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Leading brokerage reports rise in profit

By Thuy Tien   January 21, 2021 | 10:16 pm PT
Leading brokerage reports rise in profit
An investor looks at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
The Ho Chi Minh City Securities Corporation, a leading brokerage, reported revenues and net profit rose by 26 percent and 23 percent in 2020.

They were worth VND1.6 trillion ($69.5 million) and VND530 billion.

Its fourth quarter revenue jumped by half from the previous quarter to over VND514 billion. But with operating expenses and provisions for doubtful debts also increasing sharply, net profit was up by only 8 percent to VND137 billion.

Brokerage accounted for 39 percent and margin lending for 35 percent of revenues.

Income from proprietary securities trading surged by 80 percent to VND370 billion and accounted for 23 percent of revenues.

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