Moody’s reaffirms B1 rating for SeABank in 2020

Tuesday, May 19, 2020 11:59

SeABank had total consolidated assets of nearly VND157.4 trillion (US$6.84 billion) by the end of last year. — Photo

Moody's has announced it would maintain the B1 long-term rating for Southeast Asia Commercial Joint Stock Bank (SeABank) in its latest periodic review.

According to the international rating agency, this result reflects the bank's financial capacity, good risk management and long-term development opportunities.

Accordingly, based on business results as well as SeABank’s management, Moody’s continues to maintain the results of B1 long-term rating. Factors such as equity, profitability, debt solvency, asset quality, capital, liquidity and risk management in 2019 have significantly contributed to a positive evaluation result for SeABank in this ranking in the context of the negative effects of the COVID-19 pandemic.

As of December 31, 2019, SeABank had total consolidated assets of nearly VND157.4 trillion (US$6.84 billion), equity of nearly VND10.93 trillion. Profit before tax reached VND1.39 trillion. The average return on equity (ROE) was 12.03 per cent. SeABank's separate NPL ratio continued to be strictly controlled at less than 2.31 per cent.

Besides, 2019 was also the year of SeABank when it was approved by the State Bank of Viet Nam to apply Basel II standards with capital adequacy ratio reaching 12.12 per cent, higher than the minimum of 8.0 per cent according to the SBV's regulations.

By the end of the first quarter of this year, despite being affected by the COVID-19 pandemic, SeABank proactively offered many solutions to ensure operational safety, deployed credit packages to support customers suffering from the pandemic and flexibly transformed its business strategy focusing on services, digital banking, cutting several types of transaction fees on digital banking channels through Internet Banking (SeANet) and SeAMoblie application.

In addition to these solutions, in order to contribute to the Government and people nationwide, SeABank and BRG Group donated VND5 billion for the prevention of COVID-19. Besides, SeABank Trade Union also donated VND400 million to prevent the pandemic and drought in the Mekong Delta.

Recently, SeABank with the support of BRG Group and donors, also presented 16,052 necessities, including 42.7 tonnes of rice, more than 115,000 packs of instant noodles and other items for poor people in difficult circumstances across 25 provinces of the country. The total budget for implementing the programme was nearly VND1.4 billion. — VNS

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