Fintech
Fintech Finhay-backed VinaSecurities suffers Q2 losses on rising operating costs
By Ta Phu, Hai Yen
Sun, 21 Jul 2024 | 11:23 GMT+7
Finhay-backed fintech stockbroker VinaSecurities JSC posted a loss of VND5.18 billion ($204,520) in the second quarter of 2024, down sharply from a net profit of VND81 million ($3,200) in the same period last year.
In its second-quarter report, the brokerage firm, also known as VNSC, reported operating expenses of VND7.6 billion ($300,070) and management expenses of VND6.2 billion ($244,790), up 2.3 times and 4.6 times, respectively, over the year.
An office of VinaSecurities JSC. Photo courtesy of the company.
VNSC recorded VND10.9 billion ($430,360) in operating revenue in Q2, 2.4 times the previous year. Of this, VND3.23 billion ($127,530) was interest income from loans and receivables, a huge improvement from VND55.4 million ($2,190) in Q2/2023.
It also generated VND5.23 billion ($206,500) in FVPL (fair value through profit or loss) revenue and VND2.11 billion ($83,310) in stock brokerage, up 216.9% and 488.7% year-on-year, respectively.
Despite such revenue increases, the securities company suffered a loss of more than VND11 billion ($43,430) in the first half of 2024, bringing its accumulated loss to VND270 billion ($10.66 million) as of June 30.
As of the end of June, VNSC had total assets of VND428.4 billion ($16.9 million), up 41.5% from the beginning 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 another 270,000 bonds to Finhay for nearly VND29.9 billion ($1.18 million).