SeABank achieves impressive pre-tax profit growth in 2019

16:44 | 08/01/2020
Southeast Asia Commercial Joint Stock Bank (SeABank – Vietnam) has just announced its 2019 business results with consolidated pre-tax profit of VND1.39 trillion ($60.43 million), an increase of VND768.26 billion ($33.4 million), equivalent to 123.4 per cent compared to 2018, with ROE at 12.03 per cent and achieving all business targets. This is the highest growth rate that bank has ever reported.  
seabank achieves impressive pre tax profit growth in 2019
SeABank achieves an impressive growth of $60.4 million pre-tax profit in 2019

At the end of the 2019 fiscal year, SeABank exceeded all business targets set at the General Meeting of Shareholders in early 2019 with impressive growth compared to 2018, as follows:

  • Pre-tax profit reached VND1.39 trillion ($60.43 million), an increase of VND768.26 billion ($33.4 million), up 123.4 per cent on-year;
  • Total assets reached VND157.4 trillion ($6.84 billion), a 12 per cent increase on-year;
  • Total outstanding loans in Market 1 reached VND98.6 trillion ($4.3 billion), a 17.5 per cent increase on-year;
  • Total mobilisation in Market 1 reached VND95.7 trillion ($4.16 billion), up 13.5 per cent on-year;
  • Total net non-interest revenue reached VND2.3 trillion ($100 million), accounting for 44 per cent of the total net revenue;
  • Capital adequacy ratio as prescribed in Circular No.41/2016 of the State Bank of Vietnam is 11.6 per cent;
  • Capital adequacy ratio level 1 reached 9 per cent;
  • Cost to income ratio (CIR) stood at 38.5 per cent;
  • Profitability ratios continued to improve sharply, return on average assets (ROA) and return on average equity (ROE) were 0.75 per cent.

In 2019, SeABank bought back all special bonds at VAMC and made full provision for risks in accordance with regulations while the credit quality of the bank was well managed with the non-performing loan (NPL) ratio at 2.31 per cent. With the orientation of safe and prudent risk management, SeABank is Basel II compliant ahead of schedule, meeting international standards with Circular 41. In addition, SeABank has been given B1 long-term credit rating by Moody’s.

seabank achieves impressive pre tax profit growth in 2019

Moreover, in 2019, SeABank has completed the increase of its charter capital to VND9.369 trillion ($407.35 million) to improve its financial status. SeABank currently has a network of 167 transaction points serving nearly 1.2 million customers nationwide.

SeABank is also a pioneer bank in Vietnam for successfully upgrading the core banking software T24 Temenos to the R18 version – the most modern version with many important additional features. With the goal of providing a full suite of financial solutions and maximising benefits while remaining customer-centric, SeABank is constantly diversifying and adapting its products and services, applying digital technologies to help customers experience seamless traditional financial services and modern banking, as well as access attractive investment channels, healthcare, security, and accumulation for the future, improving the quality of the personal life of them and their families.

An important highlight of SeABank's digital technology in 2019 is the launch of the SeAMobile New digital banking application with many outstanding features such as free use and no transfer fees. This is also the first digital banking application in Vietnam to provide Financial Healthfor customers. SeABank also launched the SeA-Easy international credit card with many incentives for online shoppers such as up to 8 per cent refunds for all online transactions, annual fee waivers, and interest-free overdraft up to 45 days.

Along with business activities, SeABank always focuses on developing social activities in parallel with economic development. SeABank sets aside nearly VND12 billion ($521,750) for charitable activities, social security, and community development, spends nearly VND4 billion ($174,000) on scholarships for poor and studious students across the country through the Dream Nurturing Fund, in connection with the four series of SeABank Run For the Future.

SeABank also aims to protect the environment through the Let's Go Green with SeABank programme, calling on employees and the community to collect and classify waste, restricting the use of non-biodegradable plastic bottles/jars, saving paper, electricity, water, and planting more trees. SeABank is committed to serving with dedication, enthusiasm, and professionalism to bring a happier life and a prosperous future for the community.

By Nguyen Huong

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