SSI, VNDirect, SHS Q3 2026 Earnings: Brokerage Profits Diverge Sharply

Overview

SSI, VNDirect and SHS all reported lower third-quarter 2026 pre-tax profit, with declines of 27%, 65% and 58% respectively, according to the companies’ quarterly financial statements released around 21 October 2026. The divergence matters for HOSE-listed SSI and VND and HNX-listed SHS because it shows margin-lending revenue failing to keep pace with rising funding costs, even as nine-month cumulative profit at the larger brokers remains above the prior year.

Key Facts

• SSI (HOSE) Q3 2026 pre-tax profit of approximately VND 1,295B, down 27% from VND 1,782B a year earlier.
• SSI financial expenses rose to more than VND 901B from VND 698B; interest expense alone reached nearly VND 850B, up about 24% year on year.
• VNDirect (HOSE) Q3 2026 pre-tax profit of more than VND 412B, down 65% from VND 1,165B; financial expenses rose to nearly VND 359B.
• SHS (HNX) Q3 2026 pre-tax profit of nearly VND 251B, down 58% from more than VND 590B; after-tax profit of more than VND 203B.
• Stanley Brothers (VUA) Q3 2026 pre-tax profit of more than VND 51B, reversing a loss of more than VND 4B a year earlier, on operating revenue of nearly VND 112B.
• SSI nine-month 2026 pre-tax profit of nearly VND 4,268B, up more than 8% from VND 3,943B; after-tax profit of more than VND 3,432B.
• VNDirect nine-month pre-tax profit of nearly VND 2,199B, up about 3%; SHS nine-month pre-tax profit of nearly VND 621B, down 55%.

What Happened

The figures come from the companies’ Q3 2026 financial statements, compiled in a market round-up published on 21 October 2026. At SSI, standalone operating results reached about VND 1,281B, but financial expenses climbed to more than VND 901B from VND 698B a year earlier, with interest expense of nearly VND 850B up roughly 24%. That cost line absorbed a larger share of revenue than in the prior-year quarter, pulling pre-tax profit down to about VND 1,295B from VND 1,782B.

VNDirect recorded operating results of nearly VND 416B against financial expenses of nearly VND 359B, leaving pre-tax profit at more than VND 412B, down 65% from VND 1,165B. SHS fared similarly, with pre-tax profit of nearly VND 251B and after-tax profit of more than VND 203B, both down close to 58%. The exception was Stanley Brothers, where operating revenue jumped to nearly VND 112B from just over VND 1B, driven by nearly VND 67.5B in gains on financial assets recorded through profit or loss (FVTPL) and more than VND 17B from brokerage. The article does not disclose the full nine-month figure for VUA.

Market Context

SSI closed at VND 19,950 on 20 October 2026, VNDirect at VND 13,600, SHS at VND 12,600 and VUA at VND 14,000. The results land against a record margin-lending backdrop, with outstanding margin debt reported near VND 500 trillion, a dynamic that typically supports brokerage revenue but also raises funding costs when interest rates firm. The pattern across the three larger brokers, where quarterly profit falls but nine-month totals hold or edge higher, points to a weaker third quarter rather than a broken full-year trajectory.

Strategic Significance

The quarter exposes the funding side of the margin-lending model. SSI and VNDirect grew balance-sheet exposure into a record margin market, and the cost of that leverage rose faster than the revenue it generated in Q3. Brokers with bank backing or cheaper deposit access can sustain margin share through a higher-rate quarter; standalone brokers such as SHS, already down 55% on a nine-month basis, have less room. VUA’s swing shows the opposite case: a small book can post outsized percentage gains from FVTPL marks, but that income is mark-to-market and less durable than brokerage or margin interest.

What to Watch

• Full Q3 2026 financial statements for VUA, including the nine-month cumulative profit figure not disclosed in the round-up.
• Margin balance data for Q4 2026 to test whether record lending volumes offset higher funding costs.
• Interest-rate and SBV policy signals that feed directly into brokerage cost of funds.
• Q4 2026 earnings releases from SSI, VND and SHS, expected in January 2027, to confirm whether the nine-month growth trend holds.
• Foreign-ownership and block-trade filings at SSI and VNDirect following the results.