SeABank Reports Impressive Profit Before Tax in Q1 2025
Southeast Asia Commercial Joint Stock Bank (SeABank, stock code: SSB) has revealed its consolidated financial results for the first quarter of 2025, demonstrating remarkable growth and a strong performance compared to the previous year.
Strong Performance Exceeds Key Performance Indicators
In the first quarter of 2025, SeABank's profit before tax (PBT) reached an impressive VND4,350 billion (approximately US$168.14 million). This achievement not only fulfilled a significant 269% of their KPIs but also marked a substantial year-on-year increase of nearly 189%. Their total operating income (TOI) soared to VND5,820 billion (around US$224.96 million), achieving 184% of their KPIs and illustrating a remarkable 115% increase from the same period a year prior.
A major contributor to SeABank's income growth was its net interest income (NoII), which surged to VND3,369 billion (approximately US$130.22 million), reflecting a staggering year-on-year increase of 378% and completing 340% of their targets. These outstanding figures have been driven by SeABank's proactive expansion of non-credit services, effective cost control measures, and enhanced risk management strategies.
Growth in Customer Deposits and Lending Balance
By the end of Q1 2025, SeABank reported total customer deposits and valuable papers totaling VND189,993 billion (around US$7.34 billion). The bank's total lending balance reached VND213,048 billion (approximately US$8.24 billion), reflecting a net increase of VND3,693 billion (around US$142.75 million) year-on-year.
Additionally, SeABank saw its non-performing loan (NPL) ratio slightly decline to 1.84%, showcasing effective credit risk management amidst ongoing economic challenges and a rising trend of NPLs within the banking sector. The bank maintained a healthy debt coverage ratio of 81.81%, indicating effective provision management in compliance with regulatory standards.
Total Assets and Capital Expansion
As of March 31, 2025, SeABank's total assets reached VND333,746 billion (approximately US$12.9 billion), marking a 2.47% increase or a net addition of VND8,047 billion (around US$311.04 million) from the previous year's end. The bank's charter capital also rose to VND28,450 billion (approximately US$1.1 billion).
Enhancing International Partnerships
In its ongoing efforts to bolster its international partnerships, SeABank has positioned itself as a reliable ally for international financial institutions, promoting capital access for Vietnamese enterprises. By the end of March 2025, SeABank had mobilized nearly US$1.1 billion internationally, which included an investment of US$80 million from the French Development Finance Institution (Proparco) and the Dutch Entrepreneurial Development Bank (FMO). This initiative is set to augment SeABank's funding base, particularly supporting SMEs and women-owned businesses.
Strategic Company Developments
Furthermore, in Q1 2025, SeABank successfully completed the transfer of its entire stake in the Post and Telecommunication Finance Company (PTF) to AEON Financial Service. This strategic move has not only strengthened SeABank's capital base and financial capacity but also facilitates further scale expansion and technological investments, aiming for sustainable growth centered on strategic objectives.
Frequently Asked Questions
What was SeABank's profit before tax for Q1 2025?
SeABank reported a profit before tax of VND4,350 billion (US$168.14 million) for Q1 2025.
What was the total operating income for SeABank in Q1 2025?
The total operating income for SeABank in Q1 2025 reached VND5,820 billion (US$224.96 million).
How much did SeABank's net interest income increase by?
SeABank's net interest income (NoII) surged by 378%, reaching VND3,369 billion (US$130.22 million).
What is the current NPL ratio for SeABank?
SeABank's non-performing loan (NPL) ratio currently stands at 1.84%.
What major steps has SeABank taken in Q1 2025 to expand its capital base?
SeABank successfully transferred its stake in Post and Telecommunication Finance Company (PTF) to AEON Financial Service, boosting its capital base for further growth.
