TCBS posts Q1 2026 pre-tax profit of VND 1.458 trillion

Techcom Securities Joint Stock Company (TCBS, HOSE: TCX) reported Q1 2026 results, with revenue of VND 2,783 billion, up 37% year-on-year. Pre-tax profit reached VND 1,458 billion, up 11% year-on-year, in line with the company’s 2026 business plan amid macro headwinds.

TCBS said it maintained its leading position in the securities market by book value of equity, while improving capital efficiency. The company reported ROE of 15.4%, ROA of 7.8% and CIR of 14.8%, among the lowest in the sector, reflecting efficient operations supported by technology.

Core business performance

Margin lending and pre-sell financing

Margin lending and pre-sell financing remained the primary growth driver, generating Q1 2026 revenue of VND 1,211 billion, up 69% year-on-year. The segment accounted for 52% of total net revenue. Margin lending to equity ratio was 98%, well below the 200% cap set by the market regulator, leaving room for further growth.

TCBS also continued implementing competitive interest rate policies, including a 7.89% per annum package for first-time disbursements, to expand its customer base in a high-rate environment.

Brokerage and depository services

Revenue from brokerage and depository services reached VND 85 billion, up 17% year-on-year. In line with the zero-fee policy, TCBS upgraded its trading infrastructure for institutional clients, anticipating foreign capital inflows as the market moves to FTSE Secondary Emerging Market in September 2026.

New capabilities include order placement via Bloomberg, conditional Dark Pool trading, and algorithmic order placement using TWAP and Iceberg strategies.

Fund distribution

The Fundmart mutual fund trading platform expanded its product lineup to 31 funds from reputable managers, representing 55% of domestic open-end fund NAV. During the period, the value of fund certificate distributions reached nearly VND 3.3 trillion, with an average of about 12,000 clients investing monthly, up 33% year-on-year. March saw a record of over 15,000 clients trading, the highest on record.

Investment banking

TCBS’s investment banking segment reported net revenue of VND 526 billion, up 27% year-on-year. Corporate bond issuance in the quarter totaled about VND 28 trillion, equivalent to 86% market share (excluding bank bonds), reinforcing TCBS’s leading position in advisory and capital raising.

Capital markets and bond distribution

Net revenue from capital markets and bond distribution was VND 527 billion, down 24% year-on-year, attributed to the high interest rate environment. TCBS expects improvement in coming quarters as it begins distributing newly issued bonds with more competitive coupons.

In Q1, TCBS distributed nearly VND 18.6 trillion of corporate bonds, up 3% year-on-year, reflecting steady demand for fixed-income products. The online secondary bond trading system iConnect recorded Q1 trading value of nearly VND 3.4 trillion, up 23% year-on-year.

Infrastructure upgrade

TCBS became the first securities firm to pass HNX assessment rounds to connect online to HNX’s corporate bond trading system, replacing manual order entry. The company said the change significantly shortened processing times, with capacity to process thousands of orders per minute.

Financial position and funding

As of 31 March 2026, TCBS reported total assets of VND 88,665 billion and equity of VND 45,466 billion, up 10% and 3% respectively versus end-2025. The company said financial safety indicators remained within prudent ranges, with a net debt-to-equity ratio of 0.89x and a loan-to-equity ratio of 98%, below regulatory caps.

TCBS continued diversifying funding sources and expanding partnerships with international financial institutions to strengthen liquidity and resilience. In Q1 2026, it signed a long-term USD 50 million convertible loan with DEG, the German development finance institution under KfW.

In April 2026, TCBS set a record with a syndicated loan of USD 488 million, the highest ever for a securities firm in Vietnam, and the third consecutive year TCBS set records in accessing international capital markets.

Wealthtech and technology transformation

In Q1 2026, TCBS reported strong growth in its client base and engagement on its digital platform, with more than 53,700 new accounts opened, up 124% year-on-year.

The company said its security and risk management capabilities were affirmed to global standards, citing international scores including Microsoft Secure Score (83.92/100) and AWS Foundation Security Best Practices (84/100).

TCBS promoted an “AI First” culture across the organization, launching an automated service in four languages (English, Korean, Japanese and Chinese) on TCInvest to enhance transparency and accessibility for foreign investors and support international capital flows. The internal AI ecosystem (AI Studio) continued to expand with solutions including OCR Suite (data digitization), Image Generation (image creation), Guardrail (sensitive data protection) and Tool Hub (process automation). TCBS also deployed Kiro IDE for 100% of technology staff as part of its shift toward an AI Agentic model.

For Q2 2026, TCBS aims to become an “AI Native” company, operating with lean teams and gradually institutionalizing the AI Agentic model across the entire system.

Crypto market readiness and market positioning

In the crypto assets space, Techcom Capital Exchange (TCEX) — founded with TCBS and among the first seven firms to file for a license to provide a crypto market operator under Government Resolution 05/2025/NQ-CP — and one of five profiles deemed compliant by the Ministry of Finance, was cited as demonstrating TCBS’s readiness to capture opportunities in a market with high potential.

TCBS also reported leadership positions in key segments: top market share in corporate bond issuance at 86% (excluding bank bonds); top 3 on HOSE for stock brokerage market share at 8.9%; and second on HNX with 9.5%.

Outlook and recognition

TCBS said its technology and operating innovations were recognized by The Asset magazine, with awards including Best AI Financial Technology Project in Vietnam, Best IPO deal in Vietnam, and Best Syndicated Loan deal in the securities sector.