SeABank completes capital raising

Monday, Feb 27, 2023 14:43

Transactions at SeABank. — Photo courtesy of the bank

SeABank raised its charter capital from VND19.8 trillion (US$837 million) to over VND20.4 trillion ($862 million) after a share issue under the 2022 employee stock ownership plan (ESOP).

The VND594 billion worth of shares were issued to nearly 2,500 SeABank employees at VND15,000 per share. This is a welfare programme carried out periodically by SeABank for many years to appreciate the contributions of its employees to the bank's development.

Last year, the bank achieved positive results with VND5.07 trillion in pre-tax profit with stable growth. Its total asset reached VND231.4 trillion, up 9.3 per cent against 2021. Its bad debt ratio was reduced to 1.6 per cent.

Its return on asset (ROA) and return on equity (ROE) in 2022 were 1.83 per cent and 18.1 per cent, respectively.

The bank's expense to income ratio (CIR) continued to decrease to 35.3 per cent. Notably, non-interest income (NOII) increased impressively by 43 per cent compared to 2021, reaching VND2.6 trillion. This ratio showed the effectiveness in diversifying the bank's products, while exploiting the existing customers and developing a new customer network in the market.

With the results, SeABank was honoured as the Best Bank in Viet Nam 2022 by The Banker. SeABank is the only representative of Viet Nam and also one of 22 typical banks of the Asia-Pacific region honoured at this year's awards. — VNS

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