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SeABank achieved a profit of over 2,016 billion Vietnamese dongs in the first 6 months of 2023
31/07/2023
By the end of the first 6 months of 2023, the total assets of Southeast Asia Commercial Joint Stock Bank (SeABank, stock code: SSB) reached over 245,206 billion Vietnamese dongs, a 5.96% increase compared to December 31, 2022. The pre-tax profit amounted to over 2,016 billion Vietnamese dong. In addition to maintaining stable business operations, SeABank increased its charter capital to 24,537 billion Vietnamese dongs. It implemented multiple interest rate reductions on loans to support production and business activities, contributing to the economic recovery.
In the business plan for 2023, SeABank remains committed to sustainable growth by focusing on resource allocation for innovative and digital transformation initiatives. The bank aims to enhance operational efficiency, increase customer experience with a wide range of flexible products and services, and optimize operating costs.
As of June 30, 2023, SeABank achieved a pre-tax profit of 2,016 billion Vietnamese dongs, with total assets reaching over 245,206 billion Vietnamese dongs, a 5.96% increase, and total outstanding loans exceeding 161,889 billion Vietnamese dongs, up by 5.15% compared to December 31, 2022. The non-performing loan ratio remained low at 1.73% due to the bank's effective credit risk management in challenging economic conditions. SeABank's total revenue reached nearly 12,109 billion Vietnamese dongs, representing an 18% growth compared to the same period, where revenue from traditional business activities showed stable growth. Fee-based revenue reached 466 billion Vietnamese dongs, with Q2/2023 fee-based revenue doubling that of Q1/2023 and showing an upward trend towards the end of 2023
Regarding customer deposits, SeABank's total deposits from customers accumulated in the first 6 months reached 144,788 billion Vietnamese dong, growing by 5.64%. Particularly, the bank successfully attracted additional foreign capital, with a total of nearly 11,772 billion Vietnamese dong in foreign funding by June 30, 2023, marking a growth of 26.15% compared to the end of 2022. These foreign funds play an important role in supporting the bank's diversified and globally-oriented business operations.
In addition, to accompany customers to overcome difficulties, SeABank has made many adjustments to reduce lending interest rates to support production and business activities, contributing to economic recovery for domestic enterprises.
In June 2023, SeABank successfully issued shares for dividend payment and bonus shares, with a total ratio of nearly 20.3%, to increase its charter capital to 24,537 billion Vietnamese dong. Moreover, SeABank's stock (SSB) has shown stable growth in the first 6 months of the year, surpassing the milestone of 3 billion USD in market capitalization. The Ho Chi Minh City Stock Exchange (HOSE) has selected SSB to be included in the VN30-Index, representing the top 30 stocks with the highest market capitalization and liquidity listed on the HOSE. Before that, SSB was also added to the Morgan Stanley Capital Index (MSCI) Frontier Markets Index starting on March 1,2023.
Alongside its business operations, SeABank has engaged in various meaningful social activities, such as supporting the construction of charity houses for the underprivileged in Ha Tinh and Dien Bien provinces, with a total value of 30 billion Vietnamese dongs. The bank organized the annual SeABank Run For The Future (SeARun 2023) to raise funds for granting 10 “Dreams nurturing fund” scholarships and planting 25,000 green trees, with a total value of 1.5 billion Vietnamese dong. Additionally, SeABank carries out regular charity activities, such as "Xuan Yeu Thuong" and "SeABankers for Children" nationwide, dedicated to supporting disadvantaged children across the country.
