VFS

Chứng khoán Nhất Việt ·HNX ·2026Q1

▲ MARGIN LENDING STRONG

Margin lending strong Lending share 51.5%, ROAE 8.5%

Price

11,700

Latest close

02 Jun 2026

EPS TTM (TTM) 1,040

BVPS (Latest) 12,562

P/E (Price/EPS) 11.3x

P/B (Price/BVPS) 0.9x

ROAE TTM (TTM) 8.5%

PBT Margin (TTM) 32.6%

Trading Share (Mix) 21.4%

Service & Brokerage Share (Mix) 27.2%

Equity / Assets (Latest) 41.9%

Leverage (Latest) 1.4x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 178.0bn, equivalent to a pre-tax margin of 32.6%, showing a relatively clean and sufficiently thick earnings base, while margin has narrowed by 19.6pp, pointing to greater pressure on earnings quality. The revenue mix is now leaning more toward lending at 51.5% but narrowing by 1.3pp, while trading is at 21.4%; brokerage and services have reached 27.2% and improved by +1.1pp, making diversification more visible. On the balance sheet, Equity / Assets is 41.9% while Leverage is about 1.38x, indicating that buffers and funding are not yet truly roomy, with buffers thickening and leverage easing further.

	                            
	                                Trading
	                            
	                        
Doanh thu 278 tỷ
+82,5%
Lãi thuần 252 tỷ
+64,3%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 175 tỷ
+66,3%
Dư nợ 1.903 tỷ
+66,0%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 77,0 tỷ
+58,5%
Lãi thuần 15,0 tỷ
+79,4%

Metric	2025	2024
PBT	185.8	156.1
Trading Share	18.9%	25.3%
Lending Share	51.9%	48.2%
Service & Brokerage Share	29.1%	26.5%
PBT Margin	36.49%	55.96%
Equity / Assets	37.2%	42.7%
Leverage	1.69x	1.34x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	31.9	53.6	48.9	43.6	39.7	47.8	36.9	37.5	33.9
Trading Share	28.8%	20.9%	15.9%	19.5%	18.8%	39.9%	18.6%	0.0%	30.6%
Lending Share	51.9%	44.7%	55.1%	56.3%	56.6%	41.0%	54.6%	62.2%	41.8%
Service & Brokerage Share	19.3%	34.4%	29.0%	24.2%	24.7%	19.1%	26.8%	37.8%	27.6%
PBT Margin	24.53%	33.10%	34.48%	38.90%	42.55%	50.55%	51.42%	74.65%	54.34%
Equity / Assets	41.9%	37.2%	26.5%	27.4%	35.7%	42.7%	47.2%	58.3%	69.6%
Leverage	1.38x	1.69x	2.77x	2.65x	1.80x	1.34x	1.12x	0.71x	0.44x

Drivers of VFS's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher trading. Supporting and offsetting drivers:

Trading +VND 98.4bn

Margin lending +VND 69.9bn

Other fees +VND 12.1bn

Brokerage +VND 6.6bn

Total costs −VND 171bn

Tax −VND 3.2bn

TTM

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

Margin lending +VND 20.6bn

Tax +VND 1.5bn

Total costs −VND 24.5bn

Trading −VND 2.7bn

Brokerage −VND 1.8bn

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 51.5%, trading is at 21.4%, brokerage and services together remain around 27.2% 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 546.0bn +76.3% YoY

PBT margin 32.6% −19.6pp

Lending Share 51.5% −1.3pp

Brokerage Share 22.6% −1.7pp

Revaluation / Trading 33.9% +19.6pp

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 32.6%, Return on assets is about 3.3%, provisions equal -0.1% of pre-tax profit, revaluation accounts for 13.9% 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 32.6% −19.6pp

Net margin 26.1% −15.7pp

ROAA 3.3% +0.2pp

ROAE 8.5% +0.7pp

Revaluation / PBT 13.9% —

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 45.4% of assets, the prop book about 6.0%, liquid assets around 44.8%, equity roughly 41.9%.

