•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
VPS Securities Joint Stock Company (VCK) reported Q1 2026 results with operating revenue of VND 2,519 billion, up 72% year-on-year. The quarter delivered the highest revenue in more than four years, since Q4 2021.
Net interest income from financial assets at fair value through profit or loss (FVTPL) increased 76% to VND 393 billion. Net interest income from lending and receivables rose 88% to VND 948 billion.
Brokerage revenue reached VND 1,003 billion, up 73% year-on-year. VPS also recognized VND 58 billion in gains from financial assets available-for-sale (AFS), whereas the prior year recorded no such gains.
Meanwhile, interest income from held-to-maturity (HTM) investments declined 37% year-on-year to VND 76 billion. Custody revenue fell 38% to VND 9 billion.
Operating expenses in Q1 increased 72% year-on-year to VND 920 billion. Brokerage costs were the largest component at VND 837 billion, up 68%.
As a result, VPS posted pretax profit of VND 1,547 billion, up 68% year-on-year—its highest in company history. Net profit after tax was VND 1,235 billion, also up 68%.
For 2026, VPS targets pretax profit of VND 5,750 billion, up 29% year-on-year. After three months, the company had achieved about 27% of its annual target.
In Q1, VPS continued to lead the HOSE brokerage market with a market share of 15.32%, widening the gap from the chasing group after narrowing previously.
As of March 31, 2026, VPS total assets were VND 53,217 billion, up 10% from the start of the year. Loans were the largest asset component at VND 30,407 billion, including margin loans of VND 29,979 billion (up 36%), with the remaining VND 428 billion for lending activities in advance of sales.
Liabilities increased 18% from the start of the year to VND 23,120 billion.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
