SeABank achieves an impressive growth of VND 1,390.69 billion profit before tax in 2019

HANOI, Vietnam, Jan. 7, 2020 /PRNewswire/ -- Southeast Asia Commercial Joint Stock Bank (SeABank – Vietnam) announces its 2019 business results with consolidated profit before tax of VND 1,390.69 billion, an increase of VND 768.26 billion compared to 2018 and achieved all business targets set. This is the highest growth rate of the Bank.

At the end of the fiscal year 2019, SeABank exceeded all business targets set in the early 2019 with an impressive growth compared to 2018: Profit before tax reached VND 1,390.69 billion, an increase of VND 768.26 billion, up 123.4% YoY; Total assets reached are VND 157,398 billion, a 12.0% YoY increase; Total outstanding loans in Market 1 reached VND 98,613 billion, a 17.5% YoY increase; Total mobilization of Market 1 reached VND 95,727 billion, climbed 13.5% YoY. Total net non-interest revenue reached VND 2,316 billion, accounting for 44% of the Total net revenue; Capital adequacy ratio as prescribed in Circular 41/2016 of State Bank of Vietnam is 11.6%; Capital adequacy ratio level 1 reached 9%; Cost to income ratio (CIR) stood at 38.5%. Profitability ratios continued to improve sharply. Return on average assets (ROA) and return on average equity (ROE) were 0.75% increased by 120.6% and 12.03% increased by 61.7% compare to 2018. 

In 2019, SeABank bought back all special bonds at VAMC and made full provision for risks in accordance with regulations, the credit quality of the bank was well managed, the non-performing loan ratio at 2.31%. With the orientation of safe and prudent risk management, SeABank met the Basel II international standards with Circular 4 and achieved long-term B1 credit rating rated by Moody's. SeABank has also completed the increase of charter capital to VND 9,369 billion.

Particularly, SeABank is also the pioneer bank in Vietnam to successfully upgrade the core banking software T24 Temenos to the R18 version - the most modern version with many additional important features. SeABank is constantly diversifying its products and services applying digital technologies to help customers to experience modern banking with attractive investment channels, security and accumulation for the future.

Along with business activities, SeABank always focuses on developing social activities in parallel with economic development. SeABank is committed to serve with dedication, enthusiasm and professionalism to bring a happier life and a prosperous future for the community.

SOURCE SEABANK