AsemconnectVietnam - At the end of 2025, VPBank Securities Joint Stock Company (VPBankS, ticker VPX - HOSE) recorded total operating revenue of VND7,910 billion, more than three times higher than in 2024, achieving 110% of the adjusted plan.

VPX's pre-tax profit in 2025 reached VND4,476 billion, nearly four times higher than the same period and exceeding the annual plan. This strong profit growth was contributed by the balanced growth of all four core business segments: margin lending, investment banking, securities brokerage, and proprietary trading.
In the proprietary trading segment, VPBankS's profit from financial assets recognized through profit/loss (FVTPL) reached nearly VND4,456 billion, almost four times higher than in 2024, with contributions from both its stock and corporate bond portfolios. Profit from loans and receivables, mainly from margin lending activities, reached nearly VND1,909 billion, double that of 2024.
In the investment banking segment, VPBankS recorded revenue of over VND943 billion; The securities brokerage segment recorded revenue of over VND460 billion, double that of 2024.
Through a comprehensive digital transformation strategy and the application of advanced AI technology, the cost-to-income ratio (CIR) in 2025 will be optimized to 25%, a significant reduction from 36.5% in 2024. As a result, the return on equity (ROE) will reach 16.9%, placing it among the market leaders.
In Q4 2025, VPBanks will enter the top 10 in HOSE brokerage market share for the first time with 3.21%, while also rising to 6th place in brokerage market share on HNX and within the top 10 in UPCOM and derivatives market share. VPBanks will end 2025 with over 1.1 million customer securities accounts, equivalent to approximately 10% of the total number of accounts in the Vietnamese market.
VPBank's investment banking capabilities have been affirmed with total equity capital market (ECM) and debt capital market (DCM) transactions exceeding VND35,000 billion.
As of the end of Q4 2025, the company's total assets reached over VND73,000 billion, nearly three times higher than at the beginning of the year, thanks to the strong expansion of its balance sheet in both capital and assets.
VPBank's outstanding margin and advance loan balances exceeded VND34,000 billion by the end of 2025, an increase of VND7,055 billion compared to the end of Q3 2025 and nearly four times higher than at the beginning of the year (VND9,513 billion). Simultaneously, in addition to the strengthened equity capital after the IPO, reaching nearly VND34,000 billion by the end of Q4, the company still has a loan limit of nearly VND34,000 billion.
Simultaneously, VPBank's diverse and large-scale financial institution network, along with the support of Vietnam Prosperity Commercial Bank (VPBank, VPB - HOSE) and strategic partner Sumitomo Mitsui Banking Corporation (SMBC), helps VPBankS maintain a low cost of capital at 4.7% in 2025, enabling it to offer attractive interest rate products to customers. Notably, in 2025, VPBankS successfully raised US$400 million through bilateral and syndicated loans, led by SMBC.
In line with its growth in scale, VPBankS also maintains a financial safety ratio exceeding 600%, in accordance with Circular 102/2025/TT-BTC amending and supplementing some provisions of Circular 91/2020/TT-BTC, significantly higher than the compliance requirement, ensuring safe and sustainable operations.
N.Nga
Source: VITIC/Tinnhanhchungkhoan