI. General and Administrative expenses	144.9	144.7
VII. Net profit from securities business (20+50-40-60-61-62)	1,613.8	1,086.6
8.1. Other incomes	17.4	3.1
8.2. Other expenses	2.0	0.3
Other profit (71-72)	15.4	2.8
IX. Profit before tax (70+80)	1,629.2	1,089.3
9.1. Realised profit	1,638.1	1,091.8
9.2. Unrealised profit	-8.9	-2.4
CORPORATE INCOME TAX	287.3	178.6
10.1. Current corporate income tax expenses	306.2	178.6
10.2. Deferred income tax expenses	-18.9	0.0
XI. Net profit after tax (90-100)	1,342.0	910.7
11.1. Profit after tax for shareholders of the parents company	1,342.0	910.7
OTHER COMPREHENSIVE INCOME AFTER TAX	321.7	764.7
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	321.7	764.7
Total other comprehensive income	321.7	764.7
13.1. Earning per share	1,854.00	1,540.00
13.2. Diluted earning per share	1,854.00	1,540.00
Earnings per Share	973.73	931.64

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	35,868.9	26,491.8
Short-term financial assets	35,789.8	26,323.2
1. Cash and cash equivalents	3,213.7	4,743.8
1.1. Cash	3,213.7	4,743.8
2. Financial assets at fair value through profit or loss (FVTPL)	2,237.9	846.3
3. Held to maturity investments (HTM)	412.0	598.0
4. Loans	16,167.2	11,221.7
5. Available-for-sale financial assets (AFS)	13,307.7	8,408.8
6. Provisions for impairment loss of financial assets and mortgages	-2.2	-2.2
7. Short-term receivables	227.0	393.4
7.1. Receivables from disposal of financial assets	69.5	307.3
7.2. Receivables and accruals from dividends and interest income	157.5	86.1
7.2.2. Undue dividend and interest receivables	157.5	86.1
Prepayments to suppliers	217.8	99.8
9. Service related receivable	33.1	31.4
13. Provision for doubtful debts	-24.5	-17.7
II. Other short-term assets	79.1	168.7
1. Advances	0.2	0.1
2. Office supplies, tools	0.1	0.1
3. Short-term prepayments	31.3	33.1
5. Other short-term assets	47.5	135.4
B. LONG-TERM ASSETS (200=210+220+240+250-260)	137.0	100.3
II. Fixed assets	75.3	37.3
1. Tangible fixed assets	70.5	30.6
- Cost	150.1	103.7
- Accumulated depreciation	-79.7	-73.1
3. Intangible fixed assets	4.8	6.7
- Cost	58.9	58.9
- Accumulated depreciation	-54.1	-52.3
IV. Construction in progress	17.6	12.4
V. Other long-term assets	44.1	50.7
1. Pledged assets, mortgages, security deposits in long term	8.5	8.1
2. Long-term prepayments	5.4	6.2
4. Payment for Settlement Assistance Fund	20.0	26.2
5. Other long-term assets	10.2	10.2
TOTAL ASSETS (270=100+200)	36,005.9	26,592.1
A. LIABILITIES (300=310+340)	17,996.0	13,647.8
I. Short -term liabilities	17,325.1	13,038.5
1. Short-term borrowings	16,064.5	12,573.9
1.1. Short-term borrowings	16,064.5	12,573.9
6. Payables to securities trading activities	55.0	16.6
8. Trade accounts payable	106.5	41.3
9. Advances from customers	16.3	2.7
10. Taxes and other payables to state authorities	229.7	64.5
11. Payable to employees	172.0	185.8
13. Accrued expenses	72.3	75.9
