SeABank sets a growth target of 28 per cent

Saturday, Apr 20, 2024 17:17

The bank organises the 2024 annual general meeting of shareholders on Wednesday. — Photo courtesy of SeABank

The Southeast Asia Commercial Joint Stock Bank (SeABank) approved business plan for this year with pre-tax profit reaching more than VNĐ5.89 trillion (US$245.4 million), a year-on-year increase of 28 per cent.

The bank successfully organised the 2024 annual general meeting of shareholders on Wednesday.

One of the important contents discussed at the meeting is the plan to increase charter capital from VNĐ24.96 trillion to VNĐ30 trillion.

Continuing to supplement charter capital is very necessary and has important implications for achieving SeABank's growth goals in the current period, and is the basis for the bank to continue to improve competitiveness and promote the development process and strengthen financial capacity.

At the meeting, SeABank's board of directors informed shareholders of its business results last year with many positive results.

Specifically, accumulated pre-tax profit was VNĐ4.6 trillion by December 31 last year, completing 100 per cent of the plan.

Its total assets reached VNĐ266.12 trillion. Bad debt ratio is at 1.94 per cent, Cost to Income Ratio (CIR) was 38.3 per cent thanks to optimisation and cost savings.

The consolidated capital adequacy ratio CAR reached 13.61 per cent and is always maintained higher than the minimum capital adequacy ratio required by the State Bank of Việt Nam (SBV).

Thanks to product diversification, service quality improvement, product cross-selling cooperation as well as increased technology application, SeABank recorded more than 32.3 million transactions on the digital platform, an increase of 157 per cent over the same period and more than 71 per cent of newly opened accounts registered online through eKYC.

The bank's charter capital was raised to VNĐ24.96 trillion last year, helping the bank have enough potential and capital to improve capital safety indicators, supplement operating capital scale, and invest in technology.

At the same time, its SSB stock was selected by HOSE to be included in VN30, thereby affirming the bank's reputation, operational efficiency as well as financial potential in the financial and banking market.

SeABank is one of the seven banks with the largest capitalisation on the stock market as of December 31 last year. — VNS

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