SeABank was approved by the State Bank of Viet Nam (SBV) to increase its charter capital from the current VND12 trillion (US$528.3 million) to VND13.4 trillion ($590.2 million) through stock dividends and employee stock ownership plan (ESOP).

The charter capital increase is part of the bank's development plan to have more financial potential and create favourable conditions in expanding its operation network, investing in facilities and technology. It would also help the bank to improve the operation quality while diversifying products and services to better meet customers’ needs across the country.

According to the business plan for 2021 approved by the General Meeting of Shareholders, SeABank aimed to increase its total assets by 10 per cent to VND198.2 trillion. Deposits from customers would be increased by 9.7 per cent to VND124.2 trillion and outstanding loans up 13 per cent to VND122.9 trillion. It targeted a before-tax profit of VND2.4 trillion, representing a 40 per cent year-on-year increase.

During complicated developments of the COVID-19 pandemic, SeABank has taken effective measures to prevent and control the pandemic, and at the same time flexibly adjust its business plan, focusing on developing new banking and financial services and SeAMobile digital banking applications, thereby maintaining a stable growth rate.

In the first half of the year, the bank achieved positive business results with total assets of VND186.9 trillion, before-tax profit of VND1.5 trillion, 2.3 times higher than the same period in 2020 and nearly equal to the profit of the whole of last year. Its bad debt ratio continued to decrease from 1.86 per cent to 1.76 per cent.

SeABank was also ranked by the central bank among 17 credit institutions with important influence in the banking system in 2021. It was given B1 long-term credit by Moody's for three consecutive years and the positive outlook. — VNS