The Southeast Asia Commercial Joint Stock Bank (SeABank) reported pre-tax profit of more than VND4 trillion (US$166 million) in the first nine months of this year, up 58.7 per cent on-year.

The Ha Noi-based bank’s net revenue reached VND7.3 trillion, up 41.5 per cent on-year thanks to growth from the retail business segment, lending to small and medium enterprises (SMEs) and revenue-generating activities.

Net non-interest income (NOII) also recorded an impressive growth of VND2.2 trillion, up nearly 70 per cent on-year, accounting for 30.3 per cent of the bank's total net revenue. This ratio showed the stability and diversity of SeABank's revenue and was above the industry’s average.

The bad debt ratio continued to decrease from 1.65 per cent as of December 31, 2021 to 1.59 per cent as of September 30, 2022.

Last week, the bank said it had received a five-year convertible loan of $75 million from the World Bank’s financial arm IFC to support its growth and increase lending to targeted SMEs. Of the total package, at least $20 million would be earmarked exclusively for women-led SMEs, IFC said this July when disclosing the transaction. The entire loan was on IFC’s own account, the firm added.

SeABank has recently completed raising its charter capital to VND19.8 trillion ($820.2 million). — VNS