Stock market boom, many companies earn thousands of billions from margin lending

Market liquidity reaches billions of dollars, securities companies record large profits from brokerage and lending activities...

The booming trading market has led to a demand for loans from customers of securities companies - Photo: QUANG DINH

By the end of September, the total number of securities accounts in the entire stock market exceeded 11 million units. Transactions exploded, securities companies "earned a fortune" from their main business lines, especially lending activities.

Securities company earns trillions in profit from lending

Statistics show that the interest from loans and receivables of 15 large securities companies in the market is about 6,731 billion VND, an increase of 23% over the same period in 2024. This group of companies accounts for more than 73% of the total interest from loans and receivables of securities companies in the market.

The revenue of the leading units is over 300 billion VND, the highest ever. TCBS and SSI even earned thousands of billions from lending and receivables activities.

Specifically, TCBS recorded a profit of about VND 1,015 billion, an increase of 44% over the same period in 2024. SSI recorded nearly VND 1,006 billion from loans, an increase of 83%.

Accumulated in the first 9 months of 2025, TCBS's interest from loans reached VND 2,591 billion, an increase of 35% over the same period in 2024. Similarly, SSI's profit was VND 2,464 billion, an increase of 63%.

In terms of growth rate, VIX, VPBankS, and KAFI securities are the units with strong increases in loan interest and receivables. VIX earned VND 341 billion, up 207% compared to the third quarter of 2024. VPBankS earned VND 567 billion, up 153%. KAFI earned VND 207 billion from loans in the last quarter, up 141%.

Interest from lending and receivables activities of securities companies in the third quarter of 2025 - Chart: NGUYEN NGUYEN

However, not all securities companies made a big profit from margin lending in the last quarter. For example, SHS Securities made a profit of VND256 billion from this activity, down 52% compared to the same period in 2024. In the first 9 months, SHS earned VND110 billion from margin lending interest, down 70%.

Mirae Asset Securities also only reached 453 billion VND, down 65% compared to the third quarter of 2024 on the recently announced separate financial report. Accumulated from the beginning of the year, the company reached 402 billion VND, down 65%.

Statistics show that the units with large profits from lending activities come from two groups: large, reputable, technology-developing companies and securities companies with commercial bank support.

For example, the group of securities companies with banks "injecting" capital behind them such as VPBankS, MBS, TCBS, CTS, VCBS, LPBS all had loan interest growth of over 40% in the third quarter and over 20% in the first 9 months of 2025.

In addition to serving investment needs, lending activities are also applied by securities companies to businesses in the context of difficult access to banks and bonds. In fact, this type of lending activity brings benefits to businesses, securities companies, and banks.

However, experts say that businesses borrowing from securities companies to meet longer-term capital needs is potentially risky because margin capital is a short-term loan.

Stock brokerage activities are equally vibrant.

Compared with interest from loans and receivables, revenue from brokerage activities of securities units is somewhat lower.

For example, TCBS achieved VND318 billion in brokerage revenue in Q3-2025, equivalent to more than 31% of interest from lending. KAFI Securities achieved VND58 billion from brokerage, equivalent to 28% of interest from lending. Similarly, SSI Securities achieved VND922 billion in brokerage revenue, equivalent to nearly 92% from margin lending.

VPBank is the only unit that recorded brokerage revenue of over 1,000 billion VND in the third quarter, twice the interest from loans. Similarly, VCI Securities recorded 373 billion VND from brokerage revenue, nearly 1.2 times the interest from margin.

Revenue from brokerage activities of securities companies in the third quarter of 2025 - Chart: NGUYEN NGUYEN

However, in terms of growth rate, most securities companies recorded an increase of over 100%. SSI increased brokerage revenue by 171% in the quarter. MB Securities increased by 178%. KAFI increased by 123%.

The brokerage revenue growth of these companies compared to the third quarter of 2024 reached 137% while interest from loans and receivables increased by about 52%.

Accumulated in the first 9 months of the year, the growth rate of brokerage revenue reached 37%, slightly higher than that of lending interest at 34%.

This is also consistent with the context of bustling stock trading since the beginning of 2025. Average market liquidity is around 30,000 - 40,000 billion VND/session, with peaks sometimes reaching up to 70,000 billion VND.

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Source: https://tuoitre.vn/chung-khoan-bung-no-nhieu-cong-ty-thu-nghin-ti-tu-cho-vay-margin-20251028171100259.htm