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SSI's profit is only equal to the same period due to losses from financial assets of FVTPL

Saturday - 21/07/2018 02:26
Brokerage income increased sharply, but SSI's profit was only equal to the same period due to losses from financial assets FVTPL.
SSI Securities Joint Stock Co (SSI) - the leading brokerage market share of both HSX and HNX, has just released its separate financial report for the second quarter and the first half of 2018.

Although brokerage revenue increased sharply against the same period, SSI suffered a loss from FVTPL's financial assets due to the impact from the sharp decline of the market in the second quarter. As a result, pre-tax profit was VND 392 billion, equivalent to 2017.

With Circular 334 amending and supplementing Circular 210 on how to account for profit, securities investment activities of securities companies will be revalued at fair value. Accordingly, the investment will be divided into two types of financial assets of Fair Value Through Profit & Loss (FVTPL) and Available For Sale (AFS).

In the second quarter, SSI's biggest drop was in FVTPL's financial loss. Profit from FVTPL recorded in the revenue of SSI reached more than VND 117 billion, however losses from FVTPL products up to VND 210 billion. Accordingly, FVTPL's assets brought a loss of nearly VND 93 billion to SSI, while the same period last year saw a profit of over VND 122 billion. SSI's profit was almost VND 400 billion in the second quarter, equivalent to the same period of the previous year, thanks to higher revenue from other operations.

Brokerage turnover of this securities company reached VND 340 billion, up 84%. Although the cost also increased significantly, but brokerage profits still bring to SSI more than double of the second quarter 2017, with more than VNd 100 billion. SSI also recorded profit from maturity investments of more than VND 163 billion and loans, receivables more than 200 billion, up 59% and 61%, respectively.

In the first 6 months, SSI earned nearly VND 1,877 billion of operating revenue, up 54%. Most of the activities were higher than the same period last year, led by brokers with more than VND 700 billion, more than doubling the first 6 months of 2017.
 Tags: SSI

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