The booming market has led to increased borrowing demand from clients of securities companies - Photo: QUANG DINH
By the end of September, the total number of securities accounts across the stock market exceeded 11 million units. Trading boomed, and securities companies reaped huge profits from their main business segments, especially lending.
Securities company earns trillions of dong from lending.
Statistics show that interest income from loans and receivables of 15 major securities companies in the market amounted to approximately VND 6,731 billion, an increase of 23% compared to the same period in 2024. This group of companies accounts for more than 73% of the total interest income from loans and receivables of securities companies in the market.
The leading units all achieved revenue exceeding 300 billion VND, the highest ever. TCBS and SSI even earned trillions of VND in profits from lending and receivables.
Specifically, TCBS recorded a profit of approximately VND 1,015 billion, a 44% increase compared to the same period in 2024. SSI recorded nearly VND 1,006 billion from lending, an 83% increase.
For the first nine months of 2025, TCBS's profit from lending reached VND 2,591 billion, a 35% increase compared to the same period in 2024. Similarly, SSI's profit reached VND 2,464 billion, a 63% increase.
In terms of growth rate, VIX, VPBankS, and KAFI showed strong increases in lending and receivables. VIX earned 341 billion VND in profit, a 207% increase compared to Q3 2024. VPBankS earned 567 billion VND, a 153% increase. KAFI earned 207 billion VND from lending in the past quarter, a 141% increase.
Interest income from lending and receivables of securities companies in Q3 2025 - Chart: NGUYEN NGUYEN
However, not all securities companies made substantial profits from margin lending in the past quarter. For example, SHS Securities earned 256 billion VND from this activity, a decrease of 52% compared to the same period in 2024. For the first nine months of the year, SHS achieved 110 billion VND from margin lending interest, a decrease of 70%.
Mirae Asset Securities also only achieved VND 453 billion in revenue, a 65% decrease compared to Q3 2024, according to its recently published separate financial report. Cumulative revenue from the beginning of the year reached VND 402 billion, also down 65%.
Statistics show that the entities making the most profit from lending activities come from two groups: large, reputable companies that develop technology, and securities companies backed by commercial banks.
For example, the group of securities companies with bank-backed capital, such as VPBankS, MBS, TCBS, CTS, VCBS, and LPBS, all saw interest income growth from lending exceeding 40% in the third quarter and over 20% in the first nine months of 2025.
Besides serving investment needs, securities companies also provide lending services to businesses facing difficulties in accessing banks or bonds. In fact, this type of lending benefits both businesses, securities companies, and banks.
However, experts argue that businesses borrowing from securities companies to meet longer-term capital needs carries risks because margin lending is essentially a short-term loan.
The stock brokerage business is equally vibrant.
Compared to interest income from loans and receivables, revenue from brokerage activities of securities firms is somewhat lower.
For example, TCBS achieved VND 318 billion in brokerage revenue in Q3 2025, equivalent to over 31% of its profit from lending. KAFI Securities achieved VND 58 billion in brokerage revenue, equivalent to 28% of its profit from lending. Similarly, SSI Securities achieved VND 922 billion in brokerage revenue, equivalent to nearly 92% of its profit from margin lending.
VPBankS was the only unit to record brokerage revenue exceeding VND 1,000 billion in the third quarter, double the profit from lending. Similarly, VCI Securities recorded VND 373 billion from brokerage revenue, nearly 1.2 times the profit from margin trading.
Revenue from brokerage activities of securities companies in Q3 2025 - Chart: NGUYEN NGUYEN
However, in terms of growth rate, most securities companies recorded increases of over 100%. SSI saw a 171% increase in brokerage revenue during the quarter. MB Securities increased by 178%. KAFI increased by 123%.
These companies' brokerage revenue grew by 137% compared to Q3 2024, while interest income from lending and receivables increased by approximately 52%.
For the first nine months of the year, brokerage revenue grew by 37%, slightly higher than interest income from lending, which grew by 34%.
This is also consistent with the context of the vibrant stock market trading since the beginning of 2025. The average market liquidity is around 30,000 - 40,000 billion VND/session, peaking at times up to 70,000 billion VND.
Source: https://tuoitre.vn/chung-khoan-bung-no-nhieu-cong-ty-thu-nghin-ti-tu-cho-vay-margin-20251028171100259.htm
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