HÀ NỘI — The second-quarter earnings reports of securities companies in 2025 reveal a clear divergence in performance.

While Techcom Securities (TCBS), SSI Securities Corporation, and notably VIX Securities posted impressive growth, several major players such as FPTS, HSC and Vietcap saw a sharp decline in profits.

TCBS retained its leading position in the sector, posting an after-tax profit of VNĐ1.42 trillion (US$54.3 million) in Q2 — its highest quarterly result to date, up 32 per cent from the previous quarter and 8 per cent year-on-year. For the first half of 2025, the company recorded VNĐ3.04 trillion in pre-tax profit, achieving 53 per cent of its full-year target.

SSI reported operating revenue of VNĐ2.91 trillion, up 30 per cent compared to the same period last year. Notably, the company's interest income from lending and receivables reached VNĐ830 billion, marking a 60 per cent increase. Its after-tax profit stood at VNĐ923 billion — the highest in the past 14 quarters. In the first six months, SSI recorded VNĐ5.02 trillion in revenue and VNĐ1.74 trillion in after-tax profit, both rising 11 per cent year-on-year.

VIX Securities emerged as the biggest standout, with Q2 operating revenue reaching nearly VNĐ1.98 trillion, up 422 per cent year-on-year. The key driver was proprietary trading, which brought in VNĐ1.70 trillion in FVTPL gains — 7.6 times as much as in Q2/2024.

Net profit hit VNĐ1.3 trillion, more than 10 times as much as the previous year’s figure and a new record. For the first half of 2025, VIX recorded VNĐ2.96 trillion in revenue and VNĐ1.67 trillion in profit — exceeding its annual target by 40 per cent.

LPBank Securities (LPBS) also delivered a breakthrough performance, with Q2 revenue reaching VNĐ442 billion — 16 times as much as the same time last year. Its net profit hit VNĐ206 billion, 15 times as much as the year-earlier result, and the company’s all-time high.

The main contributor was FVTPL gains of over VNĐ284 billion, compared with just VNĐ387 million in the same period last year. In H1/2025, LPBS posted VNĐ546 billion in revenue and VNĐ246.6 billion in after-tax profit — up nearly 19 times year-on-year.

On the other side of the spectrum, Vietcap Securities recorded Q2 revenue of VNĐ1.16 trillion — its highest since Q2/2022. However, pre-tax profit fell sharply by nearly 39 per cent to VNĐ211.5 billion, due to a significant rise in operating expenses amid volatile market conditions.

FPT Securities (FPTS) continued its downtrend, with Q2 operating revenue dropping 21.6 per cent to VNĐ239 billion. Proprietary trading posted a VNĐ9.3 billion loss due to mark-to-market adjustments, particularly from MSH shares. Net profit plunged 62 per cent to VNĐ61 billion — marking the second consecutive quarter of steep decline.

HCM City Securities Corporation (HSC) also faced challenges, with Q2 revenue of VNĐ1.07 trillion, showing little change year-on-year. However, increased provisioning expenses caused net profit to fall 39 per cent to VNĐ192 billion. — VNS