MBS Q3 2026: Revenue Up 25%, Net Profit Down 5% on Cost Surge

Overview

MB Securities (HNX: MBS) reported Q3 2026 operating revenue of nearly VND 1,453 billion, up 25% year on year, while net profit after tax fell 5% to VND 315 billion as operating and financial costs climbed. The result matters for MBS holders because the brokerage’s margin book remains above VND 16,510 billion even as its core brokerage revenue contracted sharply.

Key Facts

• Q3 2026 operating revenue: nearly VND 1,453 billion, up 25% year on year.
• Q3 2026 net profit after tax: VND 315 billion, down 5% from VND 333 billion a year earlier; pre-tax profit VND 394 billion, down 6%.
• Operating expenses rose 54% to nearly VND 631 billion, with FVTPL losses widening almost sixfold from VND 81 billion to VND 481 billion.
• Brokerage revenue fell more than 65% to nearly VND 128 billion from VND 370 billion; custody revenue dropped 26% to about VND 10 billion.
• Margin lending stood at more than VND 16,510 billion at 30 September 2026, down VND 132 billion from end-Q2; total loans and receivables reached nearly VND 16,696 billion.
• Nine-month 2026 revenue: more than VND 3,668 billion, up nearly 40%; pre-tax profit nearly VND 1,140 billion, up 11%, meeting about 62% of the VND 1,850 billion full-year target.
• Total assets reached nearly VND 35,196 billion at 30 September 2026, up VND 4,400 billion or 14% from the start of the year.

What Happened

MB Securities, listed on the Hà Nội Stock Exchange under ticker MBS, published its Q3 2026 financial statements showing a widening gap between top-line growth and bottom-line performance. Revenue gains were led by financial assets measured at fair value through profit or loss (FVTPL), where interest rose 145% to VND 593 billion, alongside a 371% jump in available-for-sale (AFS) income to more than VND 127 billion and a 19% rise in lending and receivable interest to over VND 487 billion. Held-to-maturity (HTM) income added nearly VND 100 billion, up 20%.

The profit decline came from the cost side. Operating expenses increased 54% to nearly VND 631 billion, driven by FVTPL losses that expanded from VND 81 billion to VND 481 billion. Financial expenses rose 32% to VND 312 billion and brokerage management costs rose 19% to VND 114 billion. Brokerage revenue, traditionally a core securities-firm line, fell more than 65% to nearly VND 128 billion. The company’s own FVTPL portfolio was valued at more than VND 4,914 billion at end-September, up nearly VND 1,890 billion from end-Q2, and is composed mainly of other valuable papers of about VND 3,673 billion and bonds of more than VND 1,112 billion, with listed equities at only about VND 82 billion and fund certificates about VND 45 billion.

Market Context

MBS closed at 14,800 on 14 October 2026 on HNX. The Q3 print lands in a Vietnamese securities sector where margin balances and proprietary bond and deposit holdings have driven earnings, while retail brokerage fees have come under pressure from competitive pricing and softer turnover. MBS’s revenue mix, heavily weighted to FVTPL and lending income rather than brokerage, reflects that industry shift, but also exposes earnings to mark-to-market swings on its own book.

Strategic Significance

For long-term investors, the key question is whether MBS can convert its large balance sheet, nearly VND 35,196 billion in assets and a margin book above VND 16,510 billion, into stable returns without relying on volatile FVTPL gains. The nine-month pre-tax profit of nearly VND 1,140 billion covers only about 62% of the VND 1,850 billion annual target, implying a demanding Q4. The collapse in brokerage revenue, down more than 65%, suggests MBS is increasingly a balance-sheet lender and proprietary investor rather than a fee-based broker, a model that performs well in rising markets but carries funding-cost and credit risk if margin demand or asset prices weaken.

What to Watch

• Q4 2026 and full-year 2026 earnings release, and whether MBS reaches its VND 1,850 billion pre-tax profit target.
• Movement in the VND 16,510 billion margin balance and any change in margin lending rates or funding costs.
• Mark-to-market performance of the VND 4,914 billion FVTPL portfolio, particularly the VND 3,673 billion of other valuable papers and VND 1,112 billion of bonds.
• Brokerage revenue trend after the 65% year-on-year decline, and any shift in retail market share.
• Any HNX disclosure or shareholder filing on capital raising, dividend policy, or changes to the 2026 business plan.