VPS Securities (VCK) Reports Record Q1 2026 Profit, Up 68% YoY

Overview

VPS Securities Joint Stock Company (VCK) reported record financial results for the first quarter of 2026, with net profit surging 68% year-on-year to VND 1,235 billion. The brokerage firm achieved approximately 27% of its full-year pre-tax profit target, driven by a 72% increase in revenue, and maintained its position as the top brokerage by market share on the Ho Chi Minh Stock Exchange (HoSE).

Key Facts

• Q1 2026 net profit reached VND 1,235 billion, up 68% year-on-year.
• Revenue for the quarter was VND 2,519 billion, a 72% increase compared to Q1 2025.
• The company achieved about 27% of its full-year 2026 pre-tax profit target of VND 5,750 billion.
• Brokerage revenue grew 73% to VND 1,003 billion, while income from lending and receivables jumped 88% to VND 948 billion.
• VPS maintained a leading 15.32% brokerage market share on HoSE in Q1 2026, up from 14.28% in Q4 2025.
• Total assets as of March 31, 2026, stood at VND 53,217 billion, a 10% increase from the start of the year.
• Operating expenses rose 72% to VND 920 billion, largely driven by brokerage costs.

What Happened

According to its Q1 2026 financial statements, VPS Securities recorded its highest quarterly revenue in over four years, since Q4 2021. The strong performance was primarily fueled by a 76% increase in profit from financial assets at fair value through profit or loss (FVTPL), which reached VND 393 billion, and an 88% surge in income from lending and receivables to VND 948 billion. Brokerage revenue also saw robust growth of 73% to VND 1,003 billion. The company noted a VND 58 billion gain from available-for-sale financial assets (AFS), whereas no such gain was recorded in the same period last year.

Despite these gains, income from held-to-maturity (HTM) investments fell 37% to VND 76 billion, and depository revenue declined 38% to VND 9 billion. Operating expenses increased in line with revenue growth, rising 72% to VND 920 billion, with brokerage costs accounting for the largest portion at VND 837 billion. Pre-tax profit reached a record VND 1,547 billion, up 68% year-on-year. The company stated that it has completed about 27% of its full-year 2026 pre-tax profit target of VND 5,750 billion.

Market Context

VCK trades on the Ho Chi Minh Stock Exchange (HoSE). On April 10, 2026, the stock closed at VND 37, down 0.80% with a volume of 4.853 million shares. The Q1 earnings beat comes amid a competitive securities sector in Vietnam, where market share and margin lending are key growth drivers. The firm’s ability to expand its brokerage dominance and leverage its lending portfolio has been central to its recent performance.

Strategic Significance

The results underscore VPS Securities’ successful execution in recapturing and expanding its market leadership in brokerage, a critical revenue stream. The significant growth in lending income, with margin debt up 36% to nearly VND 30 trillion, highlights a strategic shift toward higher-margin activities beyond traditional brokerage. This positions the firm to capitalize on Vietnam’s growing retail investor base and capital market depth, though it also increases exposure to market volatility and credit risk.

What to Watch

• Full-year 2026 earnings performance against the VND 5,750 billion pre-tax profit target.
• Quarterly brokerage market share trends on HoSE, especially relative to close competitors.
• Management of margin lending growth and associated credit quality metrics.
• Updates on the firm’s asset and liability structure, given the 18% increase in liabilities reported in Q1.
• Regulatory developments affecting securities brokerage and lending activities in Vietnam.