SSI Leads Q1 2026 Securities Earnings with VND 1,593B Profit, Up 52% YoY

Overview

SSI Securities Corporation (SSI) reported a Q1 2026 pre-tax profit of VND 1,593 billion, a 52% increase year-on-year, leading the Vietnamese securities sector’s earnings recovery. VPS Securities (VCK) and Techcombank Securities (TCBS) also reported profits exceeding VND 1,000 billion, while total sector pre-tax profit rose approximately 21% YoY to over VND 9,642 billion, according to data from 79 firms.

Key Facts

• SSI’s Q1 2026 pre-tax profit reached VND 1,593 billion, up 52% year-on-year.
• VPS Securities (VCK) reported VND 1,547 billion in pre-tax profit, a 68% increase.
• Techcombank Securities (TCBS) reported VND 1,458.4 billion in pre-tax profit, up 11%.
• Total pre-tax profit for 79 securities companies exceeded VND 9,642 billion in Q1 2026, up ~21% from Q1 2025.
• Tiên Phong Securities (ORS) saw pre-tax profit surge to VND 42.2 billion from VND 2 billion in Q1 2025, a more than 20-fold increase.
• EVS Securities reported a loss of nearly VND 200 billion in Q1 2026, a sharp reversal from profit a year earlier.
• HD Securities achieved over VND 350 billion in profit, up nearly 260% YoY.

What Happened

Q1 2026 earnings reports for Vietnamese securities companies, compiled from regulatory filings, show a broad-based recovery. SSI Securities Corporation led with a pre-tax profit of VND 1,593 billion, a 52% year-on-year increase, maintaining its position as the most profitable firm in the sector. VPS Securities followed closely with VND 1,547 billion, up 68%, while Techcombank Securities reported VND 1,458.4 billion, up 11%. Other major players like VNDirect and VPBankS also posted strong growth above 40%.

The data highlights a bifurcated performance within the sector. While leading firms expanded profits, several smaller companies recorded explosive growth rates. Tiên Phong Securities (ORS) saw pre-tax profit multiply more than 20 times to VND 42.2 billion. Conversely, EVS Securities reported a significant loss of nearly VND 200 billion for the quarter, a stark contrast to its profit in Q1 2025. The article notes that 79 companies collectively reported over VND 9,642 billion in pre-tax profit, up approximately 21% from the same period last year.

Market Context

SSI trades on the Ho Chi Minh City Stock Exchange (HOSE). The reported earnings come amid a period of sector-wide recovery, with the VN-Index showing volatility in early 2026. SSI’s stock closed at VND 29 on April 15, 2026, with a slight daily gain of 0.17% on high volume of over 22 million shares. The strong Q1 results for SSI and peers like VPS (VCK) and TCBS suggest operational leverage from improved market activity, though the significant loss at EVS indicates persistent challenges for some smaller players.

Strategic Significance

The earnings data underscores the consolidation of market share among top-tier securities firms like SSI, VPS, and TCBS, which collectively captured a significant portion of sector profits. Their ability to deliver high growth on a large base points to scalable business models and effective cost management. For long-term investors, this reinforces the thesis that scale and diversified revenue streams are critical competitive advantages in Vietnam’s brokerage sector, especially during market recoveries.

What to Watch

• Q2 2026 earnings releases from SSI and peers, expected in late July 2026, to confirm sustainability of the recovery.
• Monthly trading value data from the Ho Chi Minh and Hanoi stock exchanges, as a key driver of brokerage revenues.
• Regulatory updates on margin lending limits or new product approvals that could impact sector profitability.
• Foreign ownership ratio filings for major brokers like SSI, indicating institutional interest.
• Any guidance or strategic announcements from SSI’s management regarding capital allocation or expansion plans.