SSI Securities clocks its second-best quarterly net profit

SSI Securities, a major Vietnamese stockbroker, earned VND835.4 billion ($33 million) in net profit in the second quarter of this year, its second-highest quarterly earnings, behind the record of VND1 trillion ($39.47 million) set in Q4/2021.

The firm, listed on the Ho Chi Minh Stock Exchange as SSI, posted VND1.04 trillion ($55.3 million) in pre-tax profit in the period. Both profit results hiked 59% year-on-year, according to SSI’s Q2 earnings report.

For the first half of this year, SSI gained VND1.94 trillion ($76.61 million) in pre-tax profit and VND1.56 trillion ($62 million) in net profit, fulfilling 60% of its 2024 net profit target.

In Q2, the company netted revenue of VND2.24 trillion ($88.61 million), up 43% year-on-year. Of the sum, VND1.03 trillion ($40.85 million) came from fair value through profit or loss (up 49.6%), VND559 billion from stock brokerage (up 66.5%), and VND512 billion ($20.2 million) from interest income from loans and receivables.

It incurred a VND384 billion ($15.16 million) loss from financial assets, and its costs related to stock brokerage amounted to VND357 billion ($14.1 million). As a result, SSI’s operating costs doubled year-on-year to VND825 billion ($32.56 million) in Q2.

As of end-June, the company’s total assets and equity stood at VND70.3 trillion ($2.77 billion) and VND24.1 trillion ($951.25 million), respectively. Its outstanding margin loans hit VND19.6 trillion ($773.63 million), up nearly 34% from late-2023.

SSI shares ended up 1.31% at VND34,800 ($1.37) apiece on Friday.