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 45.4% +20.1pp

Prop book / Assets 6.0% −2.3pp

Liquid assets / Assets 44.8% −19.9pp

Equity / Assets 41.9% +6.3pp

Liabilities / Equity 1.38x −0.42x

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 41.9% of assets, liabilities stand at 1.38x of equity, short-term borrowings are about 57.0% of assets, cash covers roughly 0.06x 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 41.9% +6.3pp

Liabilities / Equity 1.38x −0.42x

Short-term borrowings / Assets 57.0% −6.4pp

Liquid assets / Assets 31.6% −14.3pp

Cash / Short-term borrowings 0.06x —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, VFS 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)	56.4	50.6
a. Realised gains on disposals of FVTPL financial assets	40.9	33.9
b. Gains from revaluation of FVTPL financial assets	13.5	14.4
c. Dividends and interest income from FVTPL financial assets	1.9	2.3
1.2. Gains from held to maturity investments	211.3	78.5
1.3. Interest income from loans and receivables	154.6	96.6
1.6. Revenue from brokerage services	71.9	48.8
1.7. Revenue from share issue guarantee and agency activities	0.1	—
1.8. Revenue from investment advisory services	3.6	3.1
1.10. Revenue from securities custody services	11.3	1.3
1.11. Other revenue	0.0	0.0
Revenue from securities business (01->11)	509.1	278.9
Net sales	509.1	278.9
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	13.5	14.3
a. Loss from disposals of financial assets at FVTPL	12.0	9.0
b. Loss from revaluation of financial assets at FVTPL	0.0	4.8
c. Transaction cost of acquisition of financial assets at FVTPL	1.5	0.5
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	-0.3	0.1
2.6. Expenses for proprietary trading activities	0.2	1.7
2.7. Expenses for brokerage services	55.1	37.3
2.9. Expenses for financial advisory services	3.4	2.5
2.11. Expenses for secutiries custodian services	14.9	4.2
Operating expenses (21->33)	86.9	60.2
Gross profit	422.2	218.8
3.2. Dividends, interest income from demand deposits	0.9	14.7
Total financial income (41->44)	0.9	14.7
4.2. Borrowing costs	186.3	43.5
Total financial expenses (51->54)	186.3	43.5
VI. General and Administrative expenses	50.9	33.9
VII. Net profit from securities business (20+50-40-60-61-62)	185.9	156.1
8.1. Other incomes	0.0	—
8.2. Other expenses	0.1	—
Other profit (71-72)	-0.1	—
IX. Profit before tax (70+80)	185.8	156.1
9.1. Realised profit	172.3	146.5
9.2. Unrealised profit	13.5	9.6
CORPORATE INCOME TAX	36.8	30.9
10.1. Current corporate income tax expenses	34.1	29.0
10.2. Deferred income tax expenses	2.7	1.9
XI. Net profit after tax (90-100)	149.0	125.2
11.1. Profit after tax for shareholders of the parents company	149.0	125.2
13.1. Earning per share	1,069.00	979.00
Earnings per Share	1,064.18	1,043.10

