VPS Securities (VCK) Q2/2026 Profit Surges 57% to VND 1,104 Billion, Hits 51% of Full-Year Target

Overview

VPS Securities (VCK) reported Q2/2026 after-tax profit of VND 1,104 billion, up 57% year-on-year, making it the fourth securities firm to post a trillion-dong quarterly profit. The result was driven by strong margin lending income, though brokerage revenue declined and market share on HoSE fell to its lowest level in 22 quarters.

Key Facts

• Q2/2026 after-tax profit: VND 1,104 billion, +57% YoY.
• Operating revenue: VND 2,354 billion, +37% YoY.
• Margin lending income: VND 1,031 billion, +95% YoY, accounting for 44% of total operating revenue.
• Brokerage revenue: VND 634 billion, -15% YoY.
• Pre-tax profit for H1/2026: VND 2,925 billion, +63% YoY.
• Full-year 2026 pre-tax profit target: VND 5,750 billion (+28.6% YoY); 51% achieved after six months.
• Total assets at June 30, 2026: VND 47,889 billion; margin loans: VND 30,528 billion.
• Market share on HoSE in Q2/2026: 12.61%, the lowest since early 2021.

What Happened

VPS Securities (VCK) released its Q2/2026 financial statements, showing operating revenue of VND 2,354 billion, up 37% YoY. The largest revenue contributor was margin lending and receivables, which generated VND 1,031 billion, a 95% increase. Gains from financial assets at fair value through profit or loss (FVTPL) also rose sharply by 85% to VND 480 billion. Conversely, brokerage revenue declined 15% to VND 634 billion, and income from held-to-maturity (HTM) investments fell 55% to VND 66 billion. The company also recorded VND 96 billion in gains from available-for-sale (AFS) financial assets, compared to none in the prior-year period.

Operating expenses decreased 6% to VND 627 billion, with brokerage costs down 7% to VND 578 billion. However, proprietary trading costs rose 20% to VND 18 billion, and management expenses increased 41% to VND 174 billion. Net financial income fell sharply due to a 69% drop in financial revenue, though financial costs declined 9%. Pre-tax profit for the quarter reached VND 1,378 billion, up 57% YoY, and after-tax profit was VND 1,104 billion, also up 57%.

For the first half of 2026, cumulative operating revenue was VND 4,873 billion (+53% YoY), pre-tax profit was VND 2,925 billion (+63% YoY), and after-tax profit was VND 2,340 billion (+63% YoY). The company’s full-year 2026 pre-tax profit target is VND 5,750 billion, of which 51% has been achieved after six months.

Market Context

VCK closed at VND 31,250 on July 19, 2026. The stock trades on the HOSE exchange. Despite strong profit growth, the company’s brokerage market share on HoSE fell to 12.61% in Q2/2026, the lowest in 22 quarters, indicating intensifying competition. The securities sector overall has seen several firms report trillion-dong quarterly profits, reflecting robust margin lending activity amid a rising market.

Strategic Significance

The results highlight VPS’s heavy reliance on margin lending income, which now accounts for nearly 44% of operating revenue. While this has boosted profits, the decline in brokerage revenue and market share suggests that the firm may be losing ground to competitors in core brokerage services. The ability to sustain margin loan growth and defend market share will be critical for long-term earnings stability.

What to Watch

• Q3/2026 margin loan balance and growth trajectory.
• Brokerage market share data for Q3/2026 on HoSE and HNX.
• Any changes in regulatory margin requirements by the State Securities Commission.
• Full-year 2026 profit achievement versus the VND 5,750 billion target.
• Competitive moves from other top securities firms (e.g., SSI, HCM, VND).