VPS Securities (VCK) Reports Record Q1 2026 Profit of VND 1,235B, Up 67.8%

Overview

VPS Securities Joint Stock Company (VCK) announced record financial results for the first quarter of 2026, with net profit reaching VND 1,235 billion, a 67.8% increase year-on-year. The company achieved approximately 27% of its full-year pre-tax profit target, driven by robust growth across its brokerage and lending segments. This performance solidifies its leading position in Vietnam’s securities brokerage market.

Key Facts

• Q1 2026 net profit: VND 1,235 billion, up 67.8% year-on-year, the highest quarterly profit in company history.
• Q1 2026 revenue: VND 2,519 billion, up 72% year-on-year, the highest quarterly revenue since Q4 2021.
• Brokerage revenue: VND 1,003 billion, up 73% year-on-year; lending income: VND 948 billion, up 88.5%.
• Full-year 2026 pre-tax profit target: VND 5,750 billion; Q1 achievement: ~27% of target.
• HoSE brokerage market share: 15.32% as of Q1 2026, up from 14.28% in Q4 2025.
• Total assets as of March 31, 2026: VND 53,217 billion, up 10% from the start of the year.
• Margin loan balance: VND 29,979 billion, up 36% from the start of the year.

What Happened

According to its Q1 2026 financial report filed with the Ho Chi Minh City Stock Exchange (HoSE), VPS Securities recorded total operating revenue of VND 2,519 billion, a 72% increase compared to Q1 2025. This growth was led by brokerage revenue, which rose 73% to VND 1,003 billion, and lending income, which surged 88.5% to VND 948 billion. The company also noted a gain of VND 58 billion from available-for-sale financial assets, a category with no activity in the same period last year.

Operating expenses increased 72% to VND 920 billion, with brokerage costs accounting for VND 837 billion of that total. Pre-tax profit reached VND 1,547 billion, up 68% year-on-year, resulting in a net profit of VND 1,235 billion. The company stated this represents about 27% of its full-year pre-tax profit target of VND 5,750 billion. Additionally, VPS expanded its brokerage market share on HoSE to 15.32%, maintaining its leadership position.

Market Context

VCK shares trade on the Ho Chi Minh City Stock Exchange (HoSE). The stock closed at VND 37 on April 10, 2026, down 0.80% on volume of 4.85 million shares. This earnings report comes amid a generally active period for Vietnam’s securities sector, driven by retail investor participation and market liquidity. The strong Q1 results may influence investor sentiment toward VCK, given its market-leading position and aggressive growth targets.

Strategic Significance

The results underscore VPS Securities’ dual-engine growth strategy, leveraging both its dominant brokerage platform and expanding lending book. The 36% increase in margin loans to VND 29,979 billion indicates a strategic focus on capturing higher-margin revenue from leveraged trading, a key profitability driver in bullish market conditions. Maintaining a 15.32% HoSE market share, while increasing it from the previous quarter, demonstrates competitive resilience in a fragmented sector.

What to Watch

• Q2 2026 earnings release, expected around July 2026, to assess progress toward the full-year profit target.
• Monthly HoSE brokerage market share data to monitor competitive positioning.
• Regulatory developments affecting margin lending limits or securities firm capital requirements.
• Updates on the company’s asset growth and loan portfolio quality, particularly margin loan exposure.
• Any strategic announcements regarding digital platform investments or expansion into new financial products.