17. Other payables	608.8	77.9
II. Long-term liabilities	670.9	609.3
14. Deferred income tax liabilities	670.9	609.3
B. OWNER'S EQUITY (400=410+420)	18,009.9	12,944.3
I. Owner's equity	18,009.9	12,944.3
1. Investment capital from owners	13,781.6	9,775.1
1.1. Capital from owners	8,501.0	7,181.0
a. Common stock	8,501,000,000,000.00	7,180,994,800,000.00
1.2. Share premium	5,280.6	2,594.1
2. Assets revaluation differences	2,694.1	2,372.4
7. Undistributed earnings after tax	1,534.1	796.7
7.1. Realised profits	1,542.8	798.3
7.2. Unrealised losses	-8.7	-1.6
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	36,005.9	26,592.1

Item	2025	2024
1. Profit before tax	1,629.2	1,089.3
2. Adjustments for	665.0	693.3
- Depreciation and amortization	14.4	10.8
- (Reversal of provisions)/provisions	6.8	4.5
- Loss/(profits) from other investing activities	-0.6	—
- Interest expense	801.9	764.1
- Accrued interest income	-157.5	-86.1
3. Add non-cash expenses	8.3	2.9
- Loss from revaluation losses of FVTPL financial assets	8.3	2.9
4. Less non-cash income	0.6	-0.5
- Gains from revaluation gains of FVTPL financial assets	0.6	-0.5
5. Changes of assets and liabilities	-10,644.1	-5,018.5
- Increase/decrease in FVTPL financial assets	-1,387.8	-723.2
- Increase/decrease in held to maturity investments	186.0	-217.1
- Increase/decrease in loan	-4,945.5	-3,229.2
- Increase/decrease in AFS financial assets	-4,496.8	-849.0
6. Operating profit before changes in working capital	-8,341.0	-3,233.5
Increase/decrease in receiables sale of financial assets	237.8	438.1
Increase/decrease in receiables interest of financial assets	86.1	103.2
Increase/decrease in service related receivables	-1.7	-0.2
Increase/decrease in other assets	87.7	12.1
- Increase/(decrease) in payables (other than interest, corporate income tax)	10.7	-10.5
- (Increase)/decrease in prepaid expenses	2.6	13.9
- Corporate income tax paid	-153.5	-150.3
- Interest paid	-816.2	-725.0
Increases/decreaese in trade payables	-52.9	9.8
Increases/decreases in tax and other payables to the State Budget	12.6	5.5
Increases/dcreases in payable to employees	-13.7	86.0
Increases/dcreases in other payables	145.1	65.6
- Other receipts from operating activities	6.2	2.4
- Other payments for operating activities	-0.4	-1.2
Net cash flows from securities trading activities	-8,790.7	-3,384.0
1. Payment for fixed assets, constructions and other long-term assets	-59.6	-31.3
2. Proceeds from disposals of fixed assets and other long-term assets	2.5	—
Net cash flows from investing activities	-57.1	-31.3
1. Receipts from equity issue and owner's capital contribution	4,006,506,240,000.00	4,074,440,000,000.00
3. Short-term and long-term borrowings	39,300.0	28,212.2
3.2. Other borrowings	39,300.0	28,212.2
4. Principal repayments	-35,809.3	-24,737.6
4.3. Other principal repayments	-35,809.3	-24,737.6
6. Dividends paid, profits distributed to owners	-179.5	-177.8
