Securities companies' Q2 profit: Big gains and deep losses

According to announcements from securities companies, over 30 businesses have released their Q2/2026 financial reports to date.

Large Enterprises Dominate Market Share

The most notable highlight of the Q2/2026 financial reporting season is not a uniform improvement in securities companies' profits, but rather a widening gap among businesses. Although the industry's profit picture has brightened overall, the majority of profits remain concentrated among large-capitalization firms with diversified business models, while many smaller-scale companies achieved only modest results or continued to incur losses.

Leading the profit rankings in Q2/2026 is VPBank Securities Joint Stock Company (VPBankS) with 1,733 billion VND, representing a growth of nearly 300% compared to the previous quarter. In second place is Techcom Securities Joint Stock Company (TCX) with a net profit of nearly 1,692 billion VND, up 47% compared to Q1 and 19% year-on-year.

The divergence is most evident in the profit scale of top-tier enterprises. Accordingly, leading companies share a common trait: they no longer rely on a single revenue stream. VPBankS surged ahead through margin lending expansion and financial asset investments, while TCX continued to leverage its advantages from its financial ecosystem and technology. Meanwhile, companies like ACBS Securities and KIS Vietnam Securities improved their business performance by increasing their lending scale...

This shows that leading securities firms have accumulated business results, invested in service ecosystems, and built diversified business models. This foundation has allowed securities companies to continue expanding their scale and market share. At the same time, it indicates that competition in the securities sector is shifting from expanding brokerage market share to other areas to enhance business efficiency.

Companies Reporting Losses and Negative Equity

Alongside securities companies making large profits, the market recorded significant declines at several firms. VIX Securities (VIX) is a prominent representative in the profit drop group, seeing its profits fall 94% year-on-year down to just 76 billion VND. Similarly, VietinBank Securities (CTS) also dropped 91% year-on-year, reaching 15.4 billion VND. Other companies such as FPTS Securities (FTS) and KIS Securities (KIS) recorded declining profits compared to Q1/2026, dropping 51% and 28% respectively.

Furthermore, the list of companies reporting losses or negative profits extends to names like National Securities (NSI) with a loss of 98 billion VND, ASAM Securities (ASAM) losing 5.6 billion VND, and Dai Viet Securities (DVSC) losing 5.5 billion VND...

Growth drivers for the stock market late in the year are assessed to hold many opportunities for securities firms, with forecasts that the market in the second half will be shaped by three key catalysts: Expectations of accelerated public investment disbursement along with supportive monetary and fiscal policies to achieve growth goals; Vietnam officially joining FTSE Russell's Secondary Emerging Market index starting September 2026; and attractive market valuations, creating room for market expansion if securities company profit growth aligns with market liquidity.

Securities experts from BSC believe that the most critical foundation for the market remains overall economic growth. Amid expectations that 2026 GDP growth will remain high, public investment continues to be pushed, FDI inflows show positive growth, and domestic consumption recovers, listed companies' profits are projected to keep improving... This serves as the basis for maintaining attractive market valuation levels.

In addition, the VN-Index is currently trading around its 3-year average P/E ratio. If listed securities companies' profits continue growing as expected, current valuations still have upside room in the final quarters of the year. However, according to BSC, revenues and profits across securities firms will continue to diverge based on scale and brokerage market share, rather than showing uniform performance across the board.