Latest Securities Company Data Update: January 16th Reveals Q4 Earnings Reports, VIX and TCBS Post Double-Digit Profit Growth

As of January 16th, six securities companies have released their Q4/2025 financial reports.

Techno-Commercial Securities (TCBS, stock code: TCX) has announced its Q4/2025 business results. Specifically, pre-tax profit for Q4 reached VND 2,041 billion, a 119% increase compared to the same period last year. For the entire year of 2025, TCBS achieved a record pre-tax profit of VND 7,109 billion, meeting 123% of the annual plan and a 48% increase compared to 2024.

Total net revenue in Q4 reached VND 3,365 billion, and for the whole year of 2025, it reached VND 11,217 billion, a 47% growth compared to the previous year. In terms of structure, brokerage and securities custody revenue in Q4/2025 reached VND 89 billion, a 19% increase compared to the same period last year, and for the entire year of 2025, it reached VND 356 billion, a 63% increase compared to the previous year.

Additionally, in Q4/2025, income from margin loans and advance payments reached VND 1,119 billion, a 12% increase compared to the record-breaking previous quarter and a 64% increase compared to the same period last year. This brought the total income from margin loans and advance payments in 2025 to VND 3,664 billion, contributing 37% to the total net income from business operations and a 43% growth compared to 2024.

The investment banking segment recorded a net revenue of VND 468 billion in Q4/2025, a 110% increase compared to the same period last year, and a total revenue of VND 2,018 billion for the entire year of 2025, a 50% increase compared to 2024. Net income from capital trading and bond distribution in Q4/2025 reached VND 1,225 billion, a 101% increase compared to the same period last year, and a total revenue of VND 3,966 billion for the entire year of 2025, contributing 40% to the total revenue and a 42% growth compared to the previous year.

As of December 31, 2025, TCBS’s total assets reached over VND 80,632 billion, a 51% increase compared to the end of 2024. Margin loan and advance payment debt reached VND 43,860 billion.

VIX Securities reported a pre-tax profit of VND 1,601 billion, nearly 12 times higher than the VND 134 billion recorded in the same period last year (a 1,098% increase). This result was supported by a 418-fold increase in proprietary trading profits to over VND 1,383 billion, along with a 2.4-fold increase in lending profits to over VND 352 billion. For the entire year of 2025, this securities company reported a profit of VND 6,717 billion, a 724% increase compared to 2024.

MB Securities Corporation (stock code: MBS) recorded an operating revenue of VND 1,016 billion in Q4, a 34% increase compared to the same period last year.

In more detail, in the proprietary trading segment, profits from financial assets recorded through profit/loss (FVTPL) reached VND 178 billion, an 18% decrease compared to Q4/2024. In contrast, lending and receivables profits increased by 60% to VND 429 billion. Brokerage revenue also saw a positive growth of 74% compared to the same period, reaching VND 229 billion.

On the other hand, operating expenses in Q4/2025 were reduced, reaching VND 310 billion, a 6% decrease compared to the same period last year, mainly due to a 21% reduction in losses from FVTPL financial assets to VND 137 billion.

Pre-tax profit in Q4/2025 reached VND 385 billion, a significant 86% increase compared to the same period in 2024. Corresponding after-tax profit reached VND 308 billion, an 87% increase compared to Q4/2024.

For the entire year of 2025, MBS’s operating revenue reached VND 3,639 billion, a 17% increase compared to the previous year. Thanks to effective cost control, pre-tax profit for the year reached VND 1,415 billion, a 52% increase compared to 2024; after-tax profit reached VND 1,131 billion, also a 52% increase compared to the same period.