SeABank’s profit reaches $60m, up 41 per cent in Q1

Saturday, Apr 06, 2024 11:06

A customer at SeABank's branch. The bank reported pre-tax consolidated profit reached over VNĐ1.5 trillion (US$60 million), up nearly 41 per cent compared to the same period in 2023. — Photo SeABank

Southeast Asia Commercial Joint Stock Bank (SeABank) has announced its consolidated business results for the first quarter of 2024 with pre-tax consolidated profit reaching over VNĐ1.5 trillion (US$60 million), marking an increase of nearly 41 per cent compared to the same period in 2023.

Other business indicators have shown stable growth.

Focus on digital technology and diversification of products and services has helped the bank achieve strong growth in the first three months. During this period, total operating income surged to over VNĐ2.7 trillion, a nearly 20 perVcent increase compared to the previous year. Total revenue also increased by 4.6 per cent to VNĐ6.44 trillion. Notably, net non-interest income (NOII) experienced remarkable growth, soaring by almost 51 per cent to reach VNĐ705 billion.

Ending March, SeABank's total mobilised capital from deposits and valuable papers reached VNĐ168.6 trillion, up 4.3 per cent year-on-year, and the total outstanding loans surged by nearly VNĐ1.5 trillion to VNĐ181.2 trillion.

The bank’s bad debt ratio is kept in check at 1.95 per cent.

As of March 31, SeABank's total assets increased by 2.06 per cent to more than VNĐ271.6 trillion and its charter capital reached almost VNĐ25 trillion.

The bank intends to seek shareholders’ approval for the plan of hiking its charter capital to VNĐ30 trillion at the 2024 annual shareholder meeting. This will be accomplished through issuing shares for dividend payment and bonus shares at the planned ratio of 14 per cent, implementing Employee Stock Ownership Plan (ESOP) and issuing shares in private placements to domestic/foreign professional investors. — VNS

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