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01/02/2023
In the context of 2022’s unstable domestic and international markets, Southeast Asia Commercial Joint Stock Bank (SeABank, stock code: SSB) has proactively and synchronically implemented business solutions, increased revenue from service fees and non-credit fees, effectively controlled costs, as well as launching various interest rate reduction programs to support customers and effective risk management, etc. Thereby, the Bank could maintain its upward momentum and successfully complete the business plan set out in 2022, in which profit before tax reached nearly VND 5,069 billion, completing 104% of the plan.
By the end of December, SeABank has maintained a stable growth rate and achieved positive business results. Notably, Total assets reached US$ 9.87 billion, increasing 9.34% compared to 2021; Return on assets (ROA) and Return on equity (ROE) are respectively 1.83% and 18.1%, showing SeABank's top-tier operational efficiency in the banking system. Additionally, thanks to effective control of costs and expenses as well as the proactive handling of bad debts and strengthening of risk management, the Bank's cost-to-income ratio (CIR) continued to decrease to 35.3% while bad debt decreasing to 1.60%.
Remarkably, net non-interest income (NOII) has impressively grown by 43% compared to 2021, reaching US$ 112.6 million and accounting for 12.7% of the Bank’s total revenue. The growth of NOII demonstrates the stable and sustainable operational efficiency of SeABank, which has been enhanced through the diversification of product structure, development of digital banking and non-credit activities, and the effective utilization of existing customer profiles while developing new customer network in the market. These positive indicators have facilitated SeABank’s achieving a profit before tax of nearly US$ 216.16 million (equivalent to VND 5,069 billion), completing 104% of the profit plan in 2022.
Moreover, SeABank has increased its charter capital to US$ 844.73 million (equivalent to VND 19,809 billion) and is on track of reaching US$ 870.06 million (equivalent to VND 20,403 billion) in charter capital, partly resulted by the implemented ESOP program for more than 2,500 employees with great contributions to the development of the Bank.
In 2022, SeABank continuously implemented and applied international standards to banking operations. Typically, the Bank applied Basel III risk management standards and International Financial Reporting Standards (IFRS). Also, it is rated Ba3 by Moody's for many categories. At the same time, SeABank successfully expanded its international cooperation and attracted many investments and credit packages with a total value of up to US$ 500 million from the U.S. International Development Finance Corporation (DFC), International Finance Corporation (IFC) and other international investment funds. This enables SeABank to improve its financial capacity to support SMEs, especially women-owned enterprises, and green credit. Thereby, the Bank can improve its potential to diversify capital mobilization channels, thus increasing low-cost capital to benefit customers.
The strategy of "Digital convergence" promoted by SeABank has also improved efficiency and enhanced competitive advantages. Specifically, SeABank has focused on digitizing products and services as well as business procedures, aiming at automation and simplification of working process through technological advancements such as: e-office system (SeAOffice), automatic transaction system at counters (SeATeller), FPT.AI virtual assistant automatically reminding debt and renewing passbook, digital banking application for individual customers (SeAMobile) and for corporate customers (SeAMobile Biz), etc. Besides, SeABank strongly applies artificial intelligence (AI), Big Data, Google Cloud cloud computing technology, machine learning (ML) to build business-responsive applications. Therefore, the Bank could optimize costs and operating time, improve customer experience, while promoting speed and convenience for all employees and customers.
In 2022, SeABank's also reached an impressive milestone in e-bank user growth with 941,608 new users. In 2022, SeABank kept expanding its operating network and upgrading the facilities of transaction points, bringing the total number of transaction points of the bank to 180 points in 31 regions nationwide. SeABank's efforts and achievements in 2022 are marked by a variety of prestigious awards and honors: Vietnam National Brand 2022 (Ministry of Industry and Trade), "Top 1000 World Banks 2022" (The Banker), "Best Companies to Work for in Asia 2022" (HR Asia - Asia's leading prestigious HR magazine), "Best Banks in Vietnam 2022” in Bank of the Year 2022 award ceremony (The Banker), Top 500 Strongest Banks in Asia Pacific (The Asian Banker), Top 100 Sustainable Enterprises (VCCI), Top 25 Leading Financial Brands in 2021 (Forbes Vietnam), Top 50 Most Profitable Enterprises in Vietnam 2022 and Top 500 Most Profitable Enterprises in Vietnam - Profit500 (Vietnam Report), Top 10 Strongest Brands in Banking Industry 2022 (Vietnam Economic Review), Outstanding Brands in Asia – Pacific, etc. These awards and honors have recognized SeABank’s brand reputation and strong growth in the past year.
