Contrasting stock returns among banks

While many banks reported profits from trading and investment securities when the stock market grew positively, many banks also recorded net profits from these segments decreasing or losing in the past three quarters.

Securities trading is one of the activities that helps banks diversify their revenue sources and minimize risks.

Many banks have big profits

In the first 9 months of this year, Vietcombank 's non-interest business segment brought in positive results, earning VND3,395 billion, up 4.2% over the same period last year. In particular, the growth driver came from trading securities - earning VND140 billion, up more than 143% over the same period.

At VietinBank , in the third quarter of 2025, net profit from trading securities was recorded at VND216 billion, a sharp increase compared to the same period when it only earned VND16 billion; the investment securities segment contributed VND14 billion in net profit, while in the same period last year it lost VND202 billion. In the first 9 months of the year, the bank's net profit from trading securities reached VND667 billion, while in the same period it was only VND79 billion; the investment securities segment contributed VND136 billion in net profit, while in the same period it lost VND341 billion.

Banks aim for sustainable revenue structure

After a decline in 2023-2024, private banks with large customer networks are recording positive growth, a more balanced profit structure, reduced dependence on credit, supporting the maintenance of a stable growth momentum in the medium term. According to financial analysts, in the context of low lending interest rates, banks' promotion of non-interest income, aiming for a sustainable revenue structure and reducing dependence on credit is considered an inevitable trend, helping to diversify revenue sources and develop in a sustainable direction.

In the third quarter of 2025, net profit from trading securities at BIDV was recorded at VND67 billion (a loss of VND64 billion in the same period last year). The investment securities segment also contributed VND517 billion in net profit to the profit structure (a loss of VND486 billion in the same period last year). In the first 9 months of the year, BIDV also recorded a sudden net profit from trading securities, with VND328 billion, while in the same period last year it only earned VND182 billion. Notably, the investment securities segment contributed VND1,310 billion in net profit to the profit structure, while in the same period last year it lost VND264 billion.

Meanwhile, at Eximbank, the consolidated financial report for the third quarter of 2025 showed that net profit from trading securities reached more than VND13 billion, while in the same period, this revenue was not recorded. With investment securities, this bank only made a profit of nearly VND1.3 billion, while in the same period, it lost more than VND40 billion.

Net profit from securities investment at KienlongBank increased more than 3 times compared to the same period, to 19 billion VND in the first 9 months of the year. KienlongBank said that it is promoting the restructuring of revenue sources towards sustainability, taking services and non-credit activities as new growth drivers. This shift helps the Bank diversify revenue sources, optimize investment portfolio and move towards a multi-functional banking model, more balanced between credit and non-credit...

The reason why many banks made a lot of money from the trading and investment securities sector in the third quarter of 2025 was thanks to the strong increase in the stock market when the VN-Index broke through by more than 20% in just 3 months, surpassing 1,700 points in early September 2025, recording one of the strongest recoveries since the pandemic. Trading securities are a short-term asset, bought and sold in the short term. Therefore, analysts believe that smart banks in this sector will take advantage of the opportunity when the stock market increases.

Some banks reduce profits, big losses

Securities trading is one of the activities that helps banks diversify their revenue sources and minimize risks. In addition, banks can be flexible in buying and selling securities, taking advantage of market growth opportunities. However, not all banks have recorded good results from this business segment.

At MB, in the first 9 months of this year, the trading securities segment recorded a net profit decrease of more than 64%, while the investment securities segment doubled compared to the same period. At KienlongBank, non-interest income accelerated in the foreign exchange trading, trading securities and other activities, bringing in VND379 billion in 9 months, nearly three times higher than the same period. Meanwhile, the trading securities segment brought in VND26 billion for LPBank in the first 9 months of this year, down 21% compared to the same period.

At Techcombank, the securities trading segment recorded a loss of VND150 billion in the third quarter of 2025, while in the same period last year it only lost VND1 billion; in the first 9 months of 2025, net revenue from this segment was only VND61 billion, down nearly 24% over the same period (reaching VND71 billion). In contrast, Techcombank's investment securities segment grew by triple digits in the third quarter of 2025 - up to 172.2%, bringing in VND1,059 billion; in 9 months, net profit from this segment was recorded at VND2,110 billion, unchanged compared to the same period.

The recovery in bank profits is being underpinned by credit expansion, the main driving force of the banking sector. It is forecast that system-wide credit will need to increase by about 18-20% in 2025 to support economic growth targets. At the same time, non-interest income of banks will recover more clearly, especially in the service fee and bancassurance segments.

Source: https://baodautu.vn/trai-chieu-loi-nhuan-chung-khoan-giua-cac-ngan-hang-d430052.html