MBS, VPS (VCK) Post Strong Q1 2026 Earnings: Revenue Surges 52% and 72%

Overview

Two of Vietnam’s largest securities firms, MBS and VPS (ticker: VCK), released their Q1 2026 financial statements on April 16, showing strong top-line growth but contrasting profit trajectories. MBS posted a 52% revenue increase but only 9% pre-tax profit growth due to surging costs, while VPS reported record quarterly revenue and a 68% jump in pre-tax profit, reaching VND 1,547 billion. The results underscore the impact of rising margin lending and operating expenses on earnings quality in the securities sector.

Key Facts

• MBS Q1 2026 operating revenue: VND 1,019 billion, up 52% year-on-year.
• MBS Q1 2026 pre-tax profit: VND 368 billion, up 9% year-on-year.
• MBS operating expenses tripled to VND 307 billion; financial costs rose 73% to VND 280 billion, with interest expense nearly doubling to VND 247 billion.
• MBS margin lending and UTTB balance: VND 15,520 billion as of March 31, 2026, up nearly VND 500 billion from year-end 2025.
• VPS (VCK) Q1 2026 operating revenue: VND 2,519 billion, up 72% year-on-year (highest quarterly revenue in over four years).
• VPS Q1 2026 pre-tax profit: VND 1,547 billion, up 68% year-on-year (record high); net profit after tax: VND 1,235 billion, up 68%.
• VPS margin lending balance: VND 29,979 billion as of March 31, 2026, up 36% from the start of the year.
• VPS 2026 full-year pre-tax profit target: VND 5,750 billion (+29%); Q1 completion rate: ~27%.

What Happened

On April 16, 2026, several securities companies disclosed their first-quarter financial results, with MBS and VPS among the first to report. MBS, a subsidiary of MB Bank, recorded operating revenue of VND 1,019 billion, a 52% increase from Q1 2025. However, pre-tax profit rose only 9% to VND 368 billion, as operating expenses surged nearly threefold to VND 307 billion and financial costs jumped 73% to VND 280 billion, driven by a near-doubling of interest expenses to VND 247 billion. The company’s margin lending book grew modestly by VND 500 billion to VND 15,520 billion.

VPS, the market share leader, reported even stronger top-line growth. Operating revenue reached VND 2,519 billion, up 72% year-on-year, marking the highest quarterly revenue in over four years. Pre-tax profit hit a record VND 1,547 billion, up 68%, with net profit after tax of VND 1,235 billion. The company’s margin lending surged 36% from the start of the year to VND 29,979 billion, reflecting robust retail investor activity. VPS has set a 2026 pre-tax profit target of VND 5,750 billion, implying 29% growth, and has already achieved 27% of that target in Q1.

Market Context

MBS shares closed at VND 21 on April 10, 2026, down 0.95% with volume of 3.5 million shares, while VPS (VCK) closed at VND 37, down 0.80% on volume of 4.9 million shares. Both stocks trade on HOSE. The securities sector has benefited from rising market liquidity and margin demand, but cost pressures—particularly interest expenses—are weighing on profitability for some firms. MBS’s slower profit growth relative to revenue highlights the challenge of managing operating leverage in a rising-rate environment. VPS’s record results and strong margin growth suggest it is capturing market share, though the high margin book also carries credit risk.

Strategic Significance

MBS’s results illustrate the tension between revenue growth and cost control in the securities industry. The tripling of operating expenses and near-doubling of interest costs signal that the company is investing aggressively in expansion, but the payoff in profit growth has been limited so far. For VPS, the record revenue and profit underscore its dominant position in retail brokerage, with margin lending acting as a key profit driver. The 36% surge in margin loans indicates strong investor confidence, but also exposes VPS to potential margin calls if the market turns. Both firms’ Q1 performance sets a benchmark for the sector, with VPS appearing better positioned to capitalize on market growth while managing costs.

What to Watch

• Q2 2026 margin lending trends for MBS and VPS, particularly if loan growth continues at the same pace.
• MBS’s ability to control operating and interest expenses in coming quarters; any guidance on cost management.
• VPS’s progress toward its full-year profit target of VND 5,750 billion, especially if market conditions remain supportive.
• Broader securities sector earnings releases from other major firms (e.g., SSI, HCM) for comparison.
• Regulatory changes regarding margin lending caps or interest rate adjustments by the State Bank of Vietnam.