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	3,827.8	2,849.7
Short-term financial assets	3,822.1	2,845.4
1. Cash and cash equivalents	134.8	157.3
1.1. Cash	134.8	157.3
2. Financial assets at fair value through profit or loss (FVTPL)	165.2	111.7
3. Held to maturity investments (HTM)	1,777.3	1,626.0
4. Loans	1,667.4	926.1
6. Provisions for impairment loss of financial assets and mortgages	-14.0	-14.3
7. Short-term receivables	88.0	35.9
7.2. Receivables and accruals from dividends and interest income	88.0	35.9
7.2.1. Due dividend and interest receivables	31.4	10.6
7.2.2. Undue dividend and interest receivables	56.5	25.3
Prepayments to suppliers	3.1	2.6
9. Service related receivable	0.3	0.2
II. Other short-term assets	5.7	4.3
1. Advances	1.2	0.3
3. Short-term prepayments	2.0	1.6
4. Pledged assets, mortgages, security deposits in short term	2.5	2.2
B. LONG-TERM ASSETS (200=210+220+240+250-260)	835.9	871.9
I. Long-term financial assets	810.0	850.0
2. Long-term investments	810.0	850.0
2.1. Held to maturity investments (HTM)	750.0	850.0
2.5. Other long-term investments	60.0	—
II. Fixed assets	11.9	10.5
1. Tangible fixed assets	4.5	3.7
- Cost	13.2	13.5
- Accumulated depreciation	-8.7	-9.8
3. Intangible fixed assets	7.4	6.8
- Cost	18.9	16.7
- Accumulated depreciation	-11.5	-9.9
IV. Construction in progress	0.4	—
V. Other long-term assets	13.5	11.4
2. Long-term prepayments	1.8	2.1
4. Payment for Settlement Assistance Fund	11.7	9.3
TOTAL ASSETS (270=100+200)	4,663.7	3,721.6
A. LIABILITIES (300=310+340)	2,930.9	2,130.7
I. Short -term liabilities	2,921.0	2,123.5
1. Short-term borrowings	2,889.5	2,100.0
1.1. Short-term borrowings	2,889.5	2,100.0
6. Payables to securities trading activities	2.5	1.0
8. Trade accounts payable	0.6	0.0
9. Advances from customers	0.1	0.2
10. Taxes and other payables to state authorities	14.0	9.9
11. Payable to employees	0.0	3.5
12. Employee welfare payables	—	0.1
13. Accrued expenses	7.3	2.5
17. Other payables	0.1	0.0
19. Bonus and welfare fund	6.9	6.3
II. Long-term liabilities	9.9	7.2
14. Deferred income tax liabilities	9.9	7.2
B. OWNER'S EQUITY (400=410+420)	1,732.8	1,590.9
I. Owner's equity	1,732.8	1,590.9
1. Investment capital from owners	1,399.7	1,200.0
1.1. Capital from owners	1,399.7	1,200.0
a. Common stock	1,399,674,420,000.00	1,200,000,000,000.00
4. Supplementary capital reserve	0.5	0.5
7. Undistributed earnings after tax	330.7	388.5
7.1. Realised profits	291.2	359.8
7.2. Unrealised losses	39.5	28.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	4,663.7	3,721.6

Item	2025	2024
1. Profit before tax	185.8	156.1
2. Adjustments for	187.8	31.1
- Depreciation and amortization	2.4	2.3
- Loss/(profits) from other investing activities	-0.9	-14.7
- Interest expense	186.3	—
3. Add non-cash expenses	-0.3	4.9
- Loss from revaluation losses of FVTPL financial assets	0.0	4.8