Net cash flows from financing activities	7,317.7	7,371.2
IV. Net cash flows during the period	-1,530.1	3,955.9
V. Cash and cash equivalents at begingning of the period	4,743.8	787.9
Cash at bank	4,743.8	787.9
- Cash at bank for securities company activities	4,743.8	537.9
- Cash equivalents	—	250.0
Cash and cash equivalents at end of period	3,213.7	4,743.8
Cash at bank	3,213.7	4,743.8
- Cash at bank for securities company activities	3,213.7	4,743.8
1. Proceeds from sale of brokerage securities to customers	462,418.2	313,150.9
2. Money spent on buying brokerage securities for customers	-514,483.7	-338,605.0
9. Receive deposits to pay for securities transactions of customers	52,987.1	25,182.3
10. Margin deposit of investors at VSD	-605.9	228.3
14. Payment of customers' securities depository fees	-17.8	-17.2
Increase / decrease of net money during the period	297.9	-60.8
II. Cash and cash equivalents at the beginning of the period of the customer	2,712.0	2,772.7
Cash at bank	2,712.0	2,772.7
-Deposits of investors on securities transactions under the Securities Company management method	1,527.5	1,824.6
-Securities clearing and settlement deposits	1,184.5	948.1
III. Cash and cash equivalents at the end of the period of the customer	3,009.8	2,712.0
Cash at bank	3,009.8	2,712.0
-Deposits of investors on securities transactions under the Securities Company management method	2,289.2	1,527.5
-Securities clearing and settlement deposits	720.7	1,184.5

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)	504.0	750.2	672.3	579.2	354.6	442.9	535.8	447.6	352.3
a. Realised gains on disposals of FVTPL financial assets	470.1	748.9	667.4	579.8	353.3	437.8	533.9	449.3	338.3
b. Gains from revaluation of FVTPL financial assets	9.5	-0.7	3.1	-1.9	-1.3	2.5	-0.4	-6.0	7.9
c. Dividends and interest income from FVTPL financial assets	0.4	1.7	1.8	3.2	0.7	2.6	2.2	5.1	8.8
d. Gain from revaluation of outstanding covered warrant payables	24.0	0.2	—	-2.0	2.0	—	—	-0.7	-2.7
1.2. Gains from held to maturity investments	5.4	8.5	11.5	12.4	11.8	7.3	4.8	5.0	6.0
1.3. Interest income from loans and receivables	414.5	376.3	313.8	257.7	257.0	251.9	206.4	234.5	180.2
1.4. Gains from available-for-sale financial assets (AFS)	126.7	82.5	59.1	81.1	54.4	88.9	29.5	27.2	79.4
1.6. Revenue from brokerage services	339.9	257.1	372.8	221.3	149.1	184.2	182.7	180.7	182.1
1.8. Revenue from investment advisory services	11.8	48.2	8.3	4.6	21.2	18.5	11.4	16.4	4.3
1.10. Revenue from securities custody services	4.0	3.3	4.7	3.2	2.7	4.8	3.8	3.7	1.9
1.11. Other revenue	0.2	0.2	0.8	0.1	0.2	0.4	0.1	0.8	0.1
Revenue from securities business (01->11)	1,406.5	1,526.3	1,443.3	1,159.7	850.9	999.0	974.4	915.9	806.3
Net sales	1,406.5	1,526.3	1,443.3	1,159.7	850.9	999.0	974.4	915.9	806.3
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	442.5	379.1	411.0	591.5	154.6	372.7	252.9	198.4	167.7
