EARNINGS RELEASE

VIETCAP ACHIEVED PROFIT BEFORE TAX OF VND355BN IN Q1 2025

Vietcap Securities (HOSE: VCI, “Vietcap,” or “the company”) announces its business results for the first quarter of 2025 (Q1 2025).

 

Q1 2025 financial summary

Profit before tax (PBT): For Q1 2025, PBT was VND355bn (USD13.9mn), growing 56% vs Q1 2024, and fulfilling 25% of Vietcap’s 2025 guidance of VND1,420bn (USD55.7mn).

Return on equity (ROE): ROE was 7.9% for Q1 2025. Excluding the net of differences in equity due to asset revaluation (amounting to VND1,893bn/USD74.2mn as of end-March 2025), Vietcap’s ROE stood at 9.5%.

Total equity: VND12,580bn (USD493.3mn) as of end-March 2025 — 3% lower than at end-December 2024.


Q1 2025 business segment highlights

Brokerage

  • Brokerage recorded Q1 2025 revenue of VND159bn (USD6.2mn; 15% lower vs Q1 2024) and PBT of VND56bn (USD2.2mn; 14% higher vs Q1 2024). The decline in brokerage’s result was mainly driven by a decrease in market liquidity in Q1 2025 during which average trading value was 25% lower vs Q1 2024. 
  • Vietcap ranks fourth on HOSE in Q1 2025 with a brokerage market share of 6.77%, increasing from 6.08% market share in 2024.

Margin Lending

  • Margin lending achieved revenue of VND293bn in Q1 2025 (USD11.5mn; 3% and 55% higher vs Q4 2024 and Q1 2024, respectively) and PBT of VND93bn (USD3.6mn; 10% and 121% higher vs Q4 2024 and Q1 2024, respectively). 
  • Vietcap’s margin lending balance as of end-March 2025 declined to VND10,095bn (USD395.9mn) compared to the record-high level at VND11,222bn (USD440.4mn) as of end-December 2024. Vietcap’s margin lending balance to total equity ratio remains at a healthy level of 0.8x as of end-March 2025. 

Investment Banking

  • Investment banking revenue was VND13bn in Q1 2025 (USD0.5mn) and a PBT of VND1bn compared to a net loss of VND6bn (USD0.2mn) in Q1 2024.

Investment 

  • Investment recorded Q1 2025 revenue of VND410bn (USD16.1mn; 5% lower than in Q1 2024) and PBT of VND205bn (USD8.1m; 63% higher than Q1 2024). In Q1 2025, the stock market performed positively with the VN-Index at times reaching 1,342.91 points compared to 1,266.78 points as end-December 2024. As a result, Vietcap realized profits from several investments during the period.  

 

Q1 2025 financial position highlights

  • Vietcap’s debts were VND10,311bn (USD404.3mn) as of end-March 2025, 18% lower compared to end-December 2024. These debts were all short-term and mainly used to fund margin lending activities.
  • Vietcap’s total debt to equity ratio decreased to 82.0% at end-March 2025 compared to 97.1% at end-December 2024. 
  • Vietcap’s total assets were VND23,728bn (USD930.5mn) at end-March 2025 — 11% lower compared to end-December 2024.

 

Notable corporate actions in Q1 2025

  • In February 2025, Vietcap paid 2024 second interim cash dividend of VND250/share.


Income Statement Highlights

VND bn

Q1

2024

Q2

2024

Q3

2024

Q4

2024

Q1

2025

QoQ

YoY

2022

2023

2024

YoY

Total revenue

 

 

 

 

 

 

 

 

 

 

 

Brokerage

186

194

186

202

159

-21%

-15%

609

514

769

50%

Margin Lending

190

244

215

284

293

3%

55%

808

791

932

18%

Investment Banking

4

12

2

17

13

-24%

184%

431

35

35

-2%

Investment

433

484

575

521

410

-21%

-5%

1344

1156

2014

74%

Operating expenses

370

359

468

520

314

-40%

-15%

1399

1064

1717

61%

Loss on FVTPL (1)

168

198

253

373

155

-59%

-8%

900

496

992

100%

Provisions (2)

0

0

0

0

0

N.M.

N.M.

0

0

0

N.M.

Other operating expenses 

(Net of (1) and (2)) 

202

161

215

147

159

8%

-21%

498

567

726

28%

Financial expenses

185

197

197

218

183

-16%

-1%

700

740

798

8%

Profit before tax

228

344

265

253

355

40%

56%

1060

571

1089

91%

Brokerage

65

77

69

86

56

-35%

-14%

192

102

297

190%

Margin lending

42

63

46

85

93

10%

121%

229

153

236

54%

Investment banking

-6

2

-6

13

1

-94%

N.M.

342

-32

2

N.M.

Investment

126

202

157

70

205

195%

63%

298

347

554

60%

Net profit after tax

198

279

215

218

295

35%

49%

869

493

911

85%


Balance Sheet Highlights

VND bn

FY 2019

FY 2020

FY 2021

FY 2022

FY2023

FY2024

Q1 2025

Balance sheet highlights

 

 

 

 

 

 

 

Cash and cash equivalents

795

643

1,132

3,424

788

4,744

2,302

FVTPL

795

615

1,222

665

122

846

1,195

Held-to-maturity (HTM)

262

106

754

886

380

598

898

Margin lending

3,032

3,882

7,701

5,279

7,992

11,222

10,095

Available-for-sale (AFS)

1,731

2,713

5,324

3,734

6,604

8,409

7,524

Debt

2,563

3,364

8,327

6,873

8,979

12,574

10,311

Short-term debts

2,563

3,364

8,327

6,873

8,979

12,574

10,311

Long-term debts

0

0

0

0

0

0

0

Total Assets

7,243

8,382

16,636

14,243

17,255

26,592

23,728

Total Liabilities

3,191

3,861

10,094

7,747

9,884

13,648

11,148

Total Equity

4,052

4,522

6,542

6,495

7,371

12,944

12,580

Key financial ratios

FY 2019

FY 2020

FY 2021

FY 2022

FY2023

FY2024

Q1 2025

Total Debts / Equity

63.2%

74.4%

127.3%

105.8%

121.8%

97.1%

82.0%

Net Debts (*) / Equity

43.6%

60.2%

110.0%

53.1%

111.1%

60.5%

63.7%

Total Liabilities / Total Assets

44.1%

46.1%

60.7%

54.4%

57.3%

51.3%

47.0%

ROA 

10.1%

9.8%

12.0%

5.6%

3.1%

4.2%

4.0%

ROE 

18.0%

17.9%

27.1%

13.3%

7.1%

9.0%

7.9%

ROE (**)

19.9%

19.7%

33.4%

16.8%

8.8%

11.1%

9.5%

BVPS (VND)

9,446

10,502

15,112

             14,915 

             16,849 

        18,026 

       17,519 

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