- Loss for impairment of loans	-0.3	0.1
4. Less non-cash income	-13.5	-14.4
- Gains from revaluation gains of FVTPL financial assets	-13.5	-14.4
5. Changes of assets and liabilities	-832.7	-2,049.4
- Increase/decrease in FVTPL financial assets	-40.0	57.4
- Increase/decrease in held to maturity investments	-51.3	-1,876.0
- Increase/decrease in loan	-741.4	-230.8
6. Operating profit before changes in working capital	-473.0	-1,871.7
Increase/decrease in receiables interest of financial assets	-52.1	-5.8
Increase/decrease in service related receivables	-0.2	0.0
Increases/decreases in other receivables	-0.8	0.6
Increase/decrease in other assets	-2.7	-2.8
- Increase/(decrease) in payables (other than interest, corporate income tax)	1.6	0.1
- (Increase)/decrease in prepaid expenses	-0.1	-1.0
- Corporate income tax paid	-32.5	-28.8
- Interest paid	-181.5	-41.3
Increases/decreaese in trade payables	0.1	-1.6
Increases/decreases in employee welfare payables	-0.1	0.1
Increases/decreases in tax and other payables to the State Budget	2.4	-3.9
Increases/dcreases in payable to employees	-3.5	3.5
Increases/dcreases in other payables	0.1	0.0
- Other payments for operating activities	-6.4	-3.9
Net cash flows from securities trading activities	-748.7	-1,956.6
1. Payment for fixed assets, constructions and other long-term assets	-4.2	-6.7
5. Payments for investment in other entities	-60.0	—
7. Dividends, interest and profit received	0.9	14.7
Net cash flows from investing activities	-63.3	8.0
3. Short-term and long-term borrowings	12,496.9	3,508.0
3.2. Other borrowings	12,496.9	3,508.0
4. Principal repayments	-11,707.4	-1,808.0
4.3. Other principal repayments	-11,707.4	-1,808.0
Net cash flows from financing activities	789.5	1,700.0
IV. Net cash flows during the period	-22.5	-248.6
V. Cash and cash equivalents at begingning of the period	157.3	405.9
Cash at bank	157.3	405.9
- Cash at bank for securities company activities	157.3	405.9
Cash and cash equivalents at end of period	134.8	157.3
Cash at bank	134.8	157.3
- Cash at bank for securities company activities	134.8	157.3
1. Proceeds from sale of brokerage securities to customers	25,760.3	33,024.5
2. Money spent on buying brokerage securities for customers	-25,660.9	-33,624.5
Increase / decrease of net money during the period	99.4	-600.0
II. Cash and cash equivalents at the beginning of the period of the customer	47.1	647.1
Cash at bank	47.1	647.1
-Deposits of investors on securities transactions under the Securities Company management method	35.3	373.3
-Securities clearing and settlement deposits	11.8	273.8
III. Cash and cash equivalents at the end of the period of the customer	146.5	47.1
Cash at bank	146.5	47.1
-Deposits of investors on securities transactions under the Securities Company management method	78.5	35.3
-Securities clearing and settlement deposits	68.0	11.8

