EARNINGS RELEASE
VIETCAP ACHIEVES PROFIT BEFORE TAX OF VND211BN IN Q2 2025
Vietcap Securities (HOSE: VCI, “Vietcap,” or “the company”) announces its business results for the second quarter of 2025 (Q2 2025) and first half of 2025 (H1 2025).
Q2 2025 and H1 2025 financial summary
Profit before tax (PBT): For Q2 2025, PBT was VND211bn (USD8.3mn), declining 38% vs Q2 2024. For H1 2025, PBT was VND567bn (USD22.2mn), edging down 1% compared to H1 2024 and fulfilling 40% of Vietcap’s 2025 guidance of VND1,420bn (USD55.7mn).
Return on equity (ROE): TTM ROE was 7.2% for H1 2025. Excluding the net of difference in equity due to asset revaluation (amounting to VND1,568bn/USD61.5mn as of end-June 2025), Vietcap’s TTM ROE stood at 8.5%.
Total equity: VND12,439bn (USD487.8mn) as of end-June 2025 — 4% lower than at end-December 2024.
Q2 2025 and H1 2025 business segment highlights
Brokerage
- Brokerage recorded Q2 2025 revenue of VND226bn (USD8.9mn; 42% higher compared to last quarter – Q1 2025) and PBT of VND81bn (USD3.2mn; 45% higher compared to Q1 2025). For H1 2025, brokerage recorded revenue of VND385bn (USD15.1mn; inching up 1% compared to H1 2024) and PBT of VND137bn (USD5.4mn; declining 4% compared to H1 2024). The positive brokerage result was mainly driven by an increase in market liquidity in Q2 2025, during which the average trading value was 30% higher compared to Q1 2025 and reached the highest quarterly level since Q2 2024.
- Vietcap ranks fourth on HOSE in Q2 2025 with a brokerage market share of 6.84%, increasing from 6.77% in Q1 2025 and 6.08% market share in full-year 2024.
Margin Lending
- Margin lending saw revenue of VND274bn in Q2 2025 (USD10.8mn; 6% lower compared to Q1 2025) and PBT of VND122bn (USD4.8mn; 31% higher compared to Q1 2025). For H1 2025, margin lending recorded revenue of VND567bn (USD22.2mn; 31% higher compared to H1 2024) and PBT of VND215bn (USD8.4mn; 104% higher compared to H1 2024). The discrepancy between revenue and profit from the margin lending segment in Q2 2025 was due to lower funding cost and a lower outstanding debt financing balance.
- Vietcap’s margin lending balance as of end-June 2025 reached a record-high of VND11,307bn (USD443.4mn). Vietcap’s margin lending balance to total equity ratio remained at a healthy level of 0.9x as of end-June 2025.
Investment Banking
- Investment banking recorded revenue of VND2bn in Q2 2025 (USD0.1mn; compared to VND13bn in Q1 2025) and a net loss of VND6bn (USD0.3mn) compared to a PBT of VND1bn in Q1 2025. For H1 2025, investment banking recorded revenue of VND15bn (USD0.6mn; 10% lower compared to H1 2024) and a net loss of VND6bn (USD0.2mn; compared to a net loss of VND4bn in H1 2024).
Investment
- Investment recorded Q2 2025 revenue of VND662bn (USD25.9mn; 61% higher than in Q1 2025) and PBT of VND15bn (USD0.6m; 93% lower than Q1 2025). The VN-Index experienced significant volatility during Q2 2025, especially during the consecutive declines in early April 2025, dropping from 1,313 points to 1,072 points. This was the main reason for the drop in investment performance.
- For H1 2025, investment recorded revenue of VND1,072bn (USD42.0mn; growing 17% compared to H1 2025) and PBT of VND220bn (USD8.6mn; declining 33% compared to H1 2024). In H1 2025, Vietcap made several trades in FPT, FRT, ACB, MBB, HPG, and MCH, among other stocks.
H1 2025 financial position highlights
- Vietcap’s debts were VND8,618bn (USD338.0mn) as of end-June 2025, 31% 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 69.3% at end-June 2025 compared to 97.1% at end-December 2024.
- Vietcap’s total assets were VND21,898bn (USD858.7mn) at end-June 2025 — 18% lower compared to end-December 2024.
Notable corporate actions in H1 2025
- In February 2025, Vietcap paid a 2024 second interim cash dividend of VND250/share.
- In July 2025, Vietcap signed unsecured club loan financing for USD41.6mn (equivalent to VND1,061bn). The loan was arranged and/or committed by, among others, the following banks: CTBC Bank Co., Ltd., Cathay United Bank Co., Ltd., Taipei Fubon Commercial Bank Co., Ltd., First Commercial Bank Co., Ltd., Offshore Banking Branch, and Union Bank of Taiwan.
- In July 2025, Vietcap issued 4,500,520 ESOP shares (equivalent to 0.6% of total outstanding shares prior to the ESOP issuance). Vietcap’s total outstanding shares as of end-July 2025 were 722.6 million shares.
