According to the VPBankS Securities Business Results Report just released, in the first 9 months of 2025, in the context of a vibrant stock market, VPBankS recorded strong growth in business activities in many sectors.
Accordingly, interest from loans and receivables, mainly from customer deposit lending activities (margin), has brought nearly VND1,213 billion to businesses, nearly double the same period. Stock brokerage revenue also recorded positive results, bringing in 310 billion VND.
The company also promoted investment consulting activities in both the debt capital market (DCM) and equity capital (ECM), leading to revenue from financial consulting activities of nearly VND789 billion.
Interest from financial assets recorded through interest/ loss (FVTPL) reached VND 2,999 billion in the last 3 quarters, nearly 4 times higher than the same period. In total, VPBankS's operating revenue was VND 5,457 billion after 9 months, 3 times higher than the same period.
The company explained that the above strong growth rate comes from continuously launching many products, attracting customers, leading to remarkable growth in the brokerage market share and margin balance.
Revenue grew strongly but VPBankS still maintained operational efficiency, with the cost-to-income ratio (CIR) in the 3 quarters at only 18.7%. Pre-tax profit in the first 9 months reached a record VND 3,260 billion, nearly 4 times higher than the same period.
Thus, after 3 quarters, VPBankS has implemented more than 73% of the adjusted pre-tax profit plan for the whole year of 2025 (VND 4,450 billion, the second highest in the industry).
By the end of the third quarter of 2025, VPBankS' margin balance continued to set a new milestone, reaching VND26,664 billion, up VND9,011 billion compared to the end of the previous quarter (51%) and nearly three times higher than the beginning of the year (VND9,447 billion).
As of September 30, 2025, equity reached VND 20,273 billion, the company still has a lending limit of more than VND 13,500 billion.
By the end of the third quarter of 2025, VPBankS' total assets reached VND 62,127 billion, more than double compared to the beginning of the year, and were among the leading groups in the market.
Positive business results in the first 9 months of the year were recorded in the context that enterprises are preparing to conduct a public initial public offering (IPO) - this is considered the largest deal in the history of a securities company in the Vietnamese market.
Recently, VPBankS has officially announced the maximum offering plan of 375 million shares, equivalent to 25% of charter capital at VND 33,900/share. It is expected that the company will raise VND12,712.5 billion, equivalent to a post- IPO valuation of nearly VND64,000 billion (about USD2.5 billion).
According to the announcement, the time to register to buy and deposit to buy shares of VPBankS is from October 10 to October 31, 2025; the time to announce the results of the registration to buy and allocate shares is from November 1 to November 2 and the time to receive the share purchase money is from November 3 to November 7. After IPO, VPBankS plans to list on HoSE in December 2025.
In the third quarter of 2025, VPBankS also announced a medium-term plan for the period of 2026 - 2030, with the goal of leading in both brokerage services and margin, developing in-depth solutions for stocks, bonds, M&A... The company aims to become a financial solution center for the ecosystem of more than 30 million customers of Vietnam Prosperity Bank (VPBank; HoSE: VPB).
Accordingly, VPBankS aims for double revenue and pre-tax profit growth of about 32%/year in the next 5 years, reaching VND 29,051 billion and VND 17,520 billion by 2030, respectively.
Key profit indicators remained superior to the stock market average, with ROE and ROA reaching 19,9% and 6.5%, respectively. By 2030, VPBankS aims to be top 1 in margin lending, top 2 brokerage market share on HoSE.