a. Loss from disposals of financial assets at FVTPL	455.4	370.1	405.6	645.5	105.9	365.9	263.9	188.7	169.2
b. Loss from revaluation of financial assets at FVTPL	0.0	-4.3	5.3	-49.5	43.8	6.6	-11.3	10.1	-2.6
c. Transaction cost of acquisition of financial assets at FVTPL	0.0	0.3	0.2	0.1	0.4	0.1	0.2	0.5	0.2
d. Loss from revaluation of outstanding covered warrant payables	-12.9	13.0	—	-4.6	4.6	—	—	-0.9	0.9
2.6. Expenses for proprietary trading activities	10.0	10.1	10.6	8.9	13.8	11.3	14.1	10.8	13.7
2.7. Expenses for brokerage services	163.4	197.6	236.7	160.6	131.8	125.3	168.6	134.8	167.0
2.9. Expenses for financial advisory services	11.7	28.4	22.5	6.5	9.5	3.7	29.0	12.0	18.2
2.11. Expenses for secutiries custodian services	4.2	4.2	4.5	4.8	4.2	6.9	3.6	3.3	3.4
Operating expenses (21->33)	631.8	619.4	685.5	772.3	313.8	519.9	468.1	359.3	370.0
Gross profit	774.6	906.9	757.8	387.4	537.1	479.1	506.2	556.5	436.3
3.1. Realized and unrealized gain from changes in foreign exchange rates	17.0	0.1	2.5	—	4.6	20.2	—	0.9	—
3.2. Dividends, interest income from demand deposits	4.3	4.2	3.3	3.9	4.5	4.2	3.7	3.3	3.3
3.4. Other income about investment	—	—	—	0.1	—	—	—	11.5	3.5
Total financial income (41->44)	21.3	4.3	5.7	4.0	9.1	24.4	3.7	15.6	6.9
4.1. Realized and unrealized loss from changes in foreign exchange rates	14.2	0.3	0.2	1.1	4.7	14.6	-2.1	1.2	0.9
4.2. Borrowing costs	271.6	293.6	191.5	145.2	171.5	197.4	199.1	189.1	178.5
4.4. Other investment expenses	60.3	20.0	11.2	7.1	7.2	5.8	0.3	6.7	5.9
Total financial expenses (51->54)	346.1	313.9	202.9	153.4	183.4	217.7	197.4	197.0	185.4
VI. General and Administrative expenses	46.0	53.8	41.6	26.8	22.7	32.5	47.9	34.2	30.2
VII. Net profit from securities business (20+50-40-60-61-62)	403.9	543.5	518.9	211.3	340.1	253.3	264.7	340.9	227.6
8.1. Other incomes	—	2.1	—	0.2	15.1	0.0	—	2.8	0.2
8.2. Other expenses	—	1.9	—	—	0.1	0.0	—	0.0	0.3
Other profit (71-72)	—	0.2	—	0.2	15.0	0.0	—	2.8	-0.1
IX. Profit before tax (70+80)	403.9	543.7	518.9	211.5	355.1	253.3	264.7	343.8	227.5
9.1. Realised profit	357.6	552.8	521.2	161.2	402.9	257.5	253.9	359.8	220.7
9.2. Unrealised profit	46.3	-9.2	-2.2	50.3	-47.8	-4.2	10.8	-16.0	6.9
CORPORATE INCOME TAX	63.1	100.8	98.7	27.6	60.2	35.0	49.3	64.6	29.8
10.1. Current corporate income tax expenses	53.9	102.6	99.2	31.5	72.9	35.9	40.2	64.8	37.7
10.2. Deferred income tax expenses	9.2	-1.9	-0.5	-3.9	-12.6	-0.9	9.2	-0.3	-7.9
XI. Net profit after tax (90-100)	340.7	442.9	420.3	183.9	294.9	218.4	215.4	279.2	197.8
11.1. Profit after tax for shareholders of the parents company	340.7	442.9	420.3	183.9	294.9	218.4	215.4	279.2	197.8
OTHER COMPREHENSIVE INCOME AFTER TAX	-818.7	1,369.6	-243.4	-325.0	-479.5	—	—	—	—
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	-818.7	1,369.6	-243.4	-325.0	-479.5	62.2	-255.1	349.2	608.3
Total other comprehensive income	-818.7	1,369.6	-243.4	-325.0	-479.5	62.2	-255.1	349.2	608.3
Earnings per Share	240.58	321.39	427.57	188.13	301.65	223.40	374.30	628.66	450.62

