Q3 2026 securities firm update: big names report "backward" profits, two losses of hundreds of billions emerge in the sector

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  VPBank reported consolidated pre-tax profit of nearly VND 30,000 billion for the first nine months, equal to its full-year 2025 result, up nearly 47% and reaching about 72.4% of its annual plan; Q3 profit exceeded VND 11,000 billion, its highest quarterly level in history. Consolidated total operating income rose 25.3% to nearly VND 65,500 billion, with net interest income up 26.7% and net service income up 76.3%. ABBank estimates pre-tax profit of VND 4,540 billion, up 97% and completing 100% of its annual profit plan, with its NPL ratio kept below the 1.5% target. Nam A Bank posted over VND 4,700 billion, up 25% and reaching nearly 80% of its annual plan, while its NPL ratio was about 1.5% and its CAR stood at 11.3%. Vietbank earned VND 1,297 billion, up 50%, and SHB estimates VND 14,300 billion for nine months.

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  Samsung Electronics has overtaken Nvidia in quarterly operating profit, driven by its booming memory-chip business amid surging AI infrastructure demand. Samsung reported third-quarter operating profit of 107.4 trillion won (about $75 billion), up 783% year on year and 20% from the previous quarter, above Nvidia's estimated 97 trillion won. KB Securities kept its 'buy' rating with a 600,000-won target price and forecasts fourth-quarter operating profit of 114 trillion won, including 113 trillion from memory. It expects average selling prices for HBM to rise more than 100% year on year, which could accelerate earnings growth in 2027. Under its three-year shareholder-return programme with 110 trillion won remaining, Samsung could pay 70-80 trillion won in dividends and cancel shares worth 30-40 trillion won; KB argues its forward P/E of about 4 times is hard to justify.

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• HD Securities reports nine-month pre-tax profit 3.7 times year-on-year, far exceeding its full-year 2025 profit

  HD Securities (HDS) reported pre-tax profit of VND 2,241 billion for the first nine months of 2026, up 3.7 times year-on-year and 1.7 times its full-year 2025 profit of VND 1,314 billion. Nine-month after-tax profit reached VND 1,804 billion, and Q3 revenue was VND 1,130 billion, nearly three times the year-earlier level. Investment banking was a key growth driver, with underwriting and issuing-agency revenue of VND 982 billion, up 9.8 times year-on-year, while investment and funding income was the largest source at 48.9% of nine-month revenue. Charter capital rose from VND 1,461 billion to VND 10,961 billion, and equity grew about fourfold since the start of the year. The company said 87% of nine-month pre-tax profit was realized, with annualized ROE of 27.5%.

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