Margin lending becomes a driver of profit growth
Observing the financial picture in the third quarter of 2025, Vietnam Investment Credit Rating Joint Stock Company (Vis Rating) said that capital flows are returning strongly to the securities sector, most clearly demonstrated by the scale of equity increase. The report said that the total amount of newly mobilized capital reached 97 trillion VND, a figure three times larger than in 2024, reflecting the confidence of shareholders and institutional investors in the long-term prospects of the market. The capital increase took place simultaneously and was most concentrated in the group of securities companies with bank links, which have advantages in customer base, financial service ecosystem and risk management capabilities.
If we put the capital raising process in the context of competition, it can be seen that this motivation is not only to strengthen the balance sheet, but also plays a decisive role in preparing capacity for the margin lending expansion cycle. A strong financial foundation will allow securities companies to expand the scale of profitable assets, meet the high margin needs of investors in a positive liquidity environment, and at the same time create momentum for profit growth in 2026. In addition, the new capital mobilization strategy is also in line with the international standards that a financial market aiming for upgrading needs to achieve, especially in the criteria of risk monitoring and asset management.
When looking at the factors driving profits in the first nine months of 2025, it is not difficult to see that margin lending is playing a central role. Sustained market liquidity has boosted investors' demand for margin, which quickly translated into revenue and income growth for securities companies. The chart of margin debt balance by company shows that the improvement is not only concentrated in the leading group but spread across most businesses, especially those that have just completed large capital increases.
Business performance is clearly reflected in profitability indicators. Return on assets (ROAA) and return on equity (ROAE) have both improved significantly in all three groups of companies: large, medium and small. This is not a random growth following the market cycle, but the result of a combination of three key factors: new capital scale, the ability to expand margin lending and income growth from stock investment. This parallel development shows that securities companies are entering a cycle of operating according to the profitable asset growth model, in which financial capacity determines competitive efficiency in the margin segment.
Stable liquidity and improved asset quality lay a solid foundation for a new growth cycle
When assessing the industry’s sustainability prospects, cash flow health and asset quality are two factors that need to be considered together. The report shows that the concentration of large-scale customer loans has gradually decreased, while the proportion of outstanding corporate bonds in the overdue group has also narrowed compared to the same period. These signals reflect a strategy of restructuring the asset portfolio towards a safer direction, thereby significantly reducing credit risk and dependence on businesses with weak profiles.
Liquidity stability is reinforced by three factors: stable cash flow from margin lending activities, income from equity investment portfolios and new capital mobilized from shareholders, which reduces the pressure on using short-term capital sources. This leads to a clear differentiation in competitiveness between businesses. Companies with healthy financial balance sheets, timely capital increases and sustained growth in margin loans maintain a more prominent position in the industry. Meanwhile, the group of companies that have difficulty in raising capital, are under pressure from bonds or declining profit margins will face the challenge of maintaining sustainable growth.
Looking ahead to 2026, the securities industry faces strong growth opportunities if conditions for capital, margin demand and market upgrade converge. With the largest capital increase scale in many years, securities companies have the conditions to expand financial leverage and increase profitable assets from margin lending activities, especially in the context of vibrant market trading. If the opportunity for market upgrade becomes clearer, capital flows from foreign investment institutions will expand their presence in Vietnam and create long-term development momentum for the securities service ecosystem.
In the context of increasing competition, Vis Rating believes that the position of securities companies will depend largely on financial capacity and risk control ability. The group of enterprises that have promptly increased capital and built an effective risk management system will have the opportunity to lead the market, expand the margin lending market share and attract domestic and foreign institutional investors. On the contrary, companies that do not take advantage of the capital increase wave will find it difficult to keep up with the new growth cycle, especially in an environment where profits depend heavily on margin activities.
The securities industry is entering a new growth cycle on a solid foundation. The increase in capital scale, strong growth in margin lending activities and improved profitability are opening up clear growth space for 2026. However, along with the opportunity is a stronger differentiation between securities companies, when financial capacity and risk management ability will become two factors that determine position in the period when the market is moving towards upgrading standards.
| The securities industry is entering a new growth cycle on a solid foundation. The increase in capital scale, strong growth in margin lending activities and improved profitability are opening up clear growth space for 2026. However, along with the opportunity is a stronger differentiation between securities companies, when financial capacity and risk management ability will become two factors that determine position in the period when the market is moving towards upgrading standards. |
Source: https://thoibaonganhang.vn/tang-von-va-cho-vay-ky-quy-mo-khoa-bien-loi-nhuan-2026-174230.html
Comment (0)