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)	28.6	22.2	12.2	11.8	10.2	25.3	9.0	0.0	16.2
a. Realised gains on disposals of FVTPL financial assets	11.8	15.0	7.8	13.5	4.6	13.9	6.2	11.5	2.3
b. Gains from revaluation of FVTPL financial assets	16.7	7.0	3.0	-2.0	5.6	10.9	1.2	-11.6	14.0
c. Dividends and interest income from FVTPL financial assets	—	0.2	1.4	0.4	—	0.5	1.7	0.1	—
1.2. Gains from held to maturity investments	31.0	55.7	65.1	51.7	38.7	31.1	23.2	14.8	9.4
1.3. Interest income from loans and receivables	51.4	47.4	42.3	34.0	30.8	26.0	26.5	22.0	22.1
1.6. Revenue from brokerage services	17.8	25.2	20.9	13.1	12.7	11.3	12.4	12.2	12.9
1.7. Revenue from share issue guarantee and agency activities	—	—	0.1	—	—	—	—	—	—
1.8. Revenue from investment advisory services	0.8	1.2	0.9	1.1	0.5	0.6	0.3	0.8	1.4
1.10. Revenue from securities custody services	0.5	10.2	0.4	0.4	0.3	0.3	0.3	0.4	0.3
1.11. Other revenue	0.0	0.0	—	—	0.0	—	—	0.0	—
Revenue from securities business (01->11)	130.2	161.9	141.9	112.1	93.2	94.5	71.8	50.2	62.4
Net sales	130.2	161.9	141.9	112.1	93.2	94.5	71.8	50.2	62.4
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	16.2	2.5	5.1	3.0	2.9	5.0	3.0	-11.5	17.9
a. Loss from disposals of financial assets at FVTPL	14.4	4.1	2.5	4.5	0.7	5.0	2.6	1.2	0.2
b. Loss from revaluation of financial assets at FVTPL	1.2	-2.2	2.2	-2.0	2.0	-0.2	0.2	-12.7	17.6
c. Transaction cost of acquisition of financial assets at FVTPL	0.7	0.6	0.3	0.4	0.2	0.2	0.2	0.1	0.0
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	0.1	0.0	-0.3	0.0	-0.1	0.0	0.1	0.0	-0.1
2.6. Expenses for proprietary trading activities	0.4	0.0	0.1	0.1	0.0	0.6	0.4	0.5	0.3
2.7. Expenses for brokerage services	16.6	19.3	15.8	10.3	9.7	11.8	9.3	9.5	6.8
2.9. Expenses for financial advisory services	1.1	1.1	0.9	0.8	0.6	0.9	0.6	0.7	0.4
2.11. Expenses for secutiries custodian services	2.2	11.3	1.3	1.3	1.1	1.2	1.2	1.1	0.8
Operating expenses (21->33)	36.6	34.3	22.8	15.5	14.2	19.4	14.4	0.2	26.1
Gross profit	93.6	127.5	119.0	96.6	79.0	75.1	57.4	50.0	36.3
3.2. Dividends, interest income from demand deposits	0.1	0.6	0.1	0.1	0.1	2.5	0.8	3.1	8.3
3.4. Other income about investment	0.0	—	—	—	—	—	—	—	—
Total financial income (41->44)	0.1	0.6	0.1	0.1	0.1	2.5	0.8	3.1	8.3
4.2. Borrowing costs	43.7	58.9	57.3	41.5	28.6	19.6	12.3	6.4	5.2
Total financial expenses (51->54)	43.7	58.9	57.3	41.5	28.6	19.6	12.3	6.4	5.2
VI. General and Administrative expenses	18.0	15.6	13.0	11.5	10.8	10.3	8.9	9.2	5.4
VII. Net profit from securities business (20+50-40-60-61-62)	31.9	53.6	48.9	43.8	39.7	47.8	36.9	37.5	33.9
8.1. Other incomes	0.0	0.0	—	—	—	—	—	—	—
8.2. Other expenses	—	—	—	0.1	—	—	—	—	—
Other profit (71-72)	0.0	0.0	—	-0.1	—	—	—	—	—
IX. Profit before tax (70+80)	31.9	53.6	48.9	43.6	39.7	47.8	36.9	37.5	33.9
9.1. Realised profit	16.3	44.4	48.1	43.7	36.0	36.7	35.9	36.3	37.6
9.2. Unrealised profit	15.6	9.2	0.8	-0.1	3.6	11.1	1.0	1.1	-3.7
CORPORATE INCOME TAX	6.4	10.7	9.5	8.7	7.9	9.5	7.2	7.5	6.8
10.1. Current corporate income tax expenses	3.3	8.9	9.3	8.7	7.2	7.2	6.9	7.3	7.5
10.2. Deferred income tax expenses	3.1	1.8	0.2	-0.0	0.7	2.2	0.2	0.2	-0.7
XI. Net profit after tax (90-100)	25.5	42.9	39.4	35.0	31.7	38.3	29.8	30.0	27.1
11.1. Profit after tax for shareholders of the parents company	25.5	42.9	39.4	35.0	31.7	38.3	29.8	30.0	27.1
13.1. Earning per share	93.00	254.00	294.00	281.00	240.00	245.00	241.00	242.00	250.00
13.2. Diluted earning per share	93.00	254.00	294.00	281.00	240.00	245.00	241.00	242.00	250.00
Earnings per Share	182.41	306.36	281.46	269.72	264.33	319.31	248.16	249.61	226.02

