Securities firms deliver mixed outcomes

July 26, 2024 | 20:08

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Securities firms witnessed mixed performance in the year to date, with some even counting losses.

Taking the lead in Q2 was Techcombank Securities JSC (TCBS) which reported that revenue doubled compared to one year ago, surpassing $91.6 million.

Most of TCBS’ business lines witnessed growth, in which interest from loans and receivables soared 60 per cent to approximated $26.6 million.

Revenue from brokerage services surged 42 per cent to $6.25 million, and earnings from financial assets rose 3.3-fold to exceed $29 million. Meanwhile, operational cost shed 14 per cent to approximate $6.4 million.

In Q2, TCBS posted $67.1 million in pre-tax profit in Q2, up 192 per cent on-year. Cumulatively, in the first half of the year, the company’s pre-tax profit shot up 2.8-fold on-year to reach $115.5 million.

VPBank Securities (VPS), the unit with the largest brokerage market share in Vietnam, saw a bumper Q2 with consolidated pre-tax profit growing by over six-fold on-year to $21.8 million. In H1, VPS raked in $54 million in profit, nearly a five-fold increase on-year and equal to 86 per cent of full-year projection.

In Q2, SSI Securities reaped $93.5 million in total revenue, surging 43 per cent on-year, in which brokerage services contributed $23.3 million and interest from loans and receivables spiked 43 per cent to $21.3 million.

During the period, the company’s pre-tax profit soared 59 per cent on-year to reach $43.3 million, bringing cumulative profit in H1 to $83.3 million, up 56 per cent.

MB Securities (MBS) also saw an impressive Q2 with pre-tax profit reaching $9.6 million, up 51 per cent on-year. The company’s pre-tax profit in H1 saw a 63 per cent jump on-year to reach $20.8 million.

Several securities firms on a smaller scale have also reported fair growth. For example, Viet Dragon Securities counted $13.75 million in total revenue in Q2. Up 65 per cent on-year, and $6.1 million in pre-tax profit, up 18 per cent on-year.

By contrast, several securities firms announced less positive business results. In Q2, BIDV Securities witnessed a 34 per cent jump in total revenue to $17.6 million. However, its operational costs also shot up to $8.7 million, up 2.2-fold on-year. Brokerage costs also rose 33 per cent on-year to $3 million.

Consequently, during the period, the company’s pre-tax profit slid 12 per cent on-year to just $5.6 million.

In Q2, Thanh Cong Securities posted $2.08 million in total revenue, down 17 per cent on-year, and its profit fell 18 per cent on-year to more than $666,000.