TCBS Targets 2026 Pre-Tax Profit of VND 7,535B, 20% Stock Dividend After 48% Profit Surge

Overview

TCBS, the securities subsidiary of Techcombank (TCB), held its 2026 Annual General Meeting on April 25, reporting 2025 results that beat targets and setting ambitious 2026 goals. The company posted 2025 revenue of VND 11,217 billion (+47% YoY) and pre-tax profit of VND 7,109 billion (+48% YoY), exceeding its plan by 20% and 23% respectively. For 2026, TCBS targets revenue of VND 13,227 billion and pre-tax profit of VND 7,535 billion, along with a 20% stock dividend plan.

Key Facts

• 2025 revenue reached VND 11,217 billion, up 47% year-on-year and 20% above plan.
• 2025 pre-tax profit hit VND 7,109 billion, up 48% YoY and 123% of the target.
• ROE stood at 16.7%, ROA at 8.4%, and cost-to-income ratio (CIR) at 13.7% — the lowest in the industry.
• Total assets rose 51% to VND 80,632 billion; equity increased 68% to VND 44,100 billion.
• Capital adequacy ratio (CAR) reached 490%, well above the minimum requirement.
• 2026 targets: revenue VND 13,227 billion (+26% vs 2025) and pre-tax profit VND 7,535 billion (+18% underlying growth, excluding one-off income in Q4 2025).
• The company plans a 20% stock dividend for 2026.
• TCBS maintained top market share in corporate bond advisory, led margin lending, and ranked top 3 in HOSE stock brokerage.

What Happened

At the AGM held in Hà Nội on April 25, 2026, TCBS Chairman Nguyễn Xuân Minh and CEO Nguyễn Thị Thu Hiền presented the 2025 results and 2026 strategy. The company reported that 2025 pre-tax profit exceeded its plan by 23%, marking the seventh consecutive year of leading the securities industry in profitability. The strong performance was driven by growth across core businesses, including corporate bond advisory, margin lending, and brokerage.

For 2026, TCBS set revenue and pre-tax profit targets of VND 13,227 billion and VND 7,535 billion, respectively. The profit target implies an 18% increase after adjusting for a one-time income item in Q4 2025. Shareholders approved all proposals, including the 20% stock dividend plan. The company also highlighted its WealthTech strategy, with over 1,350 technology projects deployed in 2025, expanding its AI ecosystem and trading platform.

Market Context

TCBS is listed on HOSE under ticker TCB, which closed at VND 32 on April 15, 2026, down 0.16% with volume of 11.5 million shares. The securities sector in Vietnam has benefited from robust market activity and rising retail participation. TCBS’s dominant position in corporate bond advisory and margin lending provides a competitive edge, though the industry faces headwinds from global macroeconomic uncertainty and regulatory changes.

Strategic Significance

TCBS’s consistent profit growth and high ROE (16.7%) underscore its efficient business model, leveraging technology and the Techcombank ecosystem. The 20% stock dividend signals management’s confidence in future earnings and capital strength. The company’s focus on WealthTech and AI-driven operations positions it to capture growth in Vietnam’s expanding financial services market, while maintaining industry-leading cost efficiency (CIR 13.7%).

What to Watch

• Q1 2026 earnings release to gauge early progress against the 2026 targets.
• Execution of the stock dividend plan and any changes in share capital.
• Market share trends in brokerage and corporate bond advisory amid competition.
• Regulatory developments affecting margin lending and securities activities.
• Techcombank’s overall performance and its impact on TCBS’s funding and client base.