SSI released consolidated results for Q1 2022 with net profit of VND706bn (USD30.7mn; +67% YoY), which completed 25.0% our FY2022 forecast. We attribute the strong increase in the bottom line to a 33% YoY increase in operating income — led by a surge in margin lending and brokerage revenue in conjunction with slightly higher gains on financial assets at fair value through profit and loss (FVTPL) — that outweighed a 17% YoY increase in operating expenses.