Securities firms deliver mixed outcomes

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.

Securities firms enjoy rosy performance in Q1 Securities firms have unveiled their first quarter business results, with many posting a spike in profits during the period.

Textile apparel firms see mixed performance Amid a rebound in momentum, businesses in the textile and apparel sector have delivered a mixed business picture so far this year.

More to do to ensure performance Vietnam’s economic growth is forecast to bounce back gradually, but enterprise performance remains weak.