SSI, TCBS Post Over VND 1 Trillion Profit Each in Q1/2026; SSI Profit Up 44%

Overview

SSI Securities Corporation (SSI) and Techcom Securities (TCBS, ticker TCX) both reported Q1/2026 pre-tax profits exceeding VND 1 trillion, with SSI posting a 44% year-on-year increase. The strong performance was fueled by proprietary trading gains, margin lending growth, and higher brokerage revenue, reflecting continued market activity.

Key Facts

• SSI’s Q1/2026 pre-tax profit reached VND 1,461 billion, up 44% year-on-year.
• SSI’s operating revenue was VND 3,075 billion, a 46% increase from Q1/2025.
• Proprietary trading (FVTPL) contributed VND 1,226 billion, up 18%, with the FVTPL portfolio valued at over VND 42,000 billion.
• SSI’s margin lending income rose 67% to VND 1,050 billion; margin loan balance stood at nearly VND 37,000 billion.
• TCBS reported pre-tax profit of VND 1,458 billion, up 11% year-on-year.
• TCBS’s operating revenue was VND 2,783 billion, up 37%, with lending income (44% of revenue) rising 68% to VND 1,229 billion.
• TCBS’s margin loan balance hit a record VND 44,754 billion, up nearly VND 900 billion in the quarter.
• SSI maintained the No. 2 market share on HoSE at 11.14%, while TCBS held No. 3 at 8.85%.

What Happened

According to their separate Q1/2026 financial statements, SSI and TCBS both surpassed VND 1 trillion in pre-tax profit. SSI’s profit growth was driven by a 46% revenue increase, with proprietary trading (FVTPL) contributing VND 1,226 billion and margin lending income rising 67%. The company’s FVTPL portfolio grew to over VND 42,000 billion, primarily in certificates of deposit and bonds, while equity holdings were reduced.

TCBS reported a more modest 11% profit growth, with lending income surging 68% to VND 1,229 billion, representing 44% of total revenue. The company’s margin loan book expanded to a record VND 44,754 billion. Brokerage revenue also rose sharply, up 75% to VND 266 billion, while proprietary trading income was flat.

Market Context

SSI shares closed at VND 29 on April 15, 2026, up 0.17% with volume of 22.2 million shares on HOSE. TCX closed at VND 52 on April 10, down 0.19% on volume of 2 million shares. The results come amid a generally active Vietnamese stock market, with brokerage and margin lending activity remaining robust. Both firms are among the top three market share leaders on HoSE.

Strategic Significance

The strong Q1 earnings from SSI and TCBS underscore the resilience of Vietnam’s securities sector, driven by retail participation and margin demand. SSI’s shift in proprietary equity holdings away from FPT, ACB, and VNM toward VCB and MWG signals a tactical repositioning. TCBS’s continued expansion of its margin book to record levels highlights its aggressive lending strategy, which could amplify earnings if markets remain favorable but also increases credit risk.

What to Watch

• Q2/2026 earnings reports from SSI and TCBS to see if profit momentum continues.
• Changes in SSI’s proprietary trading portfolio, particularly further shifts in equity holdings.
• TCBS’s margin loan growth trajectory and any signs of rising non-performing loans.
• Market share trends on HoSE for both firms in upcoming quarters.
• Regulatory developments affecting margin lending limits or proprietary trading rules.