Income Statement Highlights
VND bn | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | QoQ | YoY | H1 2024 | H1 2025 | YoY | 2024 |
Total revenue |
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Brokerage | 186 | 194 | 186 | 202 | 159 | 226 | 42% | 16% | 381 | 385 | 1% | 769 |
Margin Lending | 190 | 244 | 215 | 284 | 293 | 274 | -6% | 13% | 433 | 567 | 31% | 932 |
Investment Banking | 4 | 12 | 2 | 17 | 13 | 2 | -85% | -83% | 16 | 15 | -10% | 35 |
Investment | 433 | 484 | 575 | 521 | 410 | 662 | 61% | 37% | 918 | 1072 | 17% | 2014 |
Operating expenses | 370 | 359 | 468 | 520 | 314 | 772 | 146% | 115% | 729 | 1086 | 49% | 1717 |
Loss on FVTPL (1) | 168 | 198 | 253 | 373 | 155 | 591 | 283% | 198% | 366 | 746 | 104% | 992 |
Provisions (2) | 0 | 0 | 0 | 0 | 0 | 0 | N.M. | N.M. | 0 | 0 | N.M. | 0 |
Other operating expenses (Net of (1) and (2)) | 202 | 161 | 215 | 147 | 159 | 181 | 14% | 12% | 363 | 340 | -6% | 726 |
Financial expenses | 185 | 197 | 197 | 218 | 183 | 153 | -16% | -22% | 382 | 337 | -12% | 798 |
Profit before tax | 228 | 344 | 265 | 253 | 355 | 211 | -40% | -38% | 571 | 567 | -1% | 1089 |
Brokerage | 65 | 77 | 69 | 86 | 56 | 81 | 45% | 5% | 142 | 137 | -4% | 297 |
Margin lending | 42 | 63 | 46 | 85 | 93 | 122 | 31% | 93% | 105 | 215 | 104% | 236 |
Investment banking | -6 | 2 | -6 | 13 | 1 | -6 | N.M. | N.M. | -4 | -6 | N.M. | 2 |
Investment | 126 | 202 | 157 | 70 | 205 | 15 | -93% | -93% | 328 | 220 | -33% | 554 |
Net profit after tax | 198 | 279 | 215 | 218 | 295 | 184 | -38% | -34% | 477 | 479 | 0% | 911 |
Balance Sheet Highlights
VND bn | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY2023 | FY2024 | Q2 2025 |
Balance sheet highlights |
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Cash and cash equivalents | 795 | 643 | 1,132 | 3,424 | 788 | 4,744 | 472 |
FVTPL | 795 | 615 | 1,222 | 665 | 122 | 846 | 777 |
Held-to-maturity (HTM) | 262 | 106 | 754 | 886 | 380 | 598 | 933 |
Margin lending | 3,032 | 3,882 | 7,701 | 5,279 | 7,992 | 11,222 | 11,307 |
Available-for-sale (AFS) | 1,731 | 2,713 | 5,324 | 3,734 | 6,604 | 8,409 | 7,783 |
Debt | 2,563 | 3,364 | 8,327 | 6,873 | 8,979 | 12,574 | 8,618 |
Short-term debts | 2,563 | 3,364 | 8,327 | 6,873 | 8,979 | 12,574 | 8,618 |
Long-term debts | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Assets | 7,243 | 8,382 | 16,636 | 14,243 | 17,255 | 26,592 | 21,898 |
Total Liabilities | 3,191 | 3,861 | 10,094 | 7,747 | 9,884 | 13,648 | 9,459 |
Total Equity | 4,052 | 4,522 | 6,542 | 6,495 | 7,371 | 12,944 | 12,439 |
Key financial ratios | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY2023 | FY2024 | Q2 2025 |
Total Debts / Equity | 63.2% | 74.4% | 127.3% | 105.8% | 121.8% | 97.1% | 69.3% |
Net Debts (*) / Equity | 43.6% | 60.2% | 110.0% | 53.1% | 111.1% | 60.5% | 65.5% |
Total Liabilities / Total Assets | 44.1% | 46.1% | 60.7% | 54.4% | 57.3% | 51.3% | 43.2% |
ROA | 10.1% | 9.8% | 12.0% | 5.6% | 3.1% | 4.2% | 3.8% |
ROE | 18.0% | 17.9% | 27.1% | 13.3% | 7.1% | 9.0% | 7.2% |
ROE (**) | 19.9% | 19.7% | 33.4% | 16.8% | 8.8% | 11.1% | 8.5% |
BVPS (VND) | 9,446 | 10,502 | 15,112 | 14,915 | 16,849 | 18,026 | 17,214 |
(*) Net debt = Total debts – CCE (cash & cash equivalents)
(**) This ROE ratio is calculated based on total equity net of differences due to asset revaluation.
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