By
Ta Phu, Hai Yen
Sun, July 21, 2024 | 11:23 am GMT+7
VinaSecurities JSC, the fintech Finhay-backed stockbroker, incurred a loss of VND5.18 billion ($204,520) Q2/2024, a significant downturn from the net profit of VND81 million ($3,200) that it earned in the same period last year.
In its Q2 report, the brokerage house, also known as VNSC, recorded VND7.6 billion ($300,070) in operating costs and VND6.2 billion ($244,790) in management costs, rising 2.3-fold and 4.6-fold over the year, respectively.
A VinaSecurities JSC office. Photo courtesy of the firm.
VNSC posted VND10.9 billion ($430,360) in Q2 operating revenues, 2.4 times year-on-year. Of this, VND3.23 billion ($127,530) was interest income from loans and receivables, a huge improvement on VND55.4 million ($2,190) in Q2/2023.
It also earned revenues of VND5.23 billion ($206,500) from FVPL (fair value through profit or loss) and VND2.11 billion ($83,310) from stock brokerage, up 216.9% and 488.7% year-on-year, respectively.
Despite such revenue surges, the securities company suffered a loss of over VND11 billion ($43,430) in H1/2024, leading to an accumulated loss of VND270 billion ($10.66 million) as of June 30.
As of end-June, VNSC had total assets of VND428.4 billion ($16.9 million), up 41.5% from the start of 2024, and liabilities of VND139.9 billion ($5.52 million), up 44.3 times.
On May 14, VNSC transferred 150,000 bonds issued by LPBank to Finhay, which is backed by Thien Viet Securities JSC, for VND16.6 billion ($65,540). Ten days later, it transferred an additional 270,000 bonds to Finhay for nearly VND29.9 billion ($1.18 million).
