Ransomware attack-hit VNDirect Securities sees 18% drop in Q2 net profit
VNDirect Securities, the third-largest stockbroker in Vietnam by capital base, suffered an 18% year-on-year decrease in net profit to VND345 billion ($13.64 million) in the second quarter of this year, primarily due to the fallout from a ransomware attack on March 25.
VNDirect’s operating costs surged 41.6% year-on-year to VND803 billion ($31.75 million), according to its Q2 earnings report.

An investor tracks stock prices. Photo by The Investor/Trong Hieu.
VNDirect, listed on the Ho Chi Minh Stock Exchange (HoSE) as VND, posted VND538 billion ($21.27 million) in losses from selling financial assets measured at fair value through profit or loss (FVPL), up 35.5% year-on-year.
The firm earned VND1.45 trillion ($57.64 million) in operating revenue, down 8% year-on-year. Its Q2 profit from FVPL financial assets decreased to VND810 billion ($32.02 million) from VND948 billion ($37.48 million) in the same period last year. Notably, its revenue from stockbrokerage declined from VND203.7 billion ($8.05 million) to VND182 billion ($7.2 million).
VND general director Nguyen Vu Long said that the losses resulted from compensating customers affected by the cyberattack, despite a significant drop in Q2 interest expenses to VND154 billion ($6.1 million) from VND412 billion ($16.3 million) in Q2/2023.
For the first half of this year, VND generated VND961 billion ($38 million) in net profit, up 71.5% over the year and fulfilling 48% of its 2024 target of VND2.02 trillion ($79.86 million).
As of end-Q2, the firm had total assets of VND45.15 trillion ($1.78 billion), rising by VND3.41 trillion ($134.8 million) from the beginning of 2024. Customer assets managed by VNDirect slid by nearly VND300 billion ($11.86 million) to VND83.06 trillion ($3.28 billion).
Regarding stockbrokerage, VNDirect ranks fourth on the HoSE with a market share of 6.46%, trailing VPS Securities, Saigon Securities, and Techcombank Securities, and up from 6.01% in Q1. On the Hanoi Stock Exchange (HNX), its share rose from 7.51% in Q1 to 7.77% in Q2, placing it third behind VPS and TCBS.
At its 2024 AGM on June 28, VND's board said that the company will issue 304.5 million shares, including 60.8 million shares under a 2022 stock dividend of 5% and 243.5 million shares via a private placement. After the issuance, VNDirect’s charter capital will hike to VND15.22 trillion ($598.15 million) from VND12.17 trillion ($478.51 million).
After the ransomware attack, VND shares dropped from VND21,400 ($0.85) to VND16,278 ($0.64) apiece in one month. VND closed at VND15,700 ($0.62) per share on Thursday.
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