#Vietnam #Hanoi #SeABank #PBT

SeABank Achieves Significant Profit Growth in 2024

The Southeast Asia Commercial Joint Stock Bank, commonly known as SeABank, has officially reported a noteworthy profit before tax (PBT) of $238.2 million at the end of 2024. This figure signals a remarkable 31% increase compared to the previous year, exceeding the bank's target by a substantial 103%.

SeABank's rapid growth can be attributed to its flexible business strategies and strong commitment to sustainable development goals. The bank's total assets swelled to $12.85 billion, a 22% rise year-on-year. Credit also experienced an uptick, growing by 20.42% to reach an outstanding balance of $8.26 billion, which includes prioritizing financing for green credit sectors and sectors pivotal to Vietnam's economic growth.

The bank's mobilization efforts significantly surpassed key performance indicators, showing a robust 23% increase from the previous year, now amounting to $8.52 billion. Notably, SeABank's CASA (Current Account Savings Account) saw an impressive growth of 96%, now standing at $1.29 billion, which constitutes 19.4% of total mobilizations. Additionally, the bank's total operating income rose sharply by 32%, reaching $489.5 million, with its non-performing loan (NPL) rate maintaining a favorable level at 1.89%, comfortably within the regulations set by the State Bank of Vietnam (SBV).

SeABank has also made significant strides in expanding its international partnerships. In 2024, its international mobilization climbed by over $250 million, totaling $850 million, excluding trade finance. This increase has been bolstered by beneficial investments and collaborations with prominent entities, including the International Finance Corporation (IFC), Asian Infrastructure Investment Bank (AIIB), and Norfund.

To enhance its financial robustness, SeABank raised its charter capital to $1.12 billion, aligning with its strategy approved during the Annual General Meeting. Furthermore, the bank has harnessed the power of digital technology to bolster its performance. In 2024 alone, 52.6 million digital transactions were recorded, a remarkable increase of 160% from the previous year. Additionally, over 70% of new customer accounts were opened online through an enhanced eKYC process, bringing online user registrations to nearly 4 million.

In its pursuit of sustainable development, SeABank has committed over $900,000 to various community initiatives, ranging from housing repairs and disaster relief to scholarships for underprivileged students and afforestation projects.

Looking ahead, SeABank is resolute in building on its solid groundwork. For 2025, it has set ambitious targets that include a 10% increase in total assets, a 15% rise in credit, and a 16% increase in capital mobilization. They also aim for a 10% growth in PBT, aspiring for a return on equity (ROE) of 13.8%. These initiatives reflect SeABank's vision of sustainable growth and its determination to solidify its reputation as a leading retail bank in the region. With such strategies in place, SeABank appears poised to continue its upward trajectory well into the future.