Vietnam's leading broker SSI posts Q1 profit of $61 mln, trims equity exposure

SSI Securities Corporation reported a Q1 pre-tax profit of over VND1.59 trillion ($60.5 million), as the brokerage scaled back equity investments and margin lending amid volatile markets and rising interest rates.

The Ho Chi Minh City Stock Exchange (HoSE)-listed firm said parent company revenue rose 46% year-on-year to over VND3.11 trillion ($118.2 million), with pre-tax profit up 44% to over VND1.46 trillion ($55.49 million). On a consolidated basis, revenue increased 10% to 3.295 trillion dong, while pre-tax profit climbed 33%.

Securities services remained the main driver, contributing over VND1.68 trillion ($63.89 million), or about 54% of total revenue. Brokerage income reached VND607 billion ($23.06 million), doubling from a year earlier, while margin lending and advances totalled nearly VND1.05 trillion ($39.88 million), up 67%.

SSI’s brokerage market share on the HoSE rose to 11.14% from 9.93% a year earlier, while its derivatives brokerage share increased to 7.2% from 3.11%.

Investment income rose 18% year-on-year to nealy VND1.23 trillion ($46.57 million), accounting for 39% of total revenue. Treasury and financial operations generated VND183 billion ($6.95 million), up 50% from the previous quarter.

Shift to fixed-income assets

As of March 31, the parent company’s total assets stood at over VND91.89 trillion (3.49 billion), slightly down from the start of the year, mainly due to lower cash holdings and a reduction in margin lending.

Outstanding margin loans and advances fell 5% to nearly VND36.93 trillion ($1.4 billion).

The firm expanded its financial assets at fair value through profit or loss (FVTPL) portfolio by nearly VND3 trillion to over VND45.61 trillion ($1.73 billion). The broker increased its holdings of certificates of deposit to nearly VND28.41 trillion from nearly VND24.74 trillion.

Meanwhile, it cut equity and listed securities investments to VND941 billion ($35.74 million) from over VND1.61 trillion. Holdings in VPBank fell to VND503 billion ($19.11 million) from VND909 billion, and in Asia Commercial Bank to nearly VND18 billion ($683,710) from VND48 billion, while exposure to Masan Group rose to VND38 billion from VND13 billion.

SSI said its portfolio remains focused on fixed-income assets issued by credit institutions, with allocations adjusted in line with macroeconomic policy and interest rate trends.

On the funding side, the company reduced short-term borrowings to nealy VND51.97 trillion ($1.97 billion) from VND60.16 trillion, while equity rose 24% to VND38.53 trillion ($1.46 billion) after completing a nearly VND6.23 trillion capital increase via a rights issue.

The brokerage said the shift reflects efforts to limit risks from market volatility and higher borrowing costs.

According to documents for its April 23 annual shareholder meeting, SSI targets 2026 revenue of VND15.66 trillion (VND594.83 million), up 19%, and pre-tax profit of nealy VND5.84 trillion ($221.75 million), up 15% from 2025. First-quarter results represent 21% of the year's revenue target and 27.2% of its pre-tax profit goal.

The firm said it aims to expand market share by broadening its client base at home and abroad, developing new products and services, and upgrading trading platforms such as iBoard Pro and iBoard Web to improve user experience.