Why do many securities companies report declining profits?

A series of securities companies reported soaring profits as the trading market was bustling, but some units still fell behind.

A series of securities companies announced their financial reports for the second quarter of 2025 with high growth and huge profits, many times higher than the same period last year, but some companies still announced their profits went down.

For example, BIDV Securities Company (stock code BSI) reported a profit after tax in the second quarter of 2025 of VND 101.9 billion, down 11% year-on-year, although operating revenue increased by 19%. However, financial expenses increased 2.2 times, along with management expenses and corporate income tax increasing by 21% and 16%, respectively, causing profits to decline. In the first 6 months of the year, BSI achieved a profit after tax of VND 183 billion, down 28% year-on-year.

Despite the bustling trading market, many securities companies still report declining profits.

PHOTO: DAO NGOC THACH

Similarly, FPT Securities Company (stock code FTS) recorded a profit after tax in the second quarter of 2025 of VND 61 billion, down 62% year-on-year. The main reason was the revaluation of financial assets, especially the investment in MSH shares (Song Hong Garment), which caused its self-trading activities to record a negative VND 9.3 billion. In addition, total expenses increased by 32% due to increased interest expenses. In the first 6 months of the year, FTS achieved a revenue of VND 551 billion, down nearly 9% and a profit after tax of nearly VND 214 billion, down 34.5% year-on-year.

Ho Chi Minh City Securities Company (stock code HCM) also reported a profit after tax in the second quarter of 2025 of VND 192.3 billion, down 39% year-on-year, while operating revenue reached VND 1,073 billion, almost unchanged. Some reasons for the decline in the company's profit include high provisioning costs for major assets while financial revenue decreased sharply... In the first 6 months of this year, HCM achieved a profit after tax of VND 419 billion, down VND 171 billion compared to the same period last year.

Another unit, KB Securities Vietnam (KBSV), also reported a profit after tax in the second quarter of 2025 of VND51 billion, down 20% year-on-year. According to the company, low market liquidity caused a decline in revenue from brokerage, HTM investment and securities trading. In total, after the first 6 months of this year, the company achieved a total revenue of nearly VND438.4 billion and a profit after tax of VND98.6 billion, down nearly 34% year-on-year...

Dai Viet Securities Company (DVSC) and Apec Securities (stock code APS) reported losses in the second quarter of 2025 with after-tax losses of VND2 billion and VND7 billion, respectively. This is the third consecutive quarter of losses for Apec Securities Company, bringing the accumulated loss as of the end of June to over VND75 billion...

Source: https://thanhnien.vn/vi-sao-nhieu-cong-ty-chung-khoan-bao-loi-nhuan-di-lui-18525072009284253.htm