Diverse revenue helps maintain growth against fluctuations
In the first half of 2026, in the context of rising interest rates and volatile markets, VPBank Securities Joint Stock Company (VPBankS; HoSE: VPX) still maintained strong growth thanks to the balanced contribution from key business segments.
According to information from the investor meeting to announce Q2 business results, VPBankS recorded operating revenue of more than 7.013 billion VND in the first 6 months of the year, nearly 4 times higher than the same period last year. Pre-tax profit reached 2,673 billion VND, up 197%, of which Q2 alone reached 2,159 billion VND.
In the first half of the year, margin lending brought in VND 1,904 billion, nearly 3 times higher than the same period, contributing 27% of total revenue. Investment banks recorded VND 1,176 billion, 11 times higher than the same period and accounting for 17% of revenue. Capital activities reached VND 1,146 billion, equivalent to 16% of revenue, while proprietary trading brought in VND 2,358 billion, accounting for 33%, while brokerage revenue was at VND 260 billion.
Unlike the business model of traditional securities companies, which often mainly depend on one source of income such as brokerage or proprietary trading, VPBankS builds a balanced revenue structure between many operating segments, from margin lending, investment banking, brokerage to proprietary trading.
Thanks to that, the company maintained its growth momentum even in the context of the market facing many fluctuations due to the trend of interest rate hikes, geopolitical conflicts... negatively affecting the proprietary trading portfolio and brokerage activities of many other units.
In parallel with financial results, indicators of scale such as total assets, outstanding margin loans, and brokerage market share have all expanded significantly. Notably, by the end of June 2026, VPBankS served about 1.5 million customers, an increase of 28.4% compared to the same period.
According to the sharing of General Director Nham Ha Hai at the event, the growth rate of the active customer group is even higher, reaching about 40% and will be the driving force for VPBankS to break through in the second half of the year.
One of the factors creating conditions for VPBankS's growth is its ability to mobilize cheap and large-scale capital. In the first half of the year, in the international market, VPBankS successfully arranged a loan of 200 million USD with the support of its strategic partner Sumitomo Mitsui Banking Corporation (SMBC).
At the same time, the General Director of VPBankS also revealed that the company is continuing to deploy an additional mobilization of about 50 million USD, expected to be completed in September, as well as promoting a new syndicated loan worth about 200 million USD.
In addition to capital capacity, the development of products in each segment along with the cross-selling strategy in the VPBank ecosystem also contributes to promoting new customer growth and increasing the level of product use of existing customers.
Flexibly complete goals, expand long-term growth momentum
Stepping into the second half of 2026, VPBankS General Director said that the key growth drivers still come from similar business segments to the first half, including margin lending, investment banking, proprietary trading of bonds and capital sources.
At the same time, the company is "flexible in implementing year-end goals", ready to adjust and allocate resources between business segments if the market context is not favorable.
In the context that the capital mobilization demand of enterprises is still maintained at a high level, VPBankS is confident of completing or exceeding the revenue target of about 36,000 billion VND in the investment banking segment.
We are receiving more consulting needs than targeted in the second half of the year. One of VPBankS's advantages compared to competitors in the debt market (DCM) segment is its strong capital base, mobilization capacity, issuance guarantee and distribution network," Mr. Hai said.
Despite the difficulties of the market in the second half of 2026, VPBankS still emphasizes its commitment to complete the goal of bringing outstanding margin loans to 50,000 billion VND by the end of the year. Faced with the context of increasing interest rates and the net interest margin (NIM) of the margin segment under pressure to narrow, the company has proactively adjusted the lending interest rate level from the second quarter, and at the same time continues to monitor market developments to promptly optimize business policies.
At the same time, in case the market fluctuates, the company will flexibly adjust the revenue structure, increase contributions from the investment banking segment, to compensate in case margin lending growth slows down.
In addition to existing business activities, VPBankS is also expanding its growth space by building an integrated asset management platform, connecting investment products such as stocks, bonds, fund certificates and portfolio management solutions on the same ecosystem.
This is a strategy at the group level, aiming to provide more investment products and personalized financial solutions, especially for priority customers and VPBank Private customers. Based on the platforms built in the first half of the year and a flexible strategy, VPBankS General Director affirmed that he will complete the business plan set out for 2026.
