In 2024, the Vietnamese stock market experienced many fluctuations and was less positive due to reduced liquidity, cautious investor sentiment, and the impact of global economic factors. However, the business activities of many securities companies still recorded positive results.
Saigon - Hanoi Securities Corporation (HNX: SHS) recorded a net profit of more than VND 232 billion in the fourth quarter of 2024, up 30% over the same period last year. The company recorded a profit from FVTPL financial assets of nearly VND 349 billion, including nearly VND 189 billion in profit from asset sales, more than VND 83 billion in revaluation differences and more than VND 78 billion in dividends and interest. Meanwhile, in the same period of 2023, this item recorded a negative of more than VND 231 billion, mainly due to the negative recording of more than VND 434 billion in dividends and interest.
There is also a significant difference in the cost of FVTPL financial assets. In the fourth quarter of 2024, SHS recorded more than VND 108 billion, of which the loss from selling financial assets was nearly VND 91 billion. In the same period last year, this figure was negative by nearly VND 390 billion, mainly due to the loss from selling financial assets of up to VND 464 billion. After deducting self-trading expenses, SHS earned nearly VND 216 billion from this segment, up 42% over the same period. Self-trading continued to be the main driving force to improve SHS's business results in the fourth quarter of 2024, contributing to bringing the whole year's net profit to over VND 1,000 billion, up 81% compared to 2023.
Techcom Securities (TCBS) recorded business results in the fourth quarter of 2024 with pre-tax profit reaching VND 933 billion, up 6% over the same period last year. Accumulated for the whole year of 2024, TCBS recorded pre-tax profit of more than VND 4,802 billion, a sharp increase of 59% compared to 2023, and exceeding the annual plan by 23%.
Margin lending and sales advances continue to contribute significantly to revenue. Net income from this segment in the fourth quarter reached over VND695 billion, up 41% year-on-year. Outstanding margin lending at the end of the year reached nearly VND26,000 billion, up 2% over the previous quarter and more than 1.5 times compared to the end of 2023. Thanks to strong growth in the lending segment, net income from this activity in the whole year of 2024 reached over VND2,500 billion, up 65% compared to 2023, continuing to be the main driving force helping TCBS maintain its leading position in the industry.
SSI Securities also grew profit of the year even though the fourth quarter decreased.
However, pre-tax profit decreased to VND554.8 billion, 13.8% lower than VND644.1 billion in the fourth quarter of 2023. After-tax profit reached VND438.4 billion, down 15% compared to VND515.3 billion in the same period last year.
Despite the decrease in Q4 profit, SSI's total revenue for the whole year of 2024 is still VND 8,529.3 billion, up 19.1% compared to VND 7,157.7 billion last year. Profit after tax is VND 2,845.1 billion, up 24% compared to 2023.
In the fourth quarter of 2024, VNDIRECT Securities Corporation (HOSE: VND) recorded operating revenue of VND 1,211.8 billion, a sharp decrease of 37% compared to VND 1,932.5 billion in the same period last year. Profit from financial assets recorded through profit/loss (FVTPL) reached VND 606.1 billion, a decrease of 47% compared to VND 1,147.4 billion in the fourth quarter of 2023.
Meanwhile, brokerage revenue was VND142 billion, down 34%. Sectors such as underwriting, securities issuance agency, securities custody, financial consulting, etc. all recorded negative growth. Total operating expenses in the quarter amounted to VND630.2 billion, of which financial expenses accounted for the majority with VND188.1 billion, down 33.7% compared to VND283.8 billion in the same period last year. A bright spot was that the company controlled management costs well (VND123.6 billion) and maintained effective financial operations.
As a result, VNDIRECT achieved a profit after tax of VND 251.3 billion, a sharp decrease of 69% compared to VND 820.3 billion last year. Accumulated for the whole year of 2024, VNDIRECT achieved VND 5,324.4 billion in revenue and VND 1,718.4 billion in profit after tax, down 18.8% and 15% respectively from 2023.
