With positive business results, SSI reported a multi-fold increase in self-trading profit.

According to the newly released business results of SSI Securities Corporation (HoSE: SSI), the company's operating revenue reached VND 1,941 billion, an increase of 44% compared to the same period last year.

In particular, the proprietary trading segment showed strong performance, with the largest revenue coming from profits generated from FVTPL financial assets, which increased sharply by 73% compared to Q3/2022, reaching VND 765 billion. Losses from FVTPL assets decreased slightly by 3% to VND 162 billion. After deducting proprietary trading expenses of VND 12 billion in this quarter, SSI recorded a proprietary trading profit of VND 590 billion, more than 2.2 times higher than the same period last year.

Along with proprietary trading, the brokerage segment also generated VND 535 billion in revenue, a 58% increase and the second largest share in the revenue structure. Interest income from loans and receivables at SSI also increased slightly compared to the same period last year, reaching VND 431 billion.

In addition, profits from financial assets available for sale showed a significant difference, reaching VND 847 million in the third quarter, compared to only VND 75 million in the same period last year. Despite an 18% increase in operating expenses to VND 653 billion (mostly brokerage fees), SSI still reported a twofold increase in after-tax profit compared to Q3 2022, reaching VND 710 billion.

Cumulative figures for the first nine months of 2023, The company generated 5.111 billion VND in revenue and 1.780 billion VND in after-tax profit, representing increases of 3% and 22% respectively compared to the same period last year.

Compared to previous results, SSI has completed 73% of its revenue target and 87% of its profit target for the whole year.

As of September 30, 2023, SSI's total assets reached VND 55,282 billion, an increase of over VND 3,000 billion compared to the beginning of the year. Margin lending balances reached over VND 14,713 billion, an increase of VND 1,600 billion compared to the end of the previous quarter and a 35% increase compared to the beginning of the period.

Of that, proprietary trading accounts for the largest proportion of the asset structure, over 53% with 29,600 billion VND, including 475 billion VND in listed stocks (HPG, SGN, VPB, STB...); nearly 729 billion VND in warrants as a risk hedging asset; over 10,530 billion VND in unlisted bonds; and approximately 16,000 billion VND in certificates of deposit.

SSI is currently recording a loss on its investment in HPG, with an original cost of VND 26.9 billion and a current fair value of only VND 25.8 billion. Similarly, STB shares were purchased at an original cost of VND 57 billion, but their current fair value is only VND 54 billion. However, VPB and SGN shares have performed well, recording slight profits.

SSI's available-for-sale (AFS) assets reached VND 860 billion, 2.2 times the figure at the beginning of the year. SSI currently holds VND 325 billion in shares on the UPCoM exchange and VND 198 billion in unlisted shares and fund certificates, including a large number of shares in OPC, PAN Farm, and ConCung .

Source