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)	3,553.8	3,827.8	5,342.1	4,993.2	3,654.2	2,851.8	2,416.4	1,844.8	1,536.7
Short-term financial assets	3,546.4	3,822.1	5,337.9	4,988.9	3,649.8	2,845.4	2,410.1	1,838.0	1,528.5
1. Cash and cash equivalents	135.5	134.8	9.4	62.0	97.8	157.3	131.8	151.5	526.4
1.1. Cash	135.5	134.8	9.4	62.0	97.8	157.3	131.8	151.5	526.4
2. Financial assets at fair value through profit or loss (FVTPL)	252.9	165.2	247.7	367.6	376.2	111.7	222.4	156.1	196.9
3. Held to maturity investments (HTM)	1,190.4	1,777.3	3,276.0	3,211.0	1,981.0	1,626.0	1,106.0	689.0	—
4. Loans	1,903.0	1,667.4	1,689.3	1,277.5	1,146.4	926.1	906.0	808.5	774.0
6. Provisions for impairment loss of financial assets and mortgages	-14.0	-14.0	-13.9	-14.2	-14.2	-14.3	-14.2	-14.1	-14.1
7. Short-term receivables	74.7	88.0	126.1	82.0	59.4	35.9	55.7	42.7	41.1
7.2. Receivables and accruals from dividends and interest income	74.7	88.0	126.1	82.0	59.4	35.9	55.7	42.7	41.1
7.2.1. Due dividend and interest receivables	20.9	31.4	26.1	19.4	12.6	10.6	10.6	11.9	15.8
7.2.2. Undue dividend and interest receivables	53.8	56.5	100.0	62.6	46.9	25.3	45.1	30.9	25.3
Prepayments to suppliers	3.7	3.1	2.9	2.8	2.9	2.6	2.3	4.0	3.9
9. Service related receivable	0.3	0.3	0.4	0.2	0.2	0.2	0.3	0.3	0.3
II. Other short-term assets	7.3	5.7	4.2	4.3	4.4	6.4	6.3	6.7	8.2
1. Advances	1.8	1.2	0.0	0.1	0.1	0.3	0.5	0.5	0.6
3. Short-term prepayments	2.8	2.0	1.9	1.8	1.9	3.7	3.5	3.9	5.0
4. Pledged assets, mortgages, security deposits in short term	2.7	2.5	2.3	2.3	2.3	2.2	2.2	2.2	2.1
Taxes and other receivables from state authorities	—	—	—	—	—	—	—	—	0.3
B. LONG-TERM ASSETS (200=210+220+240+250-260)	638.2	835.9	1,024.7	1,023.9	873.0	869.8	870.0	766.2	615.6
I. Long-term financial assets	610.0	810.0	1,000.0	1,000.0	850.0	850.0	850.0	750.0	600.0
2. Long-term investments	610.0	810.0	1,000.0	1,000.0	850.0	850.0	850.0	750.0	600.0
2.1. Held to maturity investments (HTM)	550.0	750.0	1,000.0	1,000.0	850.0	850.0	850.0	750.0	600.0
2.5. Other long-term investments	60.0	60.0	—	—	—	—	—	—	—
II. Fixed assets	12.5	11.9	11.9	11.0	10.0	10.5	11.2	7.4	6.8
1. Tangible fixed assets	4.6	4.5	4.7	5.0	3.5	3.7	4.0	2.8	1.9
- Cost	13.5	—	—	—	—	—	—	—	—
- Accumulated depreciation	-8.9	—	—	—	—	—	—	—	—
3. Intangible fixed assets	7.9	7.4	7.1	6.0	6.4	6.8	7.2	4.6	4.9
- Cost	19.9	—	—	—	—	—	—	—	—
- Accumulated depreciation	-12.0	—	—	—	—	—	—	—	—
IV. Construction in progress	—	0.4	—	0.1	—	—	—	—	—
V. Other long-term assets	15.6	13.5	12.9	12.8	13.1	9.3	8.8	8.8	8.8
2. Long-term prepayments	1.9	1.8	1.6	1.5	1.8	—	—	—	—
4. Payment for Settlement Assistance Fund	13.8	11.7	11.3	11.3	11.3	9.3	8.8	8.8	8.8
TOTAL ASSETS (270=100+200)	4,191.9	4,663.7	6,366.9	6,017.1	4,527.2	3,721.6	3,286.4	2,610.9	2,152.3
A. LIABILITIES (300=310+340)	2,433.6	2,930.9	4,677.0	4,366.6	2,911.7	2,130.7	1,733.8	1,088.1	654.3
I. Short -term liabilities	2,420.6	2,921.0	4,668.9	4,358.7	2,903.8	2,123.5	1,728.8	1,083.4	649.8
1. Short-term borrowings	2,391.2	2,889.5	4,634.9	4,329.5	2,872.5	2,100.0	1,700.0	1,058.0	600.0
1.1. Short-term borrowings	2,391.2	2,889.5	4,634.9	4,329.5	2,872.5	2,100.0	1,700.0	1,058.0	600.0
6. Payables to securities trading activities	2.6	2.5	1.8	1.2	1.2	1.0	0.2	0.1	1.5
8. Trade accounts payable	0.6	0.6	0.4	0.3	0.2	0.0	0.2	0.2	32.6