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)	35,816.7	35,868.9	29,592.8	21,777.3	23,621.0	26,491.8	20,322.2	23,009.9	19,458.5
Short-term financial assets	35,643.1	35,789.8	29,223.8	21,609.7	23,269.2	26,323.2	20,188.1	22,609.4	19,197.3
1. Cash and cash equivalents	2,048.2	3,213.7	2,637.1	472.3	2,302.3	4,743.8	2,543.5	3,903.2	1,040.6
1.1. Cash	2,048.2	3,213.7	2,136.1	472.3	2,302.3	4,743.8	2,543.5	3,888.2	1,040.6
1.2. Cash equivalents	—	—	501.0	—	—	—	—	15.0	—
2. Financial assets at fair value through profit or loss (FVTPL)	2,551.2	2,237.9	599.4	777.1	1,195.3	846.3	476.2	1,007.4	839.1
3. Held to maturity investments (HTM)	412.0	412.0	300.0	933.0	898.0	598.0	310.0	310.0	357.0
4. Loans	16,613.4	16,167.2	13,944.7	11,306.6	10,095.1	11,221.7	10,111.5	7,946.5	8,572.8
5. Available-for-sale financial assets (AFS)	13,088.8	13,307.7	11,456.5	7,782.9	7,523.9	8,408.8	6,513.3	8,513.4	7,687.4
6. Provisions for impairment loss of financial assets and mortgages	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2
7. Short-term receivables	374.5	227.0	235.4	295.4	293.1	393.4	211.7	910.3	619.6
7.1. Receivables from disposal of financial assets	238.7	69.5	100.0	167.9	209.1	307.3	128.3	836.7	561.2
7.2. Receivables and accruals from dividends and interest income	135.8	157.5	135.4	127.5	84.0	86.1	83.4	73.5	58.4
7.2.2. Undue dividend and interest receivables	135.8	157.5	135.4	127.5	84.0	86.1	83.4	73.5	58.4
Prepayments to suppliers	540.0	217.8	28.4	24.6	944.6	99.8	1.9	1.1	62.5
9. Service related receivable	41.7	33.1	42.2	37.7	36.8	31.4	35.3	32.9	33.6
13. Provision for doubtful debts	-24.5	-24.5	-17.7	-17.7	-17.7	-17.7	-13.2	-13.2	-13.2
II. Other short-term assets	173.6	79.1	369.0	167.6	351.8	168.7	134.1	400.5	261.2
1. Advances	0.1	0.2	0.3	1.0	0.1	0.1	0.1	0.1	0.1
2. Office supplies, tools	0.1	0.1	0.2	0.1	0.1	0.1	0.2	0.2	0.4
3. Short-term prepayments	37.6	31.3	21.0	17.3	24.7	33.1	11.4	25.8	30.9
4. Pledged assets, mortgages, security deposits in short term	—	—	—	—	—	—	—	1.9	1.9
Taxes and other receivables from state authorities	—	—	—	—	1.8	—	—	—	—
5. Other short-term assets	135.9	47.5	347.5	149.2	325.1	135.4	122.4	372.4	227.9
B. LONG-TERM ASSETS (200=210+220+240+250-260)	1,280.7	137.0	124.7	120.4	106.6	100.3	92.9	95.5	86.1
II. Fixed assets	88.8	75.3	60.0	56.0	42.7	37.3	29.2	32.0	21.9
1. Tangible fixed assets	84.4	70.5	54.7	50.3	36.5	30.6	22.7	25.0	14.4
- Cost	168.9	—	—	—	—	—	—	—	—
- Accumulated depreciation	-84.5	—	—	—	—	—	—	—	—
3. Intangible fixed assets	4.4	4.8	5.2	5.7	6.2	6.7	6.5	7.0	7.4
- Cost	58.9	—	—	—	—	—	—	—	—
- Accumulated depreciation	-54.6	—	—	—	—	—	—	—	—
IV. Construction in progress	18.2	17.6	14.8	14.1	13.0	12.4	11.8	10.2	10.2
V. Other long-term assets	1,173.6	44.1	49.9	50.3	51.0	50.7	51.9	53.2	54.0
1. Pledged assets, mortgages, security deposits in long term	1,137.2	8.5	8.5	8.5	8.1	8.1	8.1	8.0	8.7
2. Long-term prepayments	5.0	5.4	3.5	3.9	5.0	6.2	7.5	8.9	9.0
