The music is out of sync between revenue and expenses.
Looking at VikkiBankS' overall picture in the first few months of 2026, one could easily be misled by the positive indicators on the surface. Total operating revenue reached over VND 9.7 billion, recording a growth of approximately 19% compared to the same period last year. This is not a bad figure at all in the context of a highly polarized stock market. Efforts to boost brokerage and margin lending have brought in fresh cash flow, demonstrating that the VikkiBankS brand is beginning to gain a certain foothold in the hearts of individual investors.
However, the financial tragedy lies in the cost balance sheet. While revenue only increased by less than 20%, total operating expenses skyrocketed by over 55%, reaching 10.1 billion VND. This disparity created a painful paradox: the more VikkiBankS strived to expand, the deeper it sank into losses. Net profit after tax, which was positive the previous year, reversed to a negative figure of over 700 million VND. For a financial institution, expenses increasing three times faster than revenue is not just a temporary management error, but a sign of an inefficient operational structure where the technology and marketing departments are devouring the fruits of the sales team's labor.
The "black hole" of proprietary trading and questions about risk management capabilities.
One of the most thorny issues in this financial report is the portfolio of assets recognized through profit and loss (FVTPL). In the financial world, proprietary trading is always considered a double-edged sword, and for VikkiBankS, that sword is now pointing back at them. Losses from FVTPL assets surged by more than 2.1 billion VND in just three months. This raises serious questions about the management's investment strategy: Is VikkiBankS taking too many risks in "gambling" with the market, or is the risk management system of a digital bank that prides itself on its algorithms performing less effectively than traditional methods?
A closer look at the portfolio reveals a lack of necessary safeguards. In a quarter marked by volatile market conditions, allowing proprietary trading losses to balloon directly negated all the efforts from the brokerage segment. This indicates a serious imbalance: the company is drawing money from its stable client base to compensate for short-term speculative mistakes. This is an outdated "short-term gains to fund long-term growth" strategy, which has no place in an era of finance that prioritizes sustainability and transparency.
The legacy of accumulated losses and equity pressure.
If the first-quarter business results are considered an open wound, then the accumulated losses of nearly 300 billion VND are a chronic disease threatening the survival of VikkiBankS. With a charter capital of 500 billion VND, the "evaporation" of nearly 60% of its equity value into past losses is an immense burden. The accumulated loss of 299.4 billion VND is not just a news item on a report; it is proof of a period of uncontrolled "burning of money" in exchange for brand presence.
This pressure becomes even heavier when looking at the balance sheet. The erosion of long-term assets by accumulated depreciation – with the remaining value of tangible fixed assets now less than 1 billion VND out of an initial investment of over 13 billion VND – indicates the rapid obsolescence of infrastructure or a short-sighted asset investment strategy. When equity capital is depleted, VikkiBankS' ability to raise capital and expand into new business operations will be severely limited. The question is: How long will strategic shareholders be patient when they see their capital continuously being "turned into gold" with each reporting period?
Short-term capital shortage and potential liquidity risk.
Another point of concern is the appearance of new short-term loans worth 6 billion VND. In the context of negative cash flow from business operations, resorting to debt leverage to maintain operations is a warning sign regarding liquidity. VikkiBankS is falling into a spiral of debt to compensate for operating losses. This is an extremely dangerous path for any financial institution, because even a small fluctuation in the credit market or a decline in confidence from creditors could immediately lead to a freeze in cash flow.
The sharp increase in brokerage fees also reflects a cutthroat fee war to attract customers. In the era of "Zero Fees," digital securities companies like VikkiBankS are forced to find other revenue streams from value-added services or margin trading. However, reports show that interest income from loans and receivables has not grown proportionally to the costs incurred. This confirms that VikkiBankS has yet to find a true profit anchor, and is still stuck in a cycle: Spending money to acquire customers - Having customers but no profit - Continuing to borrow money to retain customers.
What is the solution for the future of VikkiBanks?
VikkiBankS cannot continue to hide behind the facade of a "startup" to excuse its persistent losses. The financial market in 2026 has no place for unrealistic dreams of capturing market share at all costs. Investors and customers need to see a clear roadmap to the break-even point, a drastic change in the cost structure, and a more professional risk management mindset.
To escape this trap, VikkiBankS needs a painful overhaul. This involves cutting back on inefficient proprietary trading segments, optimizing its human resources and technology to reduce operating costs, and simultaneously strengthening its financial advisory services segment – which generates higher added value than pure brokerage. If it continues its current "the more it does, the more it loses" trend, the day its equity is completely wiped out will not be far off.
Source: https://daibieunhandan.vn/vikkibanks-khi-cong-nghe-khong-the-khoa-lap-ho-den-chi-phi-10416769.html
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