Securities sector profit plunges over 40% in Q3

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• Why are securities stocks lagging despite high expectations?

  Securities stocks have remained weak despite expectations of gains from FTSE Russell's market upgrade and capital market development. According to VietstockFinance, as of 09/10/2026 the sector index was down 23.46% year-to-date, much deeper than the 2.77% decline of VN-Index, and had lost 39.92% over the past year. About 80% of the 43 sector stocks were more than 20% below their recent peaks, a threshold commonly used to define a bear market. Võ Kim Phụng of Chứng khoán Beta said the sector's earnings depend on liquidity, margin lending and interest rates, and that expected gains were priced in earlier; in Q3/2026, average daily trading value on HOSE and HNX fell 58% year-on-year.

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• Brokerage market-share leader cuts nearly 300 staff in a quarter

  VPS, the brokerage market-share leader across all three exchanges, cut 286 staff in Q3, leaving 1,635 employees as of end-September. Brokerage revenue fell nearly 70% year on year to 485 billion VND from over 1,520 billion VND, though VPS kept the top market share on HoSE, HNX and UPCoM. Talentnet says staff turnover in the sector is high because brokerage roles are tied to KPIs, and firms are trimming base salary and bonus budgets as trading stays subdued despite the market upgrade. Margin lending remained the main driver, contributing nearly 950 billion VND in Q3 and nearly 2,930 billion VND over nine months, with double-digit growth. Pre-tax profit reached nearly 1,120 billion VND in Q3 and over 4,040 billion VND for nine months.

  VnExpress·27/10, 03:11brokeragesmargin lendingearnings
• Nearly 300 Employees Leave a Securities Firm in Q3

  As of the end of Q3 2026, VPS Securities (VCK) had 1,635 employees, down 286 from the end of Q2, a decline of nearly 15% in three months. Compared with the peak of 2,561 at the end of Q2 2022, headcount is down 926, or about 36%. The cuts come as brokerage faces pressure from weakened market liquidity, with brokerage revenue falling 68.2% year on year to about 485 billion VND. Total operating revenue in Q3 was 2,076 billion VND, down 23.3%, and after-tax profit was nearly 894 billion VND, down 20.7%. Margin lending income, however, rose 34.3% to nearly 948 billion VND, and nine-month pre-tax profit still grew 27% to 4,044 billion VND.

  CafeF·26/10, 17:35brokeragesemploymentearnings
• VPS Maintains Top Brokerage Market Share, 9-Month Pre-Tax Profit Up 26.7%

  Vietnam's VPS Securities (VCK) reported 9-month 2026 pre-tax profit of VND 4,044 billion, up 26.7% year on year, while operating revenue reached VND 6,949 billion, up 17.8%. In Q3 2026, operating revenue, pre-tax profit and after-tax profit fell 23.3%, 19.8% and 20.7% respectively, as market liquidity remained low, with average daily trading value across the three exchanges at about VND 18,600 billion, down 58%. Margin lending remained the main growth driver, with 9-month income of VND 2,926 billion, up 68.3%, and outstanding balances of VND 25,363 billion as of 30/9/2026, up 14.9% from the start of the year. VPS held a 11.54% brokerage market share on HOSE, ranking first, although 9-month brokerage revenue fell 25.6%. Trailing four-quarter ROE and ROA reached 15.6% and 8.9%, and the financial safety ratio stood at 988%, 3.8 times the 260% minimum.

  CafeF·21/10, 08:30brokeragesmargin lendingearnings
• DNSE posts over VND 1,300 billion in operating revenue in first nine months, up more than 27%

  DNSE reported operating revenue of VND 1,302.9 billion for the first nine months of 2026, up 27.3% year on year, with interest income from loans and receivables up nearly 33%. Margin loan balances reached VND 6,445 billion at the end of Q3. Nine-month pre-tax profit was VND 171.3 billion and after-tax profit was VND 135.8 billion, as total costs rose 62% and the company cited weaker market liquidity and VN-Index movements. According to HNX, DNSE's derivatives brokerage market share hit a record 26.62% in Q3, and its securities accounts reached 2 million in September 2026, roughly one-seventh of all securities accounts in the market.

  CafeF·20/10, 12:30brokeragesearningsmargin lending
• SSI Securities' Q3 2026 profit revealed

  SSI estimates Q3 2026 revenue at VND 3,219 billion and pre-tax profit at VND 1,388 billion, with pre-tax profit down 24% year on year. For the first nine months of 2026, consolidated revenue is estimated at VND 9,871 billion and pre-tax profit at VND 4,510 billion, up 5% and 11% respectively, completing 77% of the full-year profit plan. As of September 30, 2026, the parent company's total assets reached VND 92,441 billion and equity VND 38,057 billion. In Q3, SSI held an 11.09% share of brokerage on HOSE, margin lending revenue rose 11% to VND 1,115 billion with a margin loan balance of VND 38,294 billion, and investment activities contributed about 46% of quarterly revenue.

  CafeF·20/10, 11:14• SSISSIbrokeragesearnings

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