4. Payment for Settlement Assistance Fund	21.2	20.0	27.7	27.7	27.7	26.2	26.2	26.2	26.2
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)	37,097.4	36,005.9	29,717.5	21,897.8	23,727.6	26,592.1	20,415.2	23,105.4	19,544.6
A. LIABILITIES (300=310+340)	19,778.0	17,996.0	17,047.6	9,458.7	11,147.5	13,647.8	11,773.1	14,246.9	11,367.3
I. Short -term liabilities	19,302.6	17,325.1	16,717.2	9,067.1	10,670.7	13,038.5	11,178.4	13,597.5	10,805.0
1. Short-term borrowings	18,243.5	16,064.5	15,867.2	8,618.3	10,310.8	12,573.9	10,832.7	12,392.1	10,239.6
1.1. Short-term borrowings	18,243.5	16,064.5	15,867.2	8,618.3	10,310.8	12,573.9	10,832.7	12,392.1	10,239.6
4. Short-term bonds	—	—	—	—	—	—	—	120.0	120.0
6. Payables to securities trading activities	49.5	55.0	26.6	18.5	29.5	16.6	14.2	17.1	39.7
8. Trade accounts payable	416.4	106.5	244.0	132.2	53.6	41.3	0.5	788.8	164.2
9. Advances from customers	15.1	16.3	20.7	19.4	19.0	2.7	4.4	1.8	1.1
10. Taxes and other payables to state authorities	116.5	229.7	152.6	68.1	108.0	64.5	74.3	96.4	74.1
11. Payable to employees	4.3	172.0	124.8	73.4	58.5	185.8	187.6	97.4	72.6
12. Employee welfare payables	—	—	—	—	—	—	—	0.1	—
13. Accrued expenses	79.4	72.3	68.9	71.8	58.0	75.9	52.8	72.6	74.3
17. Other payables	377.8	608.8	212.5	65.3	33.2	77.9	11.9	11.4	19.5
II. Long-term liabilities	475.4	670.9	330.3	391.7	476.8	609.3	594.7	649.3	562.3
14. Deferred income tax liabilities	475.4	670.9	330.3	391.7	476.8	609.3	594.7	649.3	562.3
B. OWNER'S EQUITY (400=410+420)	17,319.4	18,009.9	12,670.0	12,439.1	12,580.1	12,944.3	8,642.1	8,858.5	8,177.3
I. Owner's equity	17,319.4	18,009.9	12,670.0	12,439.1	12,580.1	12,944.3	8,642.1	8,858.5	8,177.3
1. Investment capital from owners	14,162.8	13,781.6	9,829.1	9,775.1	9,775.1	9,775.1	5,753.5	4,441.3	4,388.5
1.1. Capital from owners	8,501.0	8,501.0	7,226.0	7,181.0	7,181.0	7,181.0	5,744.7	4,419.0	4,375.0
a. Common stock	8,501,000,000,000.00	8,501,000,000,000.00	7,226,000,000,000.00	7,180,994,800,000.00	7,180,994,800,000.00	7,180,994,800,000.00	5,744,694,800,000.00	4,419,000,000,000.00	4,375,000,000,000.00
1.2. Share premium	2,686.5	5,280.6	2,603.1	2,594.1	2,594.1	2,594.1	8.8	22.3	13.5
2. Assets revaluation differences	1,875.5	2,694.1	1,324.6	1,567.9	1,892.9	2,372.4	2,310.2	2,565.3	2,216.1
4. Supplementary capital reserve	—	—	—	—	—	—	—	67.5	67.5
7. Undistributed earnings after tax	1,281.1	1,534.1	1,516.2	1,096.0	912.1	796.7	578.4	1,784.5	1,505.3
7.1. Realised profits	1,252.8	1,542.8	1,517.6	1,095.6	951.9	798.3	576.6	1,791.4	1,499.4
7.2. Unrealised losses	28.4	-8.7	-1.4	0.4	-39.8	-1.6	1.7	-6.9	5.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	37,097.4	36,005.9	29,717.5	21,897.8	23,727.6	26,592.1	20,415.2	23,105.4	19,544.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	403.9	543.7	518.9	211.5	355.1	253.3	264.7	343.8	227.5
2. Adjustments for	141.1	281.7	187.2	105.2	90.8	202.1	192.2	176.5	122.5
