PR Newswire
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%.
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.
SOURCE SeABank