AsemconnectVietnam - Techcombank Securities Joint Stock Company (TCBS, code TCX) announced its business results for the third quarter and the first nine months of the year. Quarterly profits continued to break through, maintaining a sustainable growth momentum.

TCBS's pre-tax profit in the third quarter of 2025 continued to grow at a record pace, reaching VND2,024 billion, up 85% over the same period last year. Accumulated in the first 9 months of 2025, the Company's pre-tax profit reached VND5,067 billion, an increase of 31% compared to the same period in 2024 and reaching nearly 90% of the plan for the whole year of 2025.
Quarterly pre-tax profit has continuously increased over the years, from an average of VND750 billion/quarter in 2023 to an average of VND1,200 billion/quarter in 2024 and nearly VND1,700 billion/quarter by the end of the third quarter of 2025. Not focusing on stock trading, the Company's profit growth momentum comes from all main business activities including brokerage, margin lending, capital trading and distribution of bonds/fund certificates, thereby helping the Company's profit grow sustainably, less affected by stock prices during periods of market fluctuations.
Q3/2025 continued to witness outstanding growth with total net revenue increasing by 62% year-on-year in all four main business segments. As a result, the Company continued to achieve leading profitability in the securities industry with a return on equity (ROE) of 15.8% and a return on assets (ROA) of 7.8%.
TCBS successfully completed its IPO, becoming the securities company with the largest equity in Vietnam
In September, TCBS successfully completed its IPO, increasing its capital by more than VND10,800 billion with the number of registered buyers from domestic and foreign investors being 2.5 times higher than the offering amount. Thereby, the Company increased its charter capital and equity to VND23,113 billion and VND42,478 billion, respectively, firmly consolidating its position as the securities company with the largest charter capital and equity in Vietnam.
Of the 34,000 applications from individual investors, 90% of the registration orders were made online through the iPO feature on TCInvest. This impressive figure affirms the superior technological strength of the WealthTech strategy, and shows that TCBS is pioneering in digitizing the capital market, bringing a modern, fast and different investment experience to customers.
On October 9, more than 2.3 billion shares of the Company (stock code TCX) were approved for listing on the Ho Chi Minh City Stock Exchange (HOSE) with a total listing value calculated at par value of VND23,113 billion. At the same time, according to the announcement of HOSE on the listing and first trading day of TCX, this stock will officially trade on HOSE from October 21 with a reference price on the first trading day of VND46,800/share, promising to be one of the most prominent events of the stock market at the end of the year.
With the spirit of "Customer is the center" and taking advantage of the strength of data and advanced technology, TCBS has introduced the AI virtual assistant 'Smart Fat' - a personalized AI solution to advise on investment portfolios based on the power of AI and market data. At the same time, the Company deployed to customers the new feature iReward on TCInvest, providing comprehensive information on incentive programs and automatically recommending to optimize benefits for each customer.
The company continuously develops and perfects differentiated financial products integrating high technology content such as iCopy Community Platform, Robo Advisor, iTracker Automatic Investment Strategy. Along with that, TCBS becomes a market maker with the strength of blockchain application technology to ensure the safety of pioneering direct trading platforms such as iConnect for Bonds, Fundmart for fund trading attracting the participation of leading prestigious institutions such as Vinacapital, SSI, Dragon Capital and UOB and individual investors.
The continuous efforts to improve the digital investment experience have helped TCBS continue to be honored with a "shower" of awards: 3 awards at the 2025 Financial Advisory Summit (Outstanding Financial Brokerage Service, Outstanding Technology & Digital Transformation Product, Innovative Personal Financial Solution) and the Vietnam Outstanding Digital Financial Technology Award at the Asian Technology Excellence Awards 2025.
Business results analysis
Securities brokerage and custody segment: TCBS's securities brokerage and custody segment's revenue in the third quarter of 2025 reached VND106 billion, up 21% compared to the previous quarter and up 153% compared to the same period last year. The number of new customers participating in securities transactions increased sharply by 85% compared to the second quarter of 2025.
This quarter, the Company continued to expand its market share and maintained its position in the top 3 stock brokerage market share on the HOSE floor with 7.75% and the top 2 on the HNX floor with 8.81% market share (up 11 consecutive quarters).
TCBS's fund certificate distribution segment in the third quarter of 2025 achieved sales of more than VND6,000 billion with the strong expansion of the Fundmart fund certificate investment platform. As of September 30, 2025, the platform has attracted a total of 29 asset management funds from 11 leading fund management companies with about 3,600 trading customers and a trading volume of VND538 billion/week, up 14% compared to the second quarter of 2025. Margin lending and pre-sales: In the third quarter of 2025, TCBS's income from interest on margin loans and pre-sales reached VND998 billion, continuing to break through by 20% compared to the record set in the second quarter of 2025 and increasing by 44% compared to the same period last year. As of September 30, 2025, TCBS's margin lending balance reached VND41,713 billion, up 23% compared to the previous quarter and up 64% compared to the end of last year. This impressive result comes from TCBS's competitive pricing and fee policies and preferential programs for first-time customers, bringing new customer growth exceeding nearly 30% compared to the second quarter of 2025.
With the successful increase in charter capital and equity through IPO, the loan-to-equity ratio at 0.98 is much lower than the 2-times ceiling of the Securities Commission, TCBS is in a solid position in terms of both capital potential and capital safety to continue strong growth.
Investment banking segment: The investment banking segment recorded net revenue of VND509 billion in the third quarter of 2025, up 45% over the same period last year. The total value of bond issuance in the first 9 months of the year reached nearly VND54 trillion, accounting for 42% of the corporate bond issuance market share, affirming TCBS's leading position in the market.
Capital and bond distribution business segment: Net income from capital and bond distribution business segment in the third quarter of 2025 reached VND1,148 billion, up 28% compared to the second quarter of 2025 and up 86% compared to the same period last year. In the first 9 months of the year, TCBS has distributed more than VND51,000 billion of corporate bonds to individual investors. The iConnect online bond trading system alone recorded a transaction value of more than VND15,500 billion in the first 9 months of the year, up 95% compared to the same period last year.
Financial analysis
TCBS's total assets as of September 30, 2025 reached nearly VND81,773 billion, up 26% compared to the previous quarter and up 54% compared to the end of 2024. The main growth drivers come from Margin lending and increased investment in financial assets to optimize capital sources.
Notably, in September, TCBS successfully conducted its initial public offering (IPO) with more than 231 million shares, attracting more than VND10,800 billion in capital contributions from domestic and foreign investors, bringing the total charter capital and equity as of September 30, 2025 to VND23,113 billion and VND42,478 billion, continuing to affirm its position as the securities company with the largest equity in the Vietnamese market.
N.Nga
Source: VITIC/Tinnhanhchungkhoan