VPBank Securities (VPX) 9-Month Profit Hits VND 3,516B, Up 8%

Overview

VPBank Securities (VPBankS; HOSE: VPX) reported nine-month pre-tax profit of VND 3,516 billion, up 8% year-on-year, on total revenue of nearly VND 10,600 billion, close to double the prior-year period. The results, disclosed in the company’s third-quarter financial statements, reflect scale expansion in margin lending and investment banking within the VPBank (HOSE: VPB) ecosystem, even as market liquidity weakened.

Key Facts

• Nine-month pre-tax profit: VND 3,516 billion, up 8% year-on-year.
• Nine-month total revenue: nearly VND 10,600 billion, roughly 2x the same period last year.
• Margin lending revenue: more than VND 3,000 billion, equal to 28% of total revenue and 2.5x year-on-year.
• Margin and advance balances at end-Q3: nearly VND 40,000 billion, up 17% since the start of the year and 4% quarter-on-quarter.
• Debt and equity underwriting (DCM and ECM) advisory volume: nearly VND 32,000 billion over nine months; advisory revenue exceeded VND 1,600 billion, up 73%.
• Brokerage revenue: VND 341 billion, up 10%; client base reached 1.6 million at end-Q3, up more than 10% quarter-on-quarter and nearly 42% since end-2025.
• Equity base: nearly VND 36,300 billion at end-Q3, leaving roughly VND 33,000 billion of headroom for margin lending.

What Happened

VPBank Securities Joint Stock Company published its third-quarter financial statements showing nine-month revenue of nearly VND 10,600 billion and pre-tax profit of VND 3,516 billion. The company attributed growth to an integrated service chain that connects corporate capital-raising needs with investor demand, supported by the VPBank ecosystem of more than 40 million customers and by strategic partner Sumitomo Mitsui Banking Corporation (SMBC).

Investment banking was a clear contributor: debt and equity underwriting advisory volume reached nearly VND 32,000 billion over nine months, lifting advisory revenue above VND 1,600 billion, up 73%. The company also distributed nearly VND 35,000 billion of investment products and, through the IPO feature on its NEO Invest platform, placed roughly VND 55 billion of shares in Q3. Margin lending remained the largest single driver at more than VND 3,000 billion of revenue, while the firm said it has consistently held a top-10 brokerage market share on both the HoSE and HNX exchanges.

Market Context

VPX closed at VND 22,750 on 19 October 2026, while parent VPBank (HOSE: VPB) closed at VND 24.00 on 20 October, down 0.62% on volume of about 10.2 million shares. The results land in a securities sector where margin balances and brokerage volumes have been pressured by softer market liquidity, making revenue diversification into advisory and distribution a differentiator. VPBankS’s equity base of nearly VND 36,300 billion places it among the largest capitalized brokers in the Vietnamese market, a position that supports both margin capacity and underwriting scale.

Strategic Significance

The core thesis for VPX is ecosystem leverage rather than standalone brokerage: the parent bank’s retail and corporate franchise feeds client acquisition, while SMBC’s international network supports cross-border advisory mandates. Revenue nearly doubling while pre-tax profit grew only 8% implies margin compression from funding costs or a heavier operating and provisioning burden, a trade-off investors should weigh against the firm’s scale ambitions. With roughly VND 33,000 billion of unused margin headroom, VPBankS retains capacity to grow the loan book without immediate capital raising, though returns will depend on whether market liquidity recovers.

What to Watch

• Full Q3 financial statements for funding cost, provisioning and operating expense detail explaining the revenue-profit growth gap.
• Q4 margin balance trend against the VND 40,000 billion end-Q3 level and the stated VND 33,000 billion headroom.
• Any capital-raising plan, convertible bond or share issuance, given the scale of margin expansion.
• Brokerage market-share rankings on HoSE and HNX for the Q3 period.
• Parent VPBank (VPB) disclosures on ecosystem cross-selling and SMBC-related advisory mandates.