- Depreciation and amortization	5.3	3.8	3.6	3.7	3.3	2.9	2.9	2.6	2.4
- (Reversal of provisions)/provisions	—	6.8	—	—	—	4.5	—	—	—
- Loss/(profits) from other investing activities	—	-0.4	0.0	-0.2	-0.0	—	—	—	—
- Interest expense	271.6	293.6	191.5	145.2	171.5	197.4	199.1	189.1	178.5
- Accrued interest income	-135.8	-22.1	-7.9	-43.5	-84.0	-2.7	-9.8	-15.2	-58.4
3. Add non-cash expenses	-12.9	8.7	5.3	-54.1	48.4	6.6	-11.3	10.1	-2.6
- Loss from revaluation losses of FVTPL financial assets	-12.9	8.7	5.3	-54.1	48.4	6.6	-11.3	10.1	-2.6
4. Less non-cash income	-33.4	0.5	-3.1	3.8	-0.6	0.9	0.4	6.0	-7.9
- Gains from revaluation gains of FVTPL financial assets	-33.4	0.5	-3.1	3.8	-0.6	0.9	0.4	6.0	-7.9
5. Changes of assets and liabilities	-1,554.3	-4,108.6	-5,807.5	-1,445.8	717.8	-3,590.0	58.3	99.4	-1,586.2
- Increase/decrease in FVTPL financial assets	-303.7	-1,634.9	175.4	465.9	-394.2	-374.3	542.1	-184.4	-706.6
- Increase/decrease in held to maturity investments	—	-112.0	633.0	-35.0	-300.0	-288.0	0.0	47.0	23.9
- Increase/decrease in loan	-446.2	-2,222.4	-2,638.1	-1,211.5	1,126.6	-1,110.1	-2,165.0	626.3	-580.3
- Increase/decrease in AFS financial assets	-804.4	-139.3	-3,977.8	-665.2	285.4	-1,817.6	1,681.2	-389.4	-323.2
6. Operating profit before changes in working capital	-1,055.6	-3,274.1	-5,099.1	-1,179.4	1,211.5	-3,127.0	504.3	635.7	-1,246.5
Increase/decrease in receiables sale of financial assets	-169.2	30.5	67.9	41.2	98.2	-179.0	708.4	-275.5	184.1
Increase/decrease in receiables interest of financial assets	157.5	0.0	0.0	0.0	86.1	0.0	0.0	0.0	103.2
Increase/decrease in service related receivables	-8.6	9.0	-4.5	-0.9	-5.4	4.0	-2.4	0.7	-2.4
Increase/decrease in other assets	-88.2	300.2	-197.6	174.9	-189.7	-15.4	252.0	-143.7	-80.8
- Increase/(decrease) in payables (other than interest, corporate income tax)	-3.3	6.5	-3.4	3.7	3.9	-7.5	5.5	-9.8	1.2
- (Increase)/decrease in prepaid expenses	-5.9	-12.2	-3.3	8.4	9.7	-20.4	15.8	5.2	13.3
- Corporate income tax paid	-188.5	-10.0	-34.7	-72.9	-35.9	-40.2	-64.8	-37.7	-7.6
- Interest paid	-261.2	-296.7	-191.0	-135.1	-193.3	-166.9	-224.4	-181.0	-152.7
Increases/decreaese in trade payables	-12.2	-326.9	107.9	998.6	-832.5	-57.1	-789.1	685.9	170.0
Increases/decreases in employee welfare payables	—	—	—	—	—	—	—	0.1	—
Increases/decreases in tax and other payables to the State Budget	21.5	-15.6	20.1	3.2	4.8	-5.5	2.5	-4.8	13.3
Increases/dcreases in payable to employees	-167.7	47.3	51.3	14.9	-127.2	-1.8	90.1	24.9	-27.2
Increases/dcreases in other payables	11.4	-17.5	156.6	24.2	-18.2	63.2	0.3	-28.9	31.1
- Other receipts from operating activities	—	6.2	—	—	—	2.4	—	—	—
- Other payments for operating activities	-1,129.9	1.6	-0.0	-0.4	-1.6	0.0	0.0	0.0	-1.2
Net cash flows from securities trading activities	-2,900.0	-3,551.7	-5,129.9	-119.5	10.3	-3,551.0	498.2	671.0	-1,002.2
1. Payment for fixed assets, constructions and other long-term assets	-19.4	-23.8	-8.3	-18.2	-9.3	-11.5	-1.7	-12.7	-5.4
