17/04/2024
Hanoi, April 17, 2024 - Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB) successfully organized the 2024 Annual General Meeting of Shareholders (“AGM”). The AGM has informed 2023 business results and approved many important goals, including business plan for 2024.
Maintain stable growth rate
In 2023, despite the global and domestic economy continued to face fluctuations and challenges, SeABank has achieved positive business results thanks to its great efforts.
Particularly, accumulated PBT by December 31, 2023 is approx. US$182.3 million, completing 100% of the plan. Total assets increase 15% YoY, reaching US$10.5 billion. NPL is controlled at 1.94%, CIR is recorded at 38.3% thanks to optimization and cost savings. Consolidated CAR reached 13.61% and is maintained higher than the required minimum CAR by the SBV.
Thanks to product diversification, service quality improvement, cross-selling strategy as well as increased technological application, SeABank recorded over 32.3 million online transactions, up 157% YoY and attracted more than 71% of new account registered online via eKYC.
In 2023, SeABank's charter capital increased to US$985.5 million, guaranteeing the Bank’s capability to improve capital adequacy indicators, broaden operating capital scale, and invest in technology. At the same time, SeABank’s stock (SSB) was selected by HoSE to be included in VN30-Index, affirming SeABank's reputation, operational efficiency and potential in the financial-banking market. As of December 31, 2023, SeABank becomes one of the 7 banks with the largest capitalization on the Vietnam’s stock market.
With its achievements and contributions to the State and community, SeABank was honorly awarded the First-class Labor Medal by the President right at the time of its 30th anniversary. This prestigious award recognizes the efforts and devote of SeABank’s BOD and employees during 30 years of formation and development, while further affirming SeABank's position, reputation, stable and sustainable development.
Moreover, SeABank is also recognized internationally with notable awards and honors such as: Ranked 771st in Top 1000 World Banks 2023 (by The Banker Magazine), 150 ranks escalated from 2022; 44th in 100 most valuable brands in Vietnam 2023 (by Brand Finance – world-class organization in brand valuation). This further affirms SeABank’s position in Vietnam’s finance-banking market and business community.
In 2023, Moody's affirmed SeABank's Ba3 ratings for important categories with a Stable outlook, reflecting Moody’s expectations of SeABank’s good and improving capital adequacy. As one of the pioneer Vietnamese banks in implementing and applying Basel III into banking governance and risk management, SeABank has optimized RWA and capital using advanced methodologies to measure sensitivity to market risks. Thereby, the Bank can balance risk and opportunity of capital-holding, thus improving liquidity, enhancing credit risks and operational risks management.
Based on the recent achievements and context analysis of 2024 economy, the AGM approved 2024 business plan with the direction of maintaining stable growth from 2023, including: Total assets expected at approx. US$11.4 billion; capital mobilization targeted at approx. US$1.08 billion; targeted PBT of approx. US$232.6 million, up 28% YoY; targeted ROE of 13.9%; NPL controlled less than 3%.
Increase charter capital plan and elect additional BOD members, towards sustainable development
One of the important discussions in the AGM is the plan to increase charter capital from approx. US$985.5 million to nearly US$1.2 billion through various methods:
Along with the capital increase plan, SeABank continues to strengthen the Bank's governance apparatus to facilitate the 2024-2028 strategy focusing on sustainable development in line with international standards. The AGM approved the resignation of Ms. Ngo Thi Nhai (member of the BOD) and elected Ms. Tran Thi Thanh Thuy to act as a member of the BOD.
The new member of the BOD of SeABank meets all the standards and conditions according to the Vietnam’s Law on Credit Institutions 2010, the amendments to some articles of the law on credit institutions, and is highly qualified, has extensive management experience in the field of finance-banking, has a strategic vision, spirit of consensus, and the dedication to the development of SeABank.
By strengthening the apparatus, SeABank expects to improve its governance and operations capacity to actualize the goal of becoming the most popular retail bank in Vietnam based on fundamental factors: promoting digitization of banking system; sustainable development associated with risk control; improving credit quality associated with NPL controlled below 3%; diversifying products and services to improve customer experience.