AsemconnectVietnam - On July 23, 2026, HD Securities Joint Stock Company (HDS) announced its Q2/2026 business results.

With pre-tax profit reaching VND1,118 billion, nearly four times the VND284 billion of the same period in 2025, HDS officially joined the group of securities companies with trillion-dollar quarterly profits and continued to lead the industry in ROE. This is HDS's highest quarterly business result ever, coinciding with the company being honored with two international awards by Asian Banking & Finance (ABF) magazine.
Revenue Growth Far Exceeds Costs
HDS's operating revenue in Q2/2026 reached VND1,427 billion, an increase of 171% compared to the same period, while operating expenses decreased by 15%, to VND185 billion. As a result, pre-tax profit increased by 293%, reaching VND1,118 billion; after- tax profit reached VND894 billion, an increase of 296% compared to the same period in 2025.
Realized profit in the second quarter reached VND975 billion, significantly higher than the unrealized VND142 billion; cumulatively for the first six months, these two indicators reached VND1,351 billion and VND119 billion respectively, showing that the results mainly came from transactions that have been actually recorded, in addition to contributions from the revaluation of financial assets.
The main driving force came from the underwriting and securities issuance agency business segment, with revenue reaching VND601 billion, more than 10 times the VND57.9 billion of the same period last year, reflecting the increasing recognition of the company's advisory and capital arrangement capabilities by the market. Profit from financial assets recognized through profit/loss (FVTPL) reached VND543 billion, 2.64 times higher than the same period last year, also contributing positively.
According to data from FiinPro-X, HDS is the securities company with the highest return on equity (ROE) in the entire industry for two consecutive years: 25% in 2024 and 33% in 2025, leading the group of more than 80 securities companies surveyed. This is the result of an efficient capital utilization strategy, coupled with continuous profit growth over the years. Based on the last 12 months (up to the end of Q2/2026), HDS continues to be among the market leaders in ROE, reaching 32%.
Expanding Asset Scale and Strengthening Capital Base
As of June 30, 2026, HDS's total assets reached nearly VND20,264 billion, a 175% increase compared to the end of Q1 2026. Equity reached over VND13,419 billion, a 257% increase compared to the end of the previous quarter, mainly due to the increase in charter capital. Cash and cash equivalents reached VND602 billion, a 158% increase.
The total fair value of financial assets reached over VND18,797 billion, a 186% increase. Of which, the FVTPL portfolio had a fair value of approximately VND10,251 billion, about VND174 billion higher than the original cost; unlisted bonds accounted for over 87%, equivalent to over VND8,935 billion. Investments held to maturity (HTM) reached over VND2,746 billion, an increase of 42%, entirely consisting of time deposits exceeding three months. Lending and receivables reached over VND5,800 billion, an increase of 120%; margin lending alone reached over VND5,288 billion, an increase of 101%.
HDS aims for projected revenue of VND4,747 billion and pre-tax profit of VND3,375 billion in 2026, continuing to expand its scale and position itself as a technology-driven securities company, with data and AI as its operational pillars.
After completing the capital increase plan, HD Securities officially became a subsidiary of Ho Chi Minh City Development Commercial Bank (HDBank - HDB), thereby directly benefiting from the financial and industrial ecosystem of HD Financial Group (HDFG) and Sovico Group. This helps HDS increase its access to capital, expand its customer base through the HDBank network, and leverage shared technology, data, and brand to accelerate digital transformation and strengthen its competitive position in the coming period.
After the first half of the year, the company has completed approximately 40% of its revenue plan and nearly 44% of its profit target for the whole year.
Honored at the ABF Awards 2026
HDS's positive business results coincide with the company being awarded two prizes at the Asian Banking & Finance (ABF) Corporate & Investment Banking Awards 2026: “Securities House of the Year – Vietnam” and “Sustainability Bond of the Year – Vietnam”, recognizing HDS's leading role in the investment banking and corporate bond market in Vietnam.
In the corporate bond segment, HDS holds the position of Top 2 non-bank bond advisory companies in Vietnam, with advisory and issuance structuring value of approximately VND34,740 billion, and distribution of over VND73,000 billion in bonds to investors; all payments were made on time, demonstrating its strong appraisal and risk management capabilities.
ABF noted that HDS achieved impressive growth and profitability amidst a volatile market, thanks to "disciplined execution, risk management, and customer-oriented service"; highly appreciated the fact that 100% of distributed bonds maintained timely payment, reflecting rigorous underwriting standards and solid risk management; and acknowledged continuous investment in technology, products, and asset management, strengthening HDS's position as a world-class financial institution.
“The Q2/2026 results are proof of HDS's sustainable development orientation: growth based on substantive advisory capabilities, rigorous risk management, and operational discipline. The two international awards from ABF further confirm that the path we are taking is the right one,” shared Mr. Nguyen Ha Quynh – General Director of HDS.
Source: VITIC/Bao Tai chinh – Dau tu