SeABank reports profitable first quarter results, PBT increases 41% YoY

April 03, 2024 09:01 PM PDT | By Cision

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SeABank reports profitable first quarter results, PBT increases 41% YoY — Image source: Kalkine Media

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HANOI, Vietnam, April 4, 2024 /PRNewswire/ -- Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB) announces its consolidated business results for Q1 2024 with profit before tax (PBT) reaches US$60.66 million, up nearly 41% YoY. Other business indicators all record stable growth.

SeABank reports profitable first quarter results, PBT increases 41% YoY

Accordingly, thanks to flexible business strategy, together with effective priority on digital technology and product diversification, SeABank continues to grow stronger in Q1 2024 compared to Q1 2023. Particularly, consolidated PBT reaches US$60.66 million, increases nearly 41% YoY; total operating income reaches US$109 million, up 19.54% YoY; total revenue reaches US$259.3 million, increases 4.6% YoY. At the same time, SeABank's net non-interest income (NoII) records an impressive growth of nearly 51% YoY, reaches US$28.9 million.

By the end of Q1 2024, SeABank's total mobilization from deposits and valuable papers reaches US$6.79 billion, increases US$278.7 million equivalent to a 4.3% increase YoY; total loans to customers reaches US$7.3 billion, recording a net increase of US$59.9 million. Additionally, SeABank always guarantees operational safety with NPL controlled at 1.95%. The Debt-service Coverage Ratio (DSCR) is recorded 86.84% thanks to the Bank's proactive and effective resource management to control and collect bad debts.

By March 31, 2024, SeABank's total assets reach US$10.94 billion, up 2.06% YoY, equivalent to a net increase of US$221.2 million from December 31, 2023; and the Bank's charter capital reaches US$1 billion. SeABank is submitting to the 2024 Annual General Meeting of Shareholders for approval a plan to increase charter capital to US$1.2 billion, including: issuing shares to pay dividends and bonus shares from equity capital with a total ratio of approximately 14%; issuing shares under an Employment Stock Ownership Plan (ESOP); and offer individual shares to domestic and/or foreign professional investors that meet all the standards and conditions by SeABank and the law.

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