Southeast Asia Commercial Joint Stock Bank (SeABank) officially increased its chartered capital by VNĐ3.2 trillion to VNĐ19.8 trillion (US$853.4 million).

The capital hike, approved by the State Bank of Việt Nam late last month, was made through additional share issue and dividend payment from its equity in 2022. About 211.4 million shares, equivalent to 12.7 per cent of its charter capital, were issued to pay dividend and 109.7 million new shares, or 6.6 per cent of its charter capital, were issued to investors.

This move is part of the bank’s plans to improve its capital adequacy ratio, supplement working capital, implement digitalisation process in credit and payment activities, and diversify products and services, thereby improving the service quality and enhance customer experience.

In the third quarter of 2022, SeABank will continue the roadmap to increase charter capital through the issuance of 59.4 million shares under the Employee Stock Ownership Plan (ESOP). Nearly 2,500 selected managers and employees of SeABank will be entitled to buy shares at a preferential price of VNĐ15,000 a share.

Ending June, SeABank’s total assets reached VNĐ229.7 trillion ($9.9 billion). The bank reported profit before tax of VNĐ2.8 trillion. Total operating income (TOI) reached more than VNĐ5 trillion, up 157 per cent over the same period of last year. Notably, non-interest income (NII) also recorded an impressive growth of 226 per cent at VNĐ1.7 trillion.

The cost-to-income ratio (CIR) stood at 30.3 per cent compared to 38.3 per cent in the same period in 2021. The bad debt ratio continued to decrease from 1.65 per cent by the end of last year to 1.6 per cent by the end of June.

In the latter half, the bank will continue to implement the goals set out at the general meeting of shareholders this year, including a plan to increase charter capital to nearly VNĐ22.7 trillion. — VNS