Top securities firms see H1 profits drop
Many leading Vietnamese securities firms reported lower profits in the first half of 2019, according to the Ho Chi Minh Stock Exchange (HoSE).
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| Many big securities firms have reported lower profits in the first half of 2019. (Photo: VNA) |
Top brokerage firm Saigon Securities Inc (SSI) posted a pretax profit of 510 billion VND (21.9 million USD) in the period, only equal to 30 percent of the yearly target.
Ho Chi Minh City Securities Corporation (HSC) reported a H1 pretax profit of 238 billion VND, a 60 percent drop year-on-year.
With revenues from brokerage services falling by half, HSC posted a total revenue of 753 billion VND, dropping 49 percent.
Other leading brokerages like Viet Capital Securities (VCSC) and VNDirect (VND) also reported their revenues falling by 35 and 46 percent against H1 2018 respectively, mainly because of lower revenue from brokerage services.
The firms attributed the decline to falling trading value in the second quarter. Average daily trading value in the last three months fell by 40 percent year-on-year to 4.3 trillion VND, while total trading value in H1 dropped by almost 45 percent year-on-year.
