Strong Q3 Earnings Results Bring Prosperity to Securities Firms
Amid a thriving market and increased liquidity, the majority of securities firms are reporting impressive earnings results in the third quarter. These results highlight that brokerage, self-trading, and lending activities have been the primary drivers of revenue and profits for securities businesses.
MB Securities Joint Stock Company (MBS) announced a total revenue of over VND540 billion ($22 million) in the third quarter, marking a substantial 24.7% increase compared to the same period last year. Their pre-tax profit also experienced a notable surge of 37.7% to surpass VND208 billion. MBS attributed this profit growth to the significant rise in stock transactions across the entire market, leading to a VND62.6 billion increase in stock brokerage revenue.
VIX Securities Joint Stock Company (VIX) recorded an impressive 143% increase in pre-tax profit during the third quarter, reaching VND248 billion. Their revenue also saw a substantial boost of 77%, amounting to VND323 billion. Over the course of nine months, VIX achieved a pre-tax profit of VND964 billion, representing a remarkable 90% growth compared to the same period last year. VIX Securities attributed this third-quarter profit growth to the expanded market transaction scale, resulting in a 44.2% increase in profits from brokerage activities and a remarkable 154% increase in lending and receivable income.
Yuanta Securities Vietnam Limited Liability Company (YSVN) reported a third-quarter revenue of VND163 billion, reflecting a solid 12% increase. Their brokerage revenue also experienced a notable growth of 29%, reaching VND59 billion. However, interest income from loans and receivables declined by 23% compared to the same period in 2022. Total operating costs increased by 14% to approximately VND84 billion.
Viet Dragon Securities Joint Stock Company (VDS) reported an impressive nearly 353% rise in pre-tax profit during the third quarter of 2023, amounting to VND113 billion. Over the nine-month period, VDS achieved a total revenue of VND603.2 billion, equivalent to 92.7% of the same period in 2022 and successfully fulfilling 68.9% of their 2023 plan.
Agribank Securities Joint Stock Company (Agriseco) reported a third-quarter revenue of nearly VND100 billion, indicating a solid 18.3% increase compared to the third quarter of 2022. However, increased management costs pushed Agriseco’s total costs to VND60.5 billion, reflecting a 29% increase. Consequently, the profit after tax reached only VND26.7 billion, representing an 11.5% decline compared to the same period in 2022. In the nine-month period, total revenue reached VND271.6 billion, remaining relatively stable compared to the same period in 2022. Profit after tax reached VND112.4 billion, marking a 10.2% increase.