Profits soar by 151 per cent in Q4 for stock brokerage SSI

Monday, Jan 22, 2024 11:32

SSI’s pre-tax profits rose by 151 per cent year-on-year to VNĐ615.9 billion ($25 million) in the fourth quarter of last year. — Photo courtesy of the company

SSI Securities Corporation has announced results for the fourth quarter of 2023 that show revenues and pre-tax profits rising by 48 per cent and 151 per cent year-on-year to VNĐ2 trillion (US$80.88 million) and VNĐ615.9 billion ($25 million).

Full-year revenues and profits were VNĐ7 trillion and VNĐ 2.7 trillion, up 12 per cent and 35 per cent.

Revenues from securities services (including brokerage, investment consulting, custody, and margin lending) were nearly VNĐ826.6 billion in Q4, up 22 per cent year-on-year, and VNĐ 3.1 trillion for the year.

SSI was the second largest brokerage on the Ho Chi Minh Stock Exchange with a market share of 10.44 per cent, marginally up from 2022.

Income from proprietary investment was worth VNĐ1 trillion in Q4 and VNĐ3.1 trillion for the year, up 97 per cent and 58 per cent.

SSI said it had signed consulting contracts with a number of large enterprises, and expected investment banking activities to boom again in 2024 when capital mobilisation and mergers and acquisitions recover.

Việt Nam’s economy continued to recover in the fourth quarter.

The stock market recorded a correction in Q4 after rising significantly in the previous two consecutive quarters. The VN-Index ended 2023 at 1,129.93 points, an increase of 12.2 per cent and outperforming other markets in Southeast Asia.

According to SSI, the economy is expected to be more stable in 2024 than in 2023.

Speeding up public spending and stimulating domestic consumption would be among the key growth drivers this year, it said.

But the economy was also expected to continue benefiting from its position as an important link in the global supply chain, it added. — VNS

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