Southeast Asia Commercial Joint Stock Bank (SeABank, HOSE: SSB) has announced a pre-tax profit (PBT) of $180 million for the first nine months of 2024, showcasing robust business performance bolstered by effective risk management practices.
The bank reported significant growth across various metrics, with total foreign and domestic mobilization reaching $7 billion. Notably, the Customer Account Savings and Deposits (CASA) grew to $817 million, marking a 24% increase from December 31, 2023, and accounting for 13.46% of total deposits.
SeABank’s performance reflects a net increase of $55 million in PBT, representing a 43% year-on-year growth. Total operating income (TOI) surged to $363 million, up by 39.56% from the previous year. The bank’s net interest income (NII) reached $298 million, while net operating income (NOII) stood at $65 million. The net interest margin (NIM) also saw a slight increase, now at 3.94%, despite a decrease in the average lending interest rate, with signs of a potential rise only appearing at the end of July.
By the end of September, SeABank’s total outstanding customer balance had climbed to $7.8 billion, and total assets recorded a net increase of $885 million year-on-year, reaching $11.4 billion. The bank is in the process of raising its charter capital to $1.1 billion, following the successful issuance of 329 million shares to pay dividends for 2023 and an additional 10.3 million shares to increase equity capital from owner’s equity.
The bank has also focused on expanding its customer base, attracting nearly 430,000 new clients in the first nine months, a remarkable 92% increase from the first eight months of the year. This surge has raised the total number of customers to approximately 3.6 million, driven by investments in technology, enhanced user experience, and the introduction of innovative products.
SeABank’s cost-to-income ratio (CIR) has significantly improved, now at 32.54%, attributed to enhanced operational efficiency and optimized costs resulting from digital transformation initiatives. Furthermore, the bank has maintained a solid and comprehensive risk management system, with its capital adequacy ratio (CAR) standing at 12.85%, surpassing the Basel III minimum requirement of 10.5%. Non-performing loans (NPL) are well-controlled at 1.87%, indicating a healthy risk profile.
Due to its strong risk management practices and stable operations, Moody’s has reaffirmed SeABank’s Ba3 ratings with a stable outlook. This reflects confidence in the bank’s superior capitalization compared to peers and its stable asset quality. In recognition of its efforts, SeABank was honoured as “The Risk Management Bank of the Year – Vietnam 2024” by The European Magazine.
Overall, SeABank‘s strong performance in the first three quarters of 2024 highlights its effective strategies and commitment to growth in the competitive banking landscape of Southeast Asia.
