AsemconnectVietnam - VPBankS has just announced its 9-month business results in 2025 with strong growth in revenue, profit and margin debt targets.

Specifically, in the first 9 months of 2025, interest from loans and receivables, mainly from margin lending activities of VPBankS, reached VND1,213 billion, nearly 2 times higher than the same period. Securities brokerage revenue reached VND310 billion. At the same time, the Company also promoted investment consulting services in both debt capital markets (DCM) and equity capital markets (ECM), leading to revenue from financial consulting activities reaching nearly VND789 billion.
In addition, interest from financial assets recorded through profit/loss (FVTPL) reached VND2,999 billion, nearly 4 times higher than the same period. In total, VPBankS's operating revenue was VND5,457 billion after 9 months, 3 times higher than the same period last year.
The company explained that the strong growth was due to the continuous launch of many attractive products, attracting customers, leading to outstanding growth in brokerage market share and margin debt.
Although revenue grew strongly, VPBankS still maintained operational efficiency, with the cost-to-income ratio (CIR) in the 3 quarters at only 18.7%. Pre-tax profit for the first 9 months reached a record VND3,260 billion, nearly 4 times higher than the same period last year and completed more than 73% of the adjusted pre-tax profit plan for the whole year 2025 (VND4,450 billion, the second highest in the industry).
By the end of the third quarter of 2025, VPBankS's margin debt continued to set a new milestone, reaching VND26,664 billion, an increase of VND9,011 billion compared to the end of the previous quarter (51%) and nearly 3 times higher than the beginning of the year (VND9,447 billion).
At the same time, with equity reaching VND20,273 billion, the Company still has a loan limit of up to more than VND13,500 billion - opening up strong growth opportunities in the context of the market about to welcome foreign capital due to upgrading and many units have run out of "room" for lending.
By the end of the third quarter of 2025, VPBankS' total assets reached VND62,127 billion, more than 2 times higher than the beginning of the year, among the market leaders.
Strong business results in the first 9 months of the year are a solid foundation for VPBankS to carry out the largest initial public offering (IPO) in the history of a securities company in the Vietnamese market.
Accordingly, VPBankS has announced a plan to offer up to 375 million shares, equivalent to 25% of charter capital at a price of VND 33,900/share, equivalent to a post-IPO valuation of nearly VND64,000 billion (about USD2.5 billion).
The time for registration and deposit to buy VPBankS shares is from October 10 to October 31, 2025; the time for notification of registration results and share allocation is from November 1 to November 2 and the time for receiving money to buy shares is from November 3 to November 7. After the IPO, VPBankS plans to list on HOSE in December 2025.
VPBanks targets revenue and pre-tax profit to grow at a compound annual growth rate of about 32% in the next 5 years, reaching VND29,051 billion and VND17,520 billion respectively by 2030. At the same time, key profitability indicators are maintained at a level that is superior to the average of the securities industry, with ROE and ROA reaching 19% and 6.5% respectively. By 2030, VPBanks aims to be the top 1 in margin lending, the top 2 in brokerage market share on HOSE, and the top 2 in DCM and ECM markets.
N.Nga
Source: VITIC/Tinnhanhchungkhoan