SeABank reports 1H2024 profit of over US$127.7 million, CASA increased 59% YoY

HANOI, Vietnam, July 23, 2024 /PRNewswire/ — Southeast Asia Commercial Joint Stock Bank (SeABank, stock code: SSB) announces its 1H2024 business results with strong and stable growth: Consolidated profit before tax (PBT) of more than US$127.7 million (VND3,238 billion), up 61% YoY; TOI reaches US$237.1 million (VND6,011 billion), up 43% YoY; impressive NoII growth of 39% YoY, reaching US$50 million (VND1,268 billion) and equivalent to 21.1% of total net revenue. The positive growth was further reflected by indicators of operating efficiency, specifically ROE at 16.38% and ROA at 1.88%.

SeABank reports 1H2024 profit of over US$127.7 million, CASA increased 59% YoY

By the end of 1H2024, SeABank‘s total deposits and valuable papers recorded a net increase of US$636.5 million (VND16,139 billion) YoY, reaching US$6.3 billion (VND160,926 billion); Current account and savings account (CASA) grew 59% YoY, reaching US$790.3 million (VND20,038 billion) and accounting for 13.4% of total mobilization.

SeABank’s total outstanding loans to customers reached US$7.3 billion (VND185,959 billion), of which green credit and outstanding green credit loans increased by 40% YoY. By using resources effectively to control and recover overdue debts, SeABank successfully maintained safe operations with NPL controlled at 1.91%.

As of June 30, SeABank records total assets of US$11 billion (VND280,658 billion), charter capital of US$984 million (VND24,957 billion). In the current and upcoming period, the Bank is implementing its plan regarding charter capital increase, expecting to reach US$1.1 billion (VND28,800 billion) via issuing 329 million SSB shares to pay 2023’s dividends and 10.3 million SSB shares to increase equity capital from owners’ equity (equivalent to a total ratio of nearly 14%).

In 1H2024, SeABank has been entrusted with and has received investments totaling US$255 million from reputable international financial institutions. Particularly, SeABank will better promote financial inclusion with its capital enhanced through: a convertible loan of US$30 million from Norfund to support retail borrowers and micro-enterprises; IFC’s loan of US$75 million targeting SMEs, women-owned enterprises and climate finance. Additionally, SeABank issues the first blue bond in Vietnam and the first green bond by a Vietnamese private commercial bank, which received investments of US$75 million from AIIB and US$75 million from IFC.

With its achievements and contributions, SeABank received Vietnam’s national Labor Medal First class, while being appraised internationally, including: World’s Best Banks 2024 (Forbes), Best Banks Asia – Pacific 2024 (CNBC), Fortune Southeast Asia 500 (Fortune). This futher affirms the reputation and position of SeABank in the industry, in domestic and international markets.

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