The Race to the Top: Unveiling the Performance of Vietnam’s Securities Companies in Q1

As of the morning of April 16, 12 securities companies have published their financial statements for Q1/2025.

According to the Q1/2025 standalone financial statements, DSC Securities (code: DSC) recorded a slight 2% decrease in operating revenue compared to the same period last year, amounting to VND 131 billion. After deducting various expenses, DSC reported a pre-tax profit of VND 67 billion, a 10% decrease compared to Q1/2024.

The profit from financial assets recognized through profit and loss (FVTPL) decreased by 4% year-on-year, contributing VND 44 billion. Similarly, the profit from held-to-maturity (HTM) investments decreased significantly by 51%, amounting to VND 3 billion. Brokerage revenue also declined by 41% compared to Q1/2024, reaching VND 20 billion.

On the other hand, profit from lending and receivables increased by approximately 20% year-on-year to VND 57 billion. As a result, DSC reported a pre-tax profit of VND 67 billion, a 10% decrease compared to Q1/2024.

Guotai Junan Vietnam Securities (IVS code) recorded a slight 4% decrease in Q1 operating revenue to over VND 18 billion. Of this, profit from HTM assets was approximately VND 6 billion. Profit from lending and receivables increased by nearly 17% to VND 9.5 billion. In contrast, brokerage revenue decreased by 33% to nearly VND 3 billion.

Interest expense increased sharply from over VND 77 million to nearly VND 2 billion. After deducting expenses, IVS reported a pre-tax profit of over VND 5.2 billion in Q1, a 32% decrease compared to the previous year.

CV Securities Joint Stock Company (CVS) has published its Q1/2025 financial statements, recording operating revenue of nearly VND 5 billion, an astonishing 1,472% increase compared to the same period last year.

However, operating expenses amounted to nearly VND 8 billion, mainly attributed to brokerage expenses. Additionally, the company incurred nearly VND 4 billion in management expenses, resulting in a pre-tax loss of over VND 6 billion in the past quarter – marking the eleventh consecutive unprofitable quarter.

In relation to their plans, the securities company has achieved 9% of their revenue target and has incurred a loss of approximately 17% compared to their set goal.

Notably, the company recorded margin debt for the first time at the end of Q1/2025, with margin debt and UTTB reaching nearly VND 5 billion. The accumulated loss as of the end of 2024 was nearly VND 128 billion.

Thanh Cong Securities (code: TCI) achieved operating revenue of VND 64 billion in Q1/2025, with nearly VND 27 billion coming from FVTPL assets and over VND 21 billion from lending and receivables. After deducting expenses, TCI’s pre-tax profit exceeded VND 27 billion, a 67% increase compared to the same period last year.