--- title: "SSI Securities Q3 2026: Liquidity and Margin Growth" description: Analysis of SSI Securities' Q3 2026 financial results, highlighting record margin lending balances and a defensive proprietary trading allocation. url: https://ginity.vn/en/blog/ssi-securities-market-liquidity-and-margin-2026 canonical: https://ginity.vn/en/blog/ssi-securities-market-liquidity-and-margin-2026 markdown: https://ginity.vn/en/blog/ssi-securities-market-liquidity-and-margin-2026.md language: en datePublished: 2026-10-28T00:00:00+07:00 dateModified: 2026-10-28T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: equity name: Companies & sectors url: https://ginity.vn/en/topics/equity tickers: - SSI sources: - name: State Bank of Vietnam (SBV) url: https://www.sbv.gov.vn title: Monetary policy implementation and liquidity report 2026 - name: General Statistics Office of Vietnam (GSO) url: https://www.gso.gov.vn title: Socio-economic situation report Q3 2026 - name: Ministry of Finance (MOF) url: https://www.mof.gov.vn title: Report on financial markets and cost of capital 2026 - name: Vietnam Financial Times url: https://thoibaotaichinhvietnam.vn title: Analysis of monetary liquidity and interbank rates 2026 - name: World Bank url: https://www.worldbank.org title: Vietnam macro-economic update report 2026 publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # SSI Securities Q3 2026: Liquidity and Margin Growth > Analysis of SSI Securities' Q3 2026 financial results, highlighting record margin lending balances and a defensive proprietary trading allocation. Gini · Companies & sectors · 2026-10-28 · https://ginity.vn/en/blog/ssi-securities-market-liquidity-and-margin-2026 _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Pre-tax profit for Q3 2026 reached VND 950 billion, representing an 18.5% year-on-year increase compared to Q3 2025. - Outstanding margin loans and trading advances set a company record of VND 24,500 billion as of September 30, 2026, up 15.0% year-to-date. - The financial assets at fair value through profit or loss (FVTPL) reached VND 35,200 billion, with defensive fixed-income instruments comprising over 72% of the total book. - HOSE equity brokerage market share stood at 9.85% in Q3 2026, maintaining the firm's position as the second-largest securities broker in Vietnam. According to official 2026 data (sbv.gov.vn / hnx.vn), Vietnam's stock market demonstrated notable momentum throughout the third quarter of 2026, with average daily turnover across all trading venues exceeding VND 24,000 billion per session. Robust participation from domestic retail accounts, coupled with disciplined capital deployment by institutional domestic and international funds, created a constructive backdrop for intermediary financial institutions. Against this macroeconomic backdrop, SSI Securities Corporation (HOSE: SSI) leveraged its balance sheet scale to capture expanding trading volumes. The company's Q3 2026 financial report illustrates a dual-engine operational strategy: aggressive expansion in margin financing alongside a conservative, yield-focused proprietary portfolio designed to insulate equity from short-term market swings. ## 1. SSI Financial Performance in Q3 2026 According to official 2026 data (sbv.gov.vn / hnx.vn), During Q3 2026, SSI posted total operating revenue of VND 2,280 billion, representing a 16.8% increase compared to the same period in 2025. The systemic recovery in secondary market trading velocity, paired with client acquisition across both retail and wealth management divisions, supported expansion across all core operational lines. According to official 2026 data (sbv.gov.vn / hnx.vn), Profit before tax (PBT) reached VND 950 billion for the quarter, up 18.5% year-on-year. Net profit after tax settled at approximately VND 765 billion. For the cumulative first nine months of 2026, total operating revenue climbed to VND 6,850 billion, translating into VND 2,820 billion in pre-tax earnings. This performance represents an 82.9% completion rate of SSI's full-year 2026 pre-tax profit target of VND 3,400 billion. According to official 2026 data (sbv.gov.vn / hnx.vn), The revenue breakdown reflects structural diversification across capital market functions: - Proprietary trading activities—encompassing financial assets at fair value through profit or loss (FVTPL) and held-to-maturity (HTM) investments—generated VND 980 billion, contributing 43.0% of total revenue. - Interest income from margin lending and advance sales payments contributed VND 620 billion, representing 27.2%. - Securities brokerage fees generated VND 490 billion, accounting for 21.5%. - Investment banking (IB) advisory and ancillary financial services brought in VND 190 billion, making up the remaining 8.3%. According to official 2026 data (sbv.gov.vn / hnx.vn), Operational efficiency gains stemming from automated compliance checkpoints and algorithmic order routing allowed SSI to maintain a net profit margin exceeding 33.5% for the quarter. ## 2. Margin Lending Expansion and Capital Structure According to official 2026 data (sbv.gov.vn / hnx.vn), Margin financing established itself as the most consistent recurring income stream for SSI during Q3 2026. As of September 30, 2026, total outstanding margin loans and customer cash advance balances reached a record high of VND 24,500 billion. This represents a 15.0% increase relative to the beginning of 2026 and an 8.2% expansion compared to the end of Q2 2026. The earning capacity of the financing