#Vietnam #Hanoi #Banking #SeABank

SeABank Reports Strong Results for Q1 2025

Southeast Asia Commercial Joint Stock Bank, commonly known as SeABank, has released its financial results for the first quarter of 2025, showcasing a significant profit before tax of $168.14 million, a remarkable increase compared to the previous year. This impressive figure not only highlights the bank's strong growth trajectory but also signifies its commitment to enhancing operational efficiency and expanding its service offerings.

The profit before tax (PBT) reached VND4,350 billion, fulfilling 269% of the bank's key performance indicators (KPIs) and representing a substantial 189% year-over-year growth. Furthermore, total operating income (TOI) stood at VND5,820 billion, achieving 184% of targeted KPIs and increasing by over 115% compared to the same quarter in the previous year. Notably, the net interest income (NoII) surged to VND3,369 billion, marking an astonishing 378% increase, and successfully completing 340% of the set KPIs.

These robust results can be attributed to SeABank's proactive approach to expanding its non-credit services, strict cost management, effective risk oversight, and the execution of strategic initiatives aimed at enhancing its portfolio.

As of the end of March 2025, the bank recorded total customer deposits and valuable papers amounting to VND189,993 billion (around $7.34 billion). The total lending balance also demonstrated growth, standing at VND213,048 billion ($8.24 billion), netting an increase of VND3,693 billion ($142.75 million) year-on-year. In terms of asset quality, SeABank's non-performing loan (NPL) ratio exhibited a slight reduction, settling at 1.84%, showcasing the bank's diligent management of credit risks amidst a challenging macroeconomic landscape and increasing NPL trends prevalent within the banking sector. The bank's debt coverage ratio was maintained at 81.81%, ensuring robust provisions aligned with regulatory standards.

In terms of asset growth, SeABank's total assets reached VND333,746 billion ($12.9 billion), reflecting a 2.47% increase, equivalent to a net rise of VND8,047 billion ($311.04 million) from the end of 2024. The charter capital reached VND28,450 billion ($1.1 billion), establishing a strong foundation for future growth.

Strategic Partnerships and Sustainability Initiatives

In Q1 2025, SeABank further solidified its status as a reliable partner for international financial institutions, promoting access to capital for Vietnamese enterprises. By the end of March 2025, the bank had successfully mobilized nearly $1.1 billion internationally, including an investment of $80 million from the French Development Finance Institution (Proparco) and the Dutch Entrepreneurial Development Bank (FMO). This collaboration not only enhances SeABank's funding capacity to support small and medium-sized enterprises (SMEs) but also reaffirms its strong operational reputation and capital utilization efficiency.

Additionally, the bank has completed the transfer of its entire stake in the Post and Telecommunication Finance Company (PTF) to AEON Financial Service. This strategic move is anticipated to bolster SeABank's capital base and financial capabilities to facilitate scale expansion and technological investments, while fostering sustainable growth that aligns with its long-term strategy.

Overall, SeABank's performance in Q1 2025 decisively underscores its capability to navigate the competitive banking environment effectively while continuing to prioritize service expansion and financial sustainability.