SSI Securities Reports Record Margin Lending of 40 Trillion VND, H1 Profit Up 39%

Overview

SSI Securities Corporation (SSI) reported record margin lending of over 40 trillion VND as of June 30, 2026, contributing to a 39% rise in H1 pre-tax profit to 3,122 billion VND. The company’s total assets reached 95,237 billion VND, with equity of 39,668 billion VND nearly matching the margin loan book.

Key Facts

• Margin loan balance reached 40,472 billion VND as of June 30, 2026, a record high and up 4% from the start of the year.
• 99% of the loan portfolio is used for margin lending (ky quy).
• Margin lending revenue was nearly 1,100 billion VND in Q2, up 13.2% year-on-year, accounting for 34% of total revenue.
• Investment income contributed 1,462 billion VND (44% of revenue), with 62% in certificates of deposit, 34% in bonds, and the rest in listed equities.
• Brokerage revenue fell slightly by 4% to 463 billion VND.
• Operating expenses decreased by over 20% to 871 billion VND.
• H1 pre-tax profit reached 3,122 billion VND, up 39% year-on-year, completing over half of the annual target.

What Happened

According to SSI’s financial report for the period ending June 30, 2026, the company’s outstanding loans reached a record 40,472 billion VND, with 99% allocated to margin lending. This drove margin-related revenue to nearly 1,100 billion VND in Q2, a 13.2% increase from the same period last year. The investment segment remained the largest revenue contributor at 44%, totaling 1,462 billion VND, with a portfolio mix of certificates of deposit (62%), bonds (34%), and listed equities. Brokerage revenue declined slightly by 4% to 463 billion VND. The company controlled costs effectively, with operating expenses down over 20% to 871 billion VND. Consequently, Q2 pre-tax profit rose 32% year-on-year to 1,511 billion VND. For the first half of 2026, SSI recorded revenue of 6,652 billion VND and pre-tax profit of 3,122 billion VND, up 27% and 39% respectively, surpassing half of its full-year target.

Market Context

SSI shares closed at 22,700 VND on July 20, 2026, on the HOSE. The record margin lending reflects strong retail investor participation in the Vietnamese stock market, which has seen increased trading volumes. SSI’s profit growth aligns with the broader securities sector’s performance, driven by rising margin demand and investment gains. The company’s equity of 39,668 billion VND nearly covers its margin loan book, indicating a conservative leverage profile.

Strategic Significance

The record margin lending underscores SSI’s dominant position in Vietnam’s brokerage industry, capturing retail demand amid a bullish market. The company’s ability to grow margin revenue while cutting costs highlights operational efficiency. The investment portfolio’s focus on low-risk instruments (certificates of deposit and bonds) suggests a cautious risk appetite, balancing yield with liquidity. With over 9,000 billion VND in retained earnings, SSI has ample capacity to expand lending or pay dividends, supporting long-term shareholder value.

What to Watch

• Q3 2026 margin loan balance and revenue trends, especially if market volatility increases.
• Full-year 2026 profit achievement relative to the annual target (implied from H1 performance).
• Changes in the investment portfolio composition, particularly any shift toward equities.
• Regulatory developments on margin lending caps or risk management requirements.
• SSI’s dividend policy and any share buyback announcements given strong retained earnings.