AsemconnectVietnam - Amidst a volatile stock market, the Q3/2026 business results of ACB Securities Company (ACBS) need to be viewed from the perspective of changes in asset structure, lending activities, and financial capacity.

Margin lending experiences outstanding growth, driving revenue
One of the notable highlights in ACBS's business performance during the first nine months of 2026 is the strong growth in lending activities, especially margin trading lending.
As of September 30, 2026, ACBS's lending volume reached approximately VND22,600 billion, a 30.5% increase compared to the beginning of the year. This is the highest growth rate among the top 10 securities companies in terms of brokerage market share, and nearly four times the average growth rate of 7.9% for this group. In absolute terms, ACBS's margin lending balance increased by approximately VND5,300 billion in the first nine months, ranking third among the top 10 securities companies, only behind TCBS with an increase of approximately VND10,900 billion and VPBank with approximately VND5,800 billion.
The growth in lending volume directly contributed to business results. For the first nine months of 2026, interest income from loans and receivables of ACBS reached approximately VND1,578 billion, double that of the same period last year and accounting for 40.5% of total operating revenue.
The growth potential of this business segment was also strengthened by capital increase. As of September 30, 2026, ACBS's margin lending to equity ratio was approximately 150%, lower than the 200% limit stipulated by regulations. After parent bank ACB increased ACBS's charter capital from VND11,000 billion to VND13,000 billion, it not only helped the company enter the group of 6 securities companies with the largest charter capital in the market, but also brought the margin loan-to-equity ratio down to approximately 133%.
With leverage still quite far from the permitted limit, ACBS has more room to expand its margin lending activities in the future.
The pressure of proprietary trading is related to valuation, and the liquidity buffer creates an advantage.
Besides the growth of lending activities, the portfolio of financial assets recognized through profit/loss (FVTPL) is a factor that needs to be analyzed when evaluating ACBS's profit results in Q3/2026.
According to financial data, ACBS's FVTPL portfolio has a fair value of approximately VND6,539 billion. Of this, investments in stocks amounted to approximately VND1,474 billion, accounting for 22.5% of the portfolio. The remaining 77.5% was allocated to assets such as government bonds, credit institution bonds, corporate bonds, and certificates of deposit.
As of the end of September 2026, the fair value of the FVTPL portfolio was approximately VND249 billion lower than its original cost. The stock investment alone recorded a negative difference of approximately VND220 billion, representing the majority of the portfolio's value decline.
This indicates that stock price volatility is one of the factors putting pressure on ACBS's proprietary trading results. However, it is necessary to distinguish between losses arising from asset revaluation at market value and losses realized through asset sales.
For investments still held, the decrease in value does not necessarily mean the company has realized the loss in cash. If the market recovers and asset values increase again, ACBS can record a corresponding improvement in its business results.
From a financial safety perspective, ACBS is maintaining a significant liquidity buffer. As of September 30, 2026, the total size of cash, cash equivalents, and investments held to maturity (HTM) reached approximately VND14,170 billion, equivalent to 32.4% of total assets.
This ratio is significantly higher than the average of approximately 10.67% of the top 10 securities companies in terms of brokerage market share. This is an advantage in the context of a volatile capital market and increasing capital raising costs.
In particular, the HTM portfolio, with a size of nearly VND11,800 billion, not only contributes to maintaining liquidity but also generates income from interest on deposits and investments held to maturity.
Furthermore, increasing charter capital helps ACBS enhance its financial capacity, reduce its dependence on borrowed capital, and optimize funding costs. In the context of persistently high interest rates, the larger equity capital is expected to effectively support the company's business performance in the final quarter of the year.
Increased capital costs, but operational efficiency remains maintained.
Along with the expansion of loan portfolios, ACBS's financial costs also increased significantly.
In the first nine months of 2026, the company's interest expense reached approximately VND1,403 billion, double that of the same period last year. This is a consequence of increased capital mobilization to finance margin lending activities.
However, conversely, revenue from loans and receivables also doubled, reaching VND1,578 billion. The synchronized growth between income and interest expenses reflects ACBS's strategy of expanding its lending operations and also shows the need to continue optimizing the cost of capital to improve profit margins.
Regarding administrative expenses, ACBS recorded approximately VND176 billion in the first nine months, a 16.6% increase compared to the same period last year. Meanwhile, total operating revenue increased by approximately 18%, higher than the rate of increase in administrative expenses.
This difference shows that the company has maintained its ability to control operating costs while expanding its business scale.
Overall, ACBS's business picture in the third quarter and the first nine months of 2026 shows a mix of short-term pressure from proprietary trading activities and positive developments in its core operations.
Notably, the company's strong margin loan growth, doubling of lending revenue, high proportion of liquid assets, and capital injection from its parent bank are key factors.
While market volatility may continue to impact proprietary trading results in the short term, its current capital and liquidity foundation allows ACBS to be more proactive in its business operations.
Looking ahead to Q4/2026, the ability to translate advantages in loan scale, capital sources, and asset structure into profit growth will be a crucial factor in evaluating the effectiveness of ACBS's expansion strategy.
Source: VITIC/Bao Tai chinh – Dau tu