2. Proceeds from disposals of fixed assets and other long-term assets	—	2.3	0.0	0.2	0.0	—	—	—	—
Net cash flows from investing activities	-19.4	-21.5	-8.3	-17.9	-9.3	-11.5	-1.7	-12.7	-5.4
1. Receipts from equity issue and owner's capital contribution	—	3,952,500,000,000.00	54,006,240,000.00	—	—	4,021,640,000,000.00	0.00	52,800,000,000.00	—
3. Short-term and long-term borrowings	12,204.0	14,018.0	12,826.9	6,427.0	6,028.0	10,734.8	7,035.8	5,196.4	5,245.1
3.2. Other borrowings	12,204.0	14,018.0	12,826.9	6,427.0	6,028.0	10,734.8	7,035.8	5,196.4	5,245.1
4. Principal repayments	-10,025.0	-13,820.7	-5,578.0	-8,119.5	-8,291.0	-8,993.6	-8,715.2	-3,043.9	-3,984.9
4.3. Other principal repayments	-10,025.0	-13,820.7	-5,578.0	-8,119.5	-8,291.0	-8,993.6	-8,715.2	-3,043.9	-3,984.9
6. Dividends paid, profits distributed to owners	-424.9	0.0	0.0	0.0	-179.5	0.0	-176.7	-1.1	—
Net cash flows from financing activities	1,754.0	4,149.8	7,302.9	-1,692.5	-2,442.5	5,762.9	-1,856.1	2,204.2	1,260.3
IV. Net cash flows during the period	-1,165.4	576.6	2,164.8	-1,830.0	-2,441.5	2,200.3	-1,359.6	2,862.6	252.7
V. Cash and cash equivalents at begingning of the period	3,213.7	2,637.1	472.3	2,302.3	4,743.8	2,543.5	3,903.2	1,040.6	787.9
Cash and cash equivalents at end of period	2,048.2	3,213.7	2,637.1	472.3	2,302.3	4,743.8	2,543.5	3,903.2	1,040.6
1. Proceeds from sale of brokerage securities to customers	143,923.2	122,328.1	168,899.7	111,558.0	59,632.4	79,327.9	83,758.4	65,055.2	85,009.4
2. Money spent on buying brokerage securities for customers	-151,369.7	-130,321.6	-201,803.2	-114,086.9	-68,272.1	-89,363.8	-89,170.8	-70,672.8	-89,397.6
9. Receive deposits to pay for securities transactions of customers	7,872.5	8,040.2	33,205.9	2,950.2	8,790.7	8,851.0	6,463.6	5,497.4	4,370.3
10. Margin deposit of investors at VSD	38.2	-510.2	178.0	315.9	-589.6	576.6	0.0	-342.7	-5.7
14. Payment of customers' securities depository fees	-4.2	-4.2	-4.5	-4.8	-4.2	-6.9	-3.6	-3.3	-3.4
Increase / decrease of net money during the period	460.0	-467.6	475.9	732.4	-442.8	-615.2	1,047.6	-466.3	-27.0
II. Cash and cash equivalents at the beginning of the period of the customer	3,009.8	3,477.5	3,001.6	2,269.2	2,712.0	3,327.1	2,279.5	2,745.7	2,772.7
-Securities clearing and settlement deposits	720.7	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	3,469.9	3,009.8	3,477.5	3,001.6	2,269.2	2,712.0	3,327.1	2,279.5	2,745.7
-Securities clearing and settlement deposits	955.7	—	—	—	—	—	—	—	—

Explore Other Stocks In The Same Sector

TCX, VIX, SSI, VCK, VPX, VND, SHS, HCM, MBS, CTS, BSI, FTS, TVS, VDS, DSC, DSE, BVS, ABW, AAS, VFS, AGR, ORS, BMS, PHS, WSS, HAC, PSI, TVB, IVS, EVS, TCI, CSI, APG, HBS, VUA, VIG, APS, ART, SBS

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

VCI

Securities House Picture

Drivers of VCI'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