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Tuesday, June 18, 2024

Securities firms make strong gains in Q2

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HCMC – Following the gloomy picture brought on by the coronavirus pandemic in the first quarter of 2020, local securities firms made strong gains in the second quarter.

HCMC Securities Corporation’s (HSC) financial results indicated that its revenue amounted to over VND374 billion in the second quarter of 2020, up 13% year-on-year, while it booked an after-tax profit of VND150 billion, a 36% year-on-year rise.

Between January and June, HSC earned VND679 billion in net revenue, up 13% from the period last year, meeting 52% of its target for the whole year, VietnamPlus news site reported.

Apart from this, SSI Securities Corporation achieved positive results, according to its quarter-two financial report.

SSI saw its revenue and before-tax profit in the second quarter of 2020 surge by 85.5% and 172.4%, respectively, year-on-year.

Fund transactions, margin trading and brokerage services contributed significantly to the firm’s total revenue.

SSI saw an estimated VND660 billion in before-tax profit in the first half of 2020, up 29% year-on-year.

Earlier, BIDV Securities Company (BSC) had issued its quarter-two financial report, posting a positive performance from the net loss of some VND61 billion it incurred in the first quarter of 2020.

Between April and June, BSC’s pre-tax profit skyrocketed by 344% year-on-year at VND96 billion. Its consolidated pre-tax profit amounted to VND35 billion in the first six months of the year, meeting 40.6% of the entire year’s profit target.

In addition, the second quarter of 2020 also saw VNDirect Securities Company perform well. The firm’s after-tax profit reached some VND168 billion, surging by 273% against the same period last year.

VNDirect said the successful containment of Covid-19 in Vietnam had spurred the local stock market up and helped the VN-Index rebound, resulting in a year-on-year rise of 5% in its revenue.

In the second quarter of 2020, the Vietnamese stock market made a strong rebound, seeing its liquidity soar by 40% against the previous quarter.

The local stock market is expected to continue its upward spiral and maintain good liquidity in the time to come following the Covid-19 pandemic being contained in the country.

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