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

by Theleaders-Online | April 4, 2024 4:01 am

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.

Accordingly, thanks to flexible business strategy, together with effective priority on digital technology and product diversification, SeABank[2] 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.

Source URL: https://theleaders-online.com/seabank-reports-profitable-first-quarter-results-pbt-increases-41-yoy/

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