AsemconnectVietnam - HD Securities (HDS) reported pre-tax profit of VND2,241 billion in the first nine months of 2026, 3.7 times higher than the same period last year and 1.7 times higher than the full year 2025. The investment banking segment experienced a breakthrough, while newly added capital has begun generating profits.

HD Securities Joint Stock Company (HDS) recently announced its Q3 2026 financial report with operating revenue of VND1,130 billion, nearly three times higher than the same period last year. Pre-tax profit reached VND 769 billion, and after-tax profit was VND615 billion, both more than three times higher than Q3 2025.
For the first nine months, operating revenue reached VND3,018 billion and pre-tax profit reached VND2,241 billion, respectively 2.6 times and 3.7 times higher than the same period last year. Net profit after tax reached VND1,804 billion. After only three quarters, HDS has far surpassed the VND1,314 billion profit target for the whole year of 2025 and completed 66% of the pre-tax profit plan for 2026.
7% of the pre-tax profit for the first nine months is the realized profit, with a pre-tax profit margin of 74%. The annualized ROE reached 27.5%, even though equity has increased approximately four times compared to the beginning of the year.
The investment banking segment continues to be the growth driver. Revenue from underwriting and issuance agency services for the first nine months reached VND982 billion, 9.8 times higher than the same period last year. Adding revenue from financial advisory services, this segment brought in VND1,102 billion, accounting for 36.5% of operating revenue.
In the third quarter alone, revenue from underwriting and issuance agency services reached VND371 billion, 14 times higher than the VND26.5 billion of the same period last year. This figure is lower than the VND601 billion of Q2, because according to HDS, Q1 and Q3 are usually low seasons for corporate bond issuance.
In terms of distribution, the value of bond transactions by investors through HDS in Q3 reached approximately VND100,300 billion. By 2025, HDS is among the Top 2 non-bank corporate bond issuance advisory firms with a market share of 18%.
Looking at the structure for the first nine months, the capital and investment segment, including interest from FVTPL financial assets and investments held to maturity, contributed the most with VND1,477 billion, equivalent to 48.9% of operating revenue. Following closely behind are investment banking (36.5%) and brokerage, custody, and margin lending with VND438 billion (14.5%); other income is negligible, around VND1 billion.
The Q3 picture shows a clear shift. Of the VND1,130 billion in revenue for the quarter, capital and investment contributed VND528 billion (46.7%), investment banking VND371.2 billion (32.8%), and brokerage, custody, and margin lending reached VND231 billion (20.4%), nearly double the 11% share of the first half of the year.
In the capital and investment segment, bonds accounted for over 95% of the FVTPL financial asset portfolio. Profit from FVTPL in the first nine months reached VND1,332 billion, of which VND842 billion was profit from the sale of financial assets. After deducting VND347 billion in losses, this activity generated VND985 billion in net profit, more than double the same period last year.
As of September 30th, HDS's total capital reached VND27,750 billion, 4.7 times higher than at the beginning of the year. Charter capital increased 7.5 times, from VND1,461 billion to VND10,961 billion, bringing equity to VND14,041 billion, accounting for 50.6% of total capital. Short-term loans ranked second with VND10,565 billion, accounting for 38.1%.
Capital was mainly allocated to three items: margin loans and advances against securities sales (VND10,972 billion); FVTPL financial assets (VND9,464 billion), of which unlisted bonds accounted for VND8,628 billion; and time deposits and certificates of deposit (VND5,251 billion).
In the third quarter, interest income from loans and receivables, primarily margin lending, reached VND215 billion, 5.5 times higher than the same period last year and 2.6 times higher than the second quarter. Interest income from investments held to maturity (HTM) reached VND104 billion, more than 3.5 times higher than the same period last year. Along with the larger loan volume, interest expense increased to VND117 billion, up from VND11.5 billion in the third quarter of 2025.
As of September 30th, outstanding margin loans reached VND10,746 billion, 6.1 times higher than at the beginning of the year. Receivables for services provided by securities companies amounted to VND783 billion, compared to VND319 billion at the beginning of the year; provisions for impairment of receivables were set at VND116.5 billion, up from VND45.9 billion.
Sharing the Q3 results, Mr. Nguyen Ha Quynh, General Director of HDS, said that the additional capital during the year was prioritized for allocation to areas with immediate profitability and controllable risk: margin lending, bond portfolio for arrangement and distribution activities, and time deposits to maintain liquidity. Q3 results show that the new capital has begun to generate profits.
According to Mr. Quynh, HDS does not expand at all costs. Margin lending currently only accounts for about 76.5% of equity, still far from the 200% ceiling as stipulated; the available capital ratio reached 434%, compared to the minimum of 180%.
At the end of September, the HDS Board of Directors approved the IPO plan for nearly 121.8 million shares in Q4/2026, with the offering price not lower than the book value according to the audited 2026 semi-annual financial report. Shares were distributed directly through HDS and two agents, SSI and HSC. Each investor was allowed to subscribe for a minimum of 100 shares, a maximum of 60.8 million shares, and not exceeding 5% of the expected charter capital after the IPO; the subscribed volume had to be a multiple of 100.
Source: VITIC/Bao Tai chinh – Dau tu