9. Advances from customers	—	0.1	0.2	0.2	0.2	0.2	0.1	0.1	0.1
10. Taxes and other payables to state authorities	6.6	14.0	13.7	11.1	9.7	9.9	14.9	13.5	9.1
11. Payable to employees	5.3	0.0	4.9	3.9	3.5	3.5	1.8	1.9	0.3
12. Employee welfare payables	0.4	—	0.3	0.3	0.3	0.1	0.3	0.2	—
13. Accrued expenses	11.6	7.3	5.4	2.9	6.5	2.5	4.1	0.5	2.3
17. Other payables	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
19. Bonus and welfare fund	2.5	6.9	7.3	9.5	9.7	6.3	7.4	8.9	3.8
II. Long-term liabilities	13.0	9.9	8.0	7.9	7.9	7.2	4.9	4.7	4.5
14. Deferred income tax liabilities	13.0	9.9	8.0	7.9	7.9	7.2	4.9	4.7	4.5
B. OWNER'S EQUITY (400=410+420)	1,758.3	1,732.8	1,689.9	1,650.5	1,615.6	1,590.9	1,552.6	1,522.8	1,498.0
I. Owner's equity	1,758.3	1,732.8	1,689.9	1,650.5	1,615.6	1,590.9	1,552.6	1,522.8	1,498.0
1. Investment capital from owners	1,399.7	1,399.7	1,399.7	1,296.0	1,200.0	1,200.0	1,200.0	1,200.0	1,200.0
1.1. Capital from owners	1,399.7	1,399.7	1,399.7	1,296.0	1,200.0	1,200.0	1,200.0	1,200.0	1,200.0
a. Common stock	1,399,674,420,000.00	1,399,674,420,000.00	1,399,674,420,000.00	1,295,998,790,000.00	1,200,000,000,000.00	1,200,000,000,000.00	1,200,000,000,000.00	1,200,000,000,000.00	1,200,000,000,000.00
4. Supplementary capital reserve	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
7. Undistributed earnings after tax	356.2	330.7	287.8	352.1	413.1	388.5	350.1	320.4	295.6
7.1. Realised profits	304.3	291.2	255.6	320.6	381.6	359.8	330.4	301.4	277.5
7.2. Unrealised losses	52.0	39.5	32.2	31.5	31.6	28.7	19.8	19.0	18.1
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	4,191.9	4,663.7	6,366.9	6,017.1	4,527.2	3,721.6	3,286.4	2,610.9	2,152.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	31.9	53.6	48.9	43.6	39.7	47.8	36.9	37.5	33.9
2. Adjustments for	44.4	59.0	57.8	41.9	29.1	17.7	12.2	3.8	-2.6
- Depreciation and amortization	0.7	0.7	0.6	0.6	0.6	0.7	0.6	0.6	0.5
- Loss/(profits) from other investing activities	-0.1	-0.6	-0.1	-0.1	-0.1	-2.5	-0.8	-3.1	-8.3
- Interest expense	43.7	58.9	57.3	41.5	28.6	—	12.3	6.4	5.2
3. Add non-cash expenses	1.2	-2.2	1.9	-1.9	1.9	-0.2	0.3	-12.7	17.5
- Loss from revaluation losses of FVTPL financial assets	1.2	-2.2	2.2	-2.0	2.0	-0.2	0.2	-12.7	17.6
- Loss for impairment of loans	0.1	0.0	-0.3	—	-0.1	0.0	0.1	0.0	-0.1
4. Less non-cash income	-16.7	-7.0	-3.0	2.0	-5.6	-10.9	-1.2	11.6	-14.0
- Gains from revaluation gains of FVTPL financial assets	-16.7	-7.0	-3.0	2.0	-5.6	-10.9	-1.2	11.6	-14.0
5. Changes of assets and liabilities	479.3	1,862.1	-356.0	-1,502.6	-836.3	-418.3	-679.7	-831.6	-119.8
- Increase/decrease in FVTPL financial assets	-72.0	91.6	120.8	8.5	-260.9	121.8	-65.3	41.9	-41.1
- Increase/decrease in held to maturity investments	787.0	1,748.7	-65.0	-1,380.0	-355.0	-520.0	-517.0	-839.0	—
- Increase/decrease in loan	-235.6	21.9	-411.8	-131.1	-220.4	-20.1	-97.4	-34.5	-78.8
6. Operating profit before changes in working capital	540.1	1,965.6	-250.4	-1,417.0	-771.2	-363.9	-631.5	-791.4	-84.9
Increase/decrease in receiables interest of financial assets	13.3	38.2	-44.1	-22.5	-23.6	19.8	-12.9	-1.7	-11.0
Increase/decrease in service related receivables	-0.1	0.1	-0.2	-0.0	-0.0	0.2	-0.0	0.1	-0.2
Increases/decreases in other receivables	-0.7	-1.1	0.1	0.1	0.2	0.3	-0.0	0.2	0.2
