Securities firms enjoy flourishing Q3 earning results

The third quarter business results of securities businesses show that revenue and profits mainly come from brokerage, self-trading, and lending.

MB Securities Joint Stock Company (MBS) reported that total revenue in the third quarter reached more than VND540 billion ($22 million), up 24.7% over the same period last year. Pre-tax profit increased by 37.7% over the same period last year to total more than VND208 billion.

Explaining the profit increase in the third quarter, MBS said that the value of stock transactions in the entire market increased sharply, helping stock brokerage revenue rise by VND62.6 billion.

In nine months, MBS's revenue decreased by 18% to VND1.27 trillion. Pre-tax profit and after-tax profit reached VND515 billion and VND411 billion respectively, both down about 7% compared to the same period in 2022.

In 2023, MBS plans to earn a total revenue of VND2.7 trillion and a pre-tax profit of VND900 billion. Therefore, the company has completed about 57% of the year's profit target.

VIX Securities Joint Stock Company (VIX) recorded a 143% increase in pre-tax profit in the third quarter, reaching VND248 billion. Revenue reached VND323 billion, an increase of 77%. In 9 months, this securities company had a pre-tax profit of VND964 billion, up 90% over the same period last year.

Explaining the third-quarter profit growth, VIX Securities said the market transaction scale increased, causing profits from brokerage activities to rise by 44.2%. At the same time, lending and receivable income increased by 154%.

Third quarter pre-tax profit of Bao Minh Securities (BMS) doubled over the same period of 2022 thanks to self-trading revenue, reaching VND89 billion, nearly equal to the same period last year.

The company reported a profit after tax of over VND30 billion, double the same period last year.

In nine months, BMS recorded a profit after tax of VND128 billion, while it suffered a loss of VND16 billion in the same period last year.

Yuanta Securities Vietnam Limited Liability Company (YSVN) reported third-quarter revenue of VND163 billion, up 12%.

Brokerage revenue also increased by 29%, recording VND59 billion. In contrast, interest income from loans and receivables decreased by 23% over the same period in 2022.

Total operating costs increased by 14% to approximately VND84 billion.

The company reported a pre-tax profit of more than VND49 billion in the third quarter, an increase of 23% compared to the same period in 2022.

In 9 months, Yuanta's revenue decreased by 10% to VND420 billion. Pre-tax profit and after-tax profit reached 114 billion VND and 90 billion VND, respectively, down 16% and 18% respectively compared to the same period in 2022.

Viet Dragon Securities Joint Stock Company (VDS) reported that pre-tax profit in the third quarter of 2023 rose by nearly 353%, reaching VND113 billion .

In the nine-month period, VDS's total revenue reached VND603.2 billion, equivalent to 92.7% of the same period in 2022 and completing 68.9% of the 2023 plan.

The company's expenses decreased significantly, recorded at VND283.4 billion and only equalling 37.2% of the same period last year.

VDS's pre-tax profit in 9 months reached 319.8 billion, profit after tax reached 252.8 billion VND, completing 118.4% and 117.1% of the 2023 plan, respectively.

Most businesses have recorded growth in revenue and profits, but there are also securities businesses that still report weaker business results due to ineffective cost management.

Agribank Securities Joint Stock Company (Agriseco) reported third-quarter revenue of nearly 100 billion VND, an increase of 18.3% compared to the third quarter of 2022.

However, increased management costs pushed Agriseco's total costs to VND60.5 billion, an increase of 29%. This made the profit after tax only reach VND26.7 billion, down 11.5% over the same period in 2022.

In nine months, total revenue reached VND271.6 billion, almost flat compared to the same period in 2022. Profit after tax reached VND112.4 billion, up 10.2%.