Stock brokerages' earnings jump as surging markets attract record investor numbers
Stock brokerages' earnings jump as surging markets attract record investor numbers
Securities brokerages saw earnings surge last year as the stock market rebounded from a Covid-19-induced slump and attracted new investors in record numbers.
A new investor (L) opens a new trading account at an brokerage in Ho Chi Minh City in January, 2021. Photo by VnExpress.
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Top brokerage SSI Securities Corporation’s pre-tax profit rose by 54.4 percent to VND1.56 trillion ($67.7 million), as revenues increased by 43.4 percent to VND4.5 trillion.
The Saigon – Hanoi Securities Jsc said pre-tax profits tripled to a record VND939 billion on revenues of VND1.8 trillion, a 69 percent rise.
The Ho Chi Minh City Securities Corporation’s pre-tax profits rose by 24 percent to VND660 billion and revenues by 44 percent to VND2.25 trillion.
Maybank Kim Eng and RongViet Securities Corporation also reported very strong performances.
The benchmark VN-Index rose 14 percent last year to end at 1,103.87 points. The markets had fallen sharply in March and July because of Covid-19 outbreaks, but bounced back quickly as the government managed to contain the spread and maintain economic growth.
Over 393,600 new trading accounts were opened last year, the highest number ever. At the end of the year there were over 2.77 million accounts.
Businesses raised a total of VND384 trillion from the stock market last year, 20 percent more than in 2019, according to the Ministry of Finance.