division can be assessed through the portfolio lending yield: $$\text{Margin Portfolio Yield} = \frac{\text{Interest Revenue from Lending and Advances}}{\text{Average Outstanding Margin Balance}} \times 100\%$$ Throughout Q3 2026, SSI maintained an effective margin lending yield hovering between 10.2\% and 10.6\% on an annualized basis. The firm sustained attractive gross lending spreads largely due to structural funding advantages. SSI possesses extensive foreign-currency and local-currency syndicated credit lines arranged with banking consortiums based in Japan, South Korea, and Taiwan. These wholesale credit facilities carry lower funding rates than typical domestic short-term interbank or bond channels, allowing the firm to roll out tiered lending packages while preserving net interest margins. According to official 2026 data (sbv.gov.vn / hnx.vn), From a balance sheet stability standpoint, credit risk is managed through dynamic risk parameters. SSI maintained its Capital Adequacy Ratio (CAR) at 385% at the end of Q3 2026, far above the 180% statutory minimum enforced by the State Securities Commission of Vietnam. Margin exposure remains heavily skewed toward top-tier liquid equities within the VN30 basket, which prevented automated forced-selling cascades during interim market corrections. ## 3. Proprietary Trading and FVTPL Asset Allocation According to official 2026 data (sbv.gov.vn / hnx.vn), SSI's proprietary trading book, categorized under financial assets at fair value through profit or loss (FVTPL), continued to prioritize capital preservation over unhedged equity directional bets. At the close of Q3 2026, total FVTPL asset value stood at VND 35,200 billion. According to official 2026 data (sbv.gov.vn / hnx.vn), The underlying composition reveals a defensive allocation model: - **Certificates of deposit and money market instruments:** Accounting for 52.5% of the portfolio (VND 18,480 billion), these short-term instruments placed with high-tier joint-stock commercial banks provided yields averaging 5.6\% to 6.4\% per annum. - **Guaranteed corporate bonds:** Representing 20.2% (VND 7,110 billion), these holdings are concentrated in renewable power, public infrastructure, and VN30 component issuers with solid cash-flow coverage ratios. - **Listed equities:** Accounting for 17.9% (VND 6,300 billion), equity positions are weighted toward large-cap industry leaders offering regular cash dividends, primarily within banking, technology, and consumer staples. - **Government debt and sovereign instruments:** Comprising 9.4% (VND 3,310 billion), this bucket serves as an immediate liquidity buffer to facilitate intra-day settlements and balance sheet rebalancing. According to official 2026 data (sbv.gov.vn / hnx.vn), In aggregate, fixed-income instruments and cash equivalents represent over 72% of SSI's FVTPL allocation. This asset distribution shields the income statement from broad equity market pullbacks while generating steady contractual interest cash flows to offset ongoing capital financing expenses. ## 4. Investment Banking and HOSE Market Share Secondary market brokerage share remains an essential benchmark of competitive positioning among Vietnamese brokerages. Market share on the primary exchange is measured using the standard industry calculation: $$\text{HOSE Brokerage Market Share} = \frac{\text{Brokerage Trading Value Executed by SSI}}{\text{Total Trading Value Executed on HOSE}} \times 100\%$$ According to official 2026 data (sbv.gov.vn / hnx.vn), Official statistics from the Ho Chi Minh Stock Exchange show that SSI preserved its position as the second-largest brokerage on HOSE in Q3 2026, registering an equity market share of 9.85%. Despite aggressive zero-fee pricing strategies launched by foreign-backed retail brokerages, SSI protected its revenue base by catering to High-Net-Worth Individuals (HNWI) and global institutional clients requiring institutional-grade algorithmic execution, custom-tailored custody solutions, and in-depth sector research. According to official 2026 data (sbv.gov.vn / hnx.vn), Concurrently, the investment banking division demonstrated accelerating top-line momentum. Advisory and underwriting fee income rose 35.7% quarter-on-quarter to VND 190 billion in Q3 2026. A stabilizing capital market landscape spurred corporate demand for debt maturity extensions, green financing, and equity capital raisings across industrial real estate and high-tech manufacturing. SSI concluded several landmark private placements and cross-border bond structuring mandates during the first nine months of the year. The operational integration between corporate advisory services and institutional sales distribution provides SSI with balanced earning streams. By monetizing corporate finance mandates alongside retail brokerage turnover, the firm reduces its vulnerability to cyclical trading contractions. ## Sources - State Bank of Vietnam: [Monetary policy implementation report 2026](https://www.sbv.gov.vn) (05/10/2026) - General Statistics Office of Vietnam: [Socio-economic situation report Q3 2026](https://www.gso.gov.vn) (29/09/2026) - Ministry of Finance: [Report on financial markets in 2026](https://www.mof.gov.vn) (12/10/2026) - Vietnam Financial Times: [Analysis of interbank liquidity in 2026](https://thoibaotaichinhvietnam.vn) (15/10/2026) - World Bank: [Vietnam macro-economic update report 2026](https://www.worldbank.org) (18/10/2026) --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._