Increase/decrease in other assets	-2.2	-0.7	0.0	-0.0	-2.0	-0.6	0.0	-0.0	-2.2
- Increase/(decrease) in payables (other than interest, corporate income tax)	0.0	0.7	0.6	-0.0	0.2	0.8	0.1	-1.4	0.6
- (Increase)/decrease in prepaid expenses	-0.9	-0.3	-0.2	0.4	0.0	-0.3	0.5	1.0	-2.3
- Corporate income tax paid	-8.9	-9.3	-8.7	-7.2	-7.2	-12.5	-5.5	-3.8	-7.0
- Interest paid	-39.4	-57.1	-54.7	-45.0	-24.7	-21.1	-8.7	-8.2	-3.2
Increases/decreaese in trade payables	-0.6	-0.0	0.1	0.2	-0.1	-0.4	1.7	-32.6	29.7
Increases/decreases in employee welfare payables	0.4	-0.3	0.0	0.0	0.1	-0.1	0.0	0.2	-0.1
Increases/decreases in tax and other payables to the State Budget	-1.8	0.8	1.9	-0.1	-0.2	0.3	-0.0	1.1	-5.2
Increases/dcreases in payable to employees	5.3	-4.9	1.1	0.3	0.0	1.7	-0.2	1.6	0.3
Increases/dcreases in other payables	-0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Other payments for operating activities	-4.5	-0.3	-2.2	-0.2	-3.6	-1.1	-1.4	-0.1	-1.1
Net cash flows from securities trading activities	499.9	1,931.3	-356.7	-1,491.2	-832.1	-377.0	-658.1	-834.9	-86.6
1. Payment for fixed assets, constructions and other long-term assets	-0.9	-1.1	-1.4	-1.7	—	0.0	-4.4	-1.1	-1.2
5. Payments for investment in other entities	—	-60.0	—	—	—	—	—	—	—
7. Dividends, interest and profit received	0.1	0.6	0.1	0.1	0.1	2.5	0.8	3.1	8.3
Net cash flows from investing activities	-0.9	-60.6	-1.3	-1.6	0.1	2.5	-3.6	2.0	7.1
1. Receipts from equity issue and owner's capital contribution	—	—	103,675,630,000.00	95,998,790,000.00	—	—	—	—	—
3. Short-term and long-term borrowings	2,946.3	4,806.0	2,684.9	3,245.5	1,760.5	1,412.0	838.0	1,058.0	200.0
3.2. Other borrowings	2,946.3	4,806.0	2,684.9	3,245.5	1,760.5	1,412.0	838.0	1,058.0	200.0
4. Principal repayments	-3,444.6	-6,551.4	-2,379.5	-1,788.5	-988.0	-1,012.0	-196.0	-600.0	—
4.3. Other principal repayments	-3,444.6	-6,551.4	-2,379.5	-1,788.5	-988.0	-1,012.0	-196.0	-600.0	—
6. Dividends paid, profits distributed to owners	—	—	-103.7	-96.0	—	—	—	—	—
Net cash flows from financing activities	-498.3	-1,745.4	305.4	1,457.0	772.5	400.0	642.0	458.0	200.0
IV. Net cash flows during the period	0.8	125.3	-52.6	-35.9	-59.5	25.6	-19.7	-374.9	120.5
V. Cash and cash equivalents at begingning of the period	134.8	9.4	62.0	97.8	157.3	131.8	151.5	526.4	405.9
Cash and cash equivalents at end of period	135.5	134.8	9.4	62.0	97.8	157.3	131.8	151.5	526.4
1. Proceeds from sale of brokerage securities to customers	5,560.4	9,722.0	5,101.0	3,597.6	7,339.6	4,794.5	4,644.4	11,005.6	12,579.9
2. Money spent on buying brokerage securities for customers	-5,532.0	-9,892.9	-4,933.1	-3,551.9	-7,283.0	-4,851.9	-4,706.0	-11,292.5	-12,774.0
Increase / decrease of net money during the period	28.4	-170.9	167.9	45.7	56.6	-57.4	-61.5	-286.9	-194.2
II. Cash and cash equivalents at the beginning of the period of the customer	146.5	317.4	149.4	103.7	47.1	104.5	166.0	452.9	647.1
-Securities clearing and settlement deposits	68.0	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	174.9	146.5	317.4	149.4	103.7	47.1	104.5	166.0	452.9
-Securities clearing and settlement deposits	65.3	—	—	—	—	—	—	—	—

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VFS

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