SeABank reaches impressive PBT in the first 9 months, maintains CASA growth momentum

CASA maintains impressive growth momentum

In the first 9 months, SeABank's total foreign and domestic mobilization reaches US$7 billion. CASA escalates to US$817 million, up 24% from the figure of December 31, 2023 and accounted for 13.46% of total deposits.

 

 

SeABank also maintains growth momentum, notably reaching PBT of US$180 million - a net increase of US$55 million and up 43% YoY. Of which, TOI reaches US$363 million, up 39.56% YoY; NOII reaches US$65 million; NII reaches US$298 million. NIM increased slightly to 3.94%, although the average lending interest rate decreased and signs of increasing were shown since the end of July 2024. SeABank also recorded positive performance indicators, particularly ROE at 14.96% and ROA at 1.73%.

Ending the first 9 months, SeABank's total outstanding customer balance reaches US$7.8 billion; Total assets records net increase of US$885 million YoY, achieving US$11.4 billion. SeABank is completing procedures for its charter capital increase of US$1.1 billion, after successfully issuing 329 million shares to pay 2023’s dividends and an additional 10.3 million shares to increase equity capital from owner’s equity.

Customer growth, operating cost optimization through solid base of risk management

In the first 9 months of 2024, the Bank attracted nearly 430,000 new customers, up 92% from figure of the first 8 months, bringing the total number of customers to nearly 3.6 million. This is resulted from technological investment, increased user experience, and innovative products, thereby creating a distinctive market position for SeABank. 

Along with that, SeABank’s CIR decreasing significantly, maintaining at 32.54% thanks to digital transformation, which helps improve operational efficiency and optimize operating costs.

A solid and comprehensive risk management system is maintained, with CAR of 12.85%, higher than Basel III minimum requirement (10.5%). In addition, SeABank always ensure safe operations with NPL controlled at 1.87%.

Thanks to solid risk management, efficient and stable operations, Moody’s has maintained SeABank’s Ba3 ratings for important categories with a Stable outlook, implying its strong belief in SeABank's above peer-average capitalization and stable asset quality. In 2024, SeABank was also honored as "The Risk Management Bank of The Year Vietnam 2024" by The European Magazine (UK).