Margin lending continues to be a driving force for growth
In Q2/2026, many securities companies still recorded strong revenue and profit growth, despite market liquidity decreasing in some periods. The main driving force comes from margin lending and the growth of core business segments.
VPS Securities Joint Stock Company (HoSE: VCK) is one of the enterprises recording positive results in the second quarter. Operating revenue reached VND 2,353 billion, up 36.5% over the same period; pre-tax and after-tax profits reached VND 1,378 billion and VND 1,104 billion respectively, both up 57%, this is a record high profit level despite market liquidity having a period of decline in the quarter.
Notably, VPS's pre-tax profit margin reached 58.6% - the highest level since its establishment, showing that operating efficiency continues to improve.
Accumulated in the first 6 months of 2026, VPS's operating revenue reached 4,873 billion VND, an increase of 52.7% compared to the same period in 2025. Pre-tax profit reached 2, 925 billion VND, while after-tax profit reached 2,339 billion VND, both increasing by nearly 63%. This is also the highest semi-annual profit the company has ever recorded.
The outstanding growth momentum comes from margin lending activities. As of June 30, 2026, VPS's margin lending balance reached VND 355.27 billion. Thanks to the expanded scale of lending, revenue from margin lending and receivables reached VND 1,031 billion in the second quarter, an increase of more than 80% compared to the same period and accounting for 43.8% of total operating revenue. Accumulated for 6 months, this segment brought in VND 1,978 billion, continuing to be the company's largest source of revenue.
By the end of June 2026, VPS's total assets reached 47.889 billion VND, a slight decrease of 1% compared to the end of 2025. Equity reached 31,206 billion VND, an increase of nearly 8% compared to the end of 2025.
At Saigon - Hanoi Securities Joint Stock Company (SHS), in the context of a still volatile market, the enterprise recorded VND 1,017 billion in revenue, VND 370 billion in pre-tax profit and VND 307 billion in after-tax profit in the first 6 months of the year.
This result mainly comes from the growth of core business segments. In which, brokerage fee revenue reached 181 billion VND, an increase of 47% compared to the same period; profit from lending activities reached 589 billion VND, an increase of 110%; revenue from the investment banking segment reached more than 72 billion VND, nearly 5 times higher than the same period.
SHS's outstanding loans to customers reached VND 11,722 billion at the end of Q2, an increase of 87% compared to the same period last year and an increase of 29% compared to the beginning of the year. Brokerage revenue in Q2 still increased by 18% even though the average transaction value per session of the whole market decreased from VND 31,607 billion in Q1 to VND 22, 215 billion in Q2, showing that customer exploitation efficiency and the company's competitiveness continue to be maintained.
By June 30, 2026, SHS's total assets reached 27,567 billion VND, an increase of nearly 20% compared to the end of 2025.
Many businesses maintain profit growth momentum
At SSI Securities Joint Stock Company, separate operating revenue in Q2 reached VND 3, 204 billion, an increase of 10% compared to the same period; pre-tax profit reached VND 1,511 billion, an increase of 32%.
Accumulated for the first 6 months of the year, SSI recorded revenue of 6,279 billion VND and pre-tax profit of 2,972 billion VND, increasing by 25% and 37% respectively compared to the same period last year.
As of June 30, the total assets of the parent company reached VND 95.237 billion, an increase of 2.4% compared to the beginning of the year, while equity reached VND 39.592 billion, an increase of 27.5%.
In the securities services segment, securities brokerage revenue reached 462 billion VND. Margin lending activities brought in 1,092 billion VND in revenue, up 32% over the same period. Margin and advance payments reached 40,472 billion VND, up 3.9% compared to the beginning of the year. This segment contributed about 33% of total Q2 revenue.
In the second quarter of 2026, investment activities continued to make a large contribution to SSI's revenue. Separately, revenue from buying and selling, revaluation of the investment portfolio along with dividends and interest reached more than 1,370 billion VND, an increase of nearly 12% compared to the same period last year.
In which, profit from selling investments reached nearly 557 billion VND, an increase of about 20% compared to the same period; dividends and interest from the investment portfolio reached nearly 719 billion VND, an increase of 17%. In addition, SSI recorded more than 94 billion VND from the increased difference when re-evaluating the investment portfolio, lower than the level of nearly 147 billion VND in the same period.
In addition, investments held until maturity brought in nearly 129 billion VND, an increase of about 10%; income from investments ready for sale reached more than 12 billion VND.
At VPBank Securities Joint Stock Company (VPBankS, code: VPX), revenue in the first 6 months of the year reached 6,969 billion VND, 3.7 times higher than the same period.
In which, margin lending activities brought in 1,904 billion VND in revenue, nearly 3 times higher than the same period and accounting for 27% of total revenue. Brokerage revenue reached more than 260 billion VND, more than double the same period. Proprietary trading activities also recorded positive results with profits from financial assets recorded through profit/loss (FVTPL) reaching 3,461 billion VND, 3 times higher than the same period.
Thanks to revenue growth, VPBankS's pre-tax profit in the first 6 months of the year reached VND 2,673 billion, nearly 3 times higher than the same period and exceeding the plan set for the 6-month period. After-tax profit reached VND 2,168 billion.
By the end of Q2/2026, VPBankS's total assets reached nearly VND 88,950 billion, an increase of 21.8% compared to the end of 2025, ranking in the leading group in the securities industry. In which, outstanding margin and advance loans reached VND 38,177 billion, an increase of nearly 12% compared to the end of 2025.
