TCBS, MBS, ABS Q2 2026 Profits Surge on Margin Lending and Proprietary Trading

Overview

TCBS, MBS, and ABS, three major Vietnamese securities companies, reported robust profit growth for Q2 2026, driven primarily by margin lending and proprietary trading. TCBS (a subsidiary of Techcombank) posted a 21% year-on-year increase in pre-tax profit to VND 2,097 billion, while MBS saw a 38% rise to VND 377 billion. ABS reported a 300% surge in pre-tax profit to over VND 200 billion. The results highlight the continued reliance on margin lending as a key revenue source, even as brokerage income declined across the board.

Key Facts

• TCBS Q2 2026 pre-tax profit: VND 2,097 billion, up 21% year-on-year.
• TCBS margin lending revenue: VND 1,380 billion, up 66% year-on-year, contributing 42% of total net operating income.
• TCBS loan balance at end-June: VND 51,522 billion, up 17% from start of year; loan-to-equity ratio 1.13x.
• MBS Q2 2026 pre-tax profit: VND 377 billion, up 38% year-on-year; revenue VND 1,196 billion, up 51%.
• MBS margin lending revenue: VND 465 billion, up 51%; loan balance at record high of VND 16,828 billion.
• ABS H1 2026 pre-tax profit: over VND 200 billion, up 300% year-on-year; Q2 profit up 600% from Q1.
• ABS proprietary trading revenue: over VND 200 billion, up 700% year-on-year; margin lending revenue up 118%.

What Happened

According to their Q2 2026 financial reports, TCBS, MBS, and ABS all posted significant profit increases, with margin lending and proprietary trading as the primary drivers. TCBS’s margin lending and advance payment services generated VND 1,380 billion in revenue, up 66% year-on-year, accounting for 42% of total net operating income. The company’s loan balance reached VND 51,522 billion, up 17% from the start of the year, maintaining one of the largest loan books in the industry. TCBS noted its loan-to-equity ratio of 1.13x remains well below regulatory limits.

MBS reported a 51% increase in total revenue to VND 1,196 billion, with margin lending contributing VND 465 billion (up 51%). Its loan balance hit a record high of VND 16,828 billion, representing nearly half of total assets. ABS, which released estimated H1 2026 figures, saw pre-tax profit surge 300% year-on-year to over VND 200 billion, driven by a 700% jump in proprietary trading revenue to over VND 200 billion and a 118% increase in margin lending revenue. ABS also completed a capital increase to nearly VND 3,000 billion in late June, with plans to expand margin lending and proprietary trading.

Market Context

All three stocks are listed on HOSE: TCB (Techcombank) closed at VND 31,500 on July 15, 2026; MBS at VND 20,500; and ABS at VND 3,210. The strong earnings come amid a recovering Vietnamese stock market, with improving liquidity and investor demand for leverage. However, brokerage revenue declined for both TCBS (down 21%) and MBS (down 15%), reflecting pressure from high interest rates on fund distribution activities. The sector’s focus on margin lending and proprietary trading has proven profitable, but also exposes firms to market volatility and regulatory risks.

Strategic Significance

The Q2 results underscore the strategic shift among Vietnamese securities firms toward capital-intensive businesses like margin lending and proprietary trading, which now drive the majority of profits. TCBS, with its large loan book and low leverage, demonstrates a disciplined approach to risk management. MBS’s record loan balance indicates aggressive expansion, while ABS’s dramatic profit surge highlights the potential of proprietary trading when market conditions are favorable. For long-term investors, the sustainability of these profit drivers depends on market liquidity, interest rate trends, and regulatory changes. The decline in brokerage revenue suggests that traditional commission-based models are becoming less important, and firms must manage the risks associated with higher leverage and trading exposure.

What to Watch

• Q3 2026 earnings reports for TCBS, MBS, and ABS to assess whether margin lending growth continues.
• Changes in margin lending regulations by the State Securities Commission (SSC) or State Bank of Vietnam (SBV).
• Market liquidity trends on HOSE and HNX, as they directly impact margin demand and proprietary trading opportunities.
• Interest rate movements, as high rates could pressure brokerage and fund distribution activities.
• ABS’s deployment of new capital from its recent equity raise and its impact on loan book and trading revenue.