SeABank Records Remarkable Profit Growth
In an impressive display of financial resilience, Southeast Asia Commercial Joint Stock Bank (HOSE: SSB) has reported notable profits before tax (PBT) for the year. The results from the first nine months of 2024 indicate a PBT of US$180 million, reflecting the bank's effective risk management strategies that have significantly contributed to its growth.
Impressive CASA Growth
Continuing its focus on enhancing customer savings, SeABank has experienced remarkable growth in its current account savings account (CASA). In the period under review, the bank's total foreign and domestic mobilization reached a substantial US$7 billion. The CASA figures saw an impressive 24% increase from the previous period, totaling US$817 million, which now accounts for approximately 13.46% of total deposits.
Year-Over-Year Enhancements
The bank's net profits have surged by US$55 million year on year, marking a significant increase of 43%. Key performance drivers include a total operating income (TOI) of US$363 million, a 39.56% increase compared to last year, along with net interest income (NII) reaching US$298 million. Additionally, the net interest margin (NIM) showed a slight increase to 3.94%, despite a decrease in average lending rates earlier in the year.
Strong Financial Indicators
At the close of the first nine months, SeABank's total outstanding customer balances swelled to US$7.8 billion, with total assets swelling by US$885 million year on year, amounting to US$11.4 billion. The bank is currently working on increasing its charter capital to US$1.1 billion, following a successful issuance of shares aimed at enhancing its equity base.
Expansion and Operational Efficiency
SeABank’s customer base has expanded rapidly, attracting nearly 430,000 new customers within the first nine months of the year. This represents a staggering 92% growth compared to the eight-month figures. The bank's technological investments and the introduction of innovative products have uniquely positioned it in a competitive market environment.
Enhanced Risk Management Practices
The bank's cost-to-income ratio (CIR) has dropped to 32.54%, a testament to its operational efficiency and cost optimization achieved through digital transformation strategies. A solid and comprehensive risk management framework is firmly in place, with the capital adequacy ratio (CAR) maintained at 12.85%, exceeding Basel III's minimum requirement. The bank has ensured regulatory compliance, with a non-performing loan (NPL) ratio kept under control at 1.87%.
Recognition and Stability Ratings
Due to its diligent risk management and stable operations, SeABank has retained its Ba3 ratings from Moody's for important financial categories, accompanied by a Stable outlook. This rating underscores the bank's strong capitalization compared to its peers and stable asset quality. In recognition of its excellence in risk management, SeABank was honored as "The Risk Management Bank of The Year - Vietnam 2024" by The European Magazine.
Frequently Asked Questions
What is the profit before tax (PBT) of SeABank for 2024?
SeABank recorded a profit before tax (PBT) of US$180 million in the first nine months of 2024.
How much did SeABank's CASA grow during this period?
The CASA for SeABank grew by 24%, reaching US$817 million.
What are SeABank's operational income figures?
The total operating income (TOI) for SeABank reached US$363 million, reflecting a 39.56% year-over-year increase.
How has SeABank managed its risk metrics?
The bank's capital adequacy ratio (CAR) is maintained at 12.85%, and the non-performing loan (NPL) ratio is controlled at 1.87%.
What recognition has SeABank received recently?
SeABank was recognized as "The Risk Management Bank of The Year - Vietnam 2024" by The European Magazine.
