SeABank report claims profit more than double over 2018

Wednesday, Jan 08, 2020 17:12

SeABank headquarters in Ha Noi. — Photo

Southeast Asia Commercial Joint Stock Bank (SeABank) released a performance report for 2019 in which the bank yields VND1.39 trillion (US$60 million) in profit before tax, an increase of VND768 billion or 123 per cent jump compared to 2018, the highest annual profit growth by the bank to date.

According to the report, SeABank successfully met all business objectives set during its annual shareholders meeting held at the beginning of the year.

SeABank’s net assets was estimated at VND157 trillion, a 12.4 per cent increase year-on-year, and total outstanding loans at VND98.6 trillion, a 17.46 per cent increase year-on-year.

Non-interest income was reported at VND2.3 trillion and accounted for over 44 per cent of the bank’s net income.

SeABank managed to maintain a capital adequacy ratio of 11.6 per cent in accordance with the State Bank of Vietnam (SBV) Directive 41/2016/TT-NHNN.

The bank’s return on assets (ROA) and return of equity (ROE) performance has improved to reach 0.75 per cent and 12.3 per cent, an increase of 120.6 per cent and 61.7 per cent respectively compared to the previous year.

In 2019, the bank completed an early redemption of all special bonds at the Viet Nam Asset Management Company (VAMC). The SBV has approved SeABank for Basel II ahead of schedule and Moody’s granted SeABank a long-term credit level B1.

The report said SeABank has increased its charter capital to VND9.37 trillion while expanding its network to 167 branch offices to serve some 1.2 million customers across the country. — VNS

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