AsemconnectVietnam - Techcombank Securities Joint Stock Company (TCBS, ticker TCX - HOSE) has just announced its Q4 and full-year 2025 business results, with pre-tax profit reaching 123% of the annual plan.

Accordingly, TCBS's pre-tax profit in Q4/2025 continued to excel, reaching VND2,041 billion, an increase of nearly 120% compared to the same period last year, and the cumulative profit for the whole year reached a record high of VND7,109 billion, nearly 50% growth and 123% of the plan.
Following its successful IPO and listing on the stock exchange in October 2025, TCBS firmly holds the position of the securities company with the largest equity capital in the market, while also achieving the highest capital efficiency in the market and the highest in the last 11 quarters, with a return on equity (ROE) of 16.7% and a return on assets (ROA) of 8.4%.
The report states that this breakthrough business performance stems from all four core business segments. Specifically, income from securities brokerage and custody in Q4 2025 reached VND89 billion, a 19% increase compared to the same period; for the whole year 2025, it reached VND356 billion, a growth of 63%. The number of new clients participating in securities trading increased sharply, exceeding 64% compared to 2024.
This quarter, the company continued to expand its stock brokerage market share, maintaining its position in the top 3 on the HOSE exchange and marking a breakthrough with a 9.0% market share, an increase of 1.3%, and a top 2 position on the HNX exchange with a market share of 8.85%, an increase of 0.5% compared to the same period in 2024.
This success is a combination of the Zero-fee trading policy, trading promotion programs, and stable and fast service quality, specifically in 2025. Furthermore, leveraging its WealthTech strengths, TCBS successfully launched the KRX system, a new trading platform, with comprehensive infrastructure and technology upgrades to handle up to 3 million orders per day and increase the Gateway's order delivery speed to 15,000 orders per second.
In the warrants business segment, in 2025, TCBS will for the first time offer more than 24 warrant codes with a total offering value of over VND350 billion, providing customers with many optimal choices.
The fund certificate distribution segment in Q4/2025 reached over VND4,500 billion, contributing to the total distribution results for the whole year of 2025 reaching over VND23,300 billion, a 24% increase compared to 2024. 2025 marks the birth and breakthrough of Fundmart, Vietnam's leading smart fund certificate distribution platform, with 30 investment funds managed by reputable fund management companies such as Techcom Capital, Dragon Capital, VinaCapital, SSI, VCB Capital, and UOB, accounting for nearly 50% of the total net asset value (NAV) of domestic market funds.
The Fundmart platform continuously launches outstanding new features, notably in Q4/2025 the introduction of the pioneering and unique Buy Signal Testing feature, attracting over 22,000 investors, with the platform regularly accessing over 70,000 investors per month.
Regarding margin lending and advance sales, in Q4/2025, TCBS's interest income from margin lending and advance sales reached VND1,119 billion, a 12% increase compared to the previous quarter's record, and a 64% increase compared to the same period last year; Cumulative revenue for the year reached VND3,664 billion, contributing 37% to total net income from business operations and growing 43% compared to 2024.
In 2025, with the successful increase in charter capital and equity through private placement and IPO, maintaining the loan-to-equity ratio at 0.99, much lower than the 2x ceiling set by the Securities Commission, leaving significant room for growth in the margin lending segment.
For the investment banking segment, net revenue reached VND468 billion in Q4/2025, a 110% increase compared to the same period, and the whole year reached VND2,018 billion, a 50% growth. The total value of bond issuance in 2025 reached over VND85,000 billion, accounting for 38% of the corporate bond issuance market share, further affirming TCBS's leading position in the market.
Regarding the capital and bond distribution business segment, net income from this segment in Q4/2025 reached VND 1,225 billion, an increase of 101% compared to the same period; for the whole year 2025, it reached VND3,966 billion, contributing 40% to total revenue and growing 42% compared to 2024.
In Q4/2025, TCBS distributed more than VND19,600 billion of corporate bonds to individual investors, an increase of 32% compared to the previous quarter, contributing to the total distribution value in 2025 of more than VND70,800 billion. In addition, the iConnect online bond trading system is widely used by investors, with annual trading value exceeding VND21,000 billion in 2025.
TCBS's total assets as of December 31, 2025, reached over VND80,632 billion, a 51% increase compared to the end of 2024. The main growth drivers come from margin lending and increased investment in financial assets to optimize capital sources.
In 2025, after successful private placements and IPOs, TCBS will firmly maintain its position as the securities company with the largest charter capital and equity in the market, continuing to maintain its strong capital base with the total debt/equity ratio remaining at a safe level of 0.77 times in 2025.
The Capital Adequacy Ratio (CAR) in Q4/2025 was 1.8 times higher than the minimum requirement of 260%, ensuring sufficient room for growth and market fluctuations.
N.Nga
Source: VITIC/Tinnhanhchungkhoan