SeABank announces profit growth

Tuesday, Apr 26, 2022 14:53

Clients conduct their banking transactions at a SeABank branch. — Photo courtesy of SeABank

The Southeast Asia Commercial JS Bank (SeABank) on Monday announced consolidated business results for the first quarter of this year with a pre-tax profit of VND1.3 trillion (US$56.5 million), up 87.1 per cent compared with the same period last year.

Accordingly, the bank's total assets reached VND231.2 trillion by the end of March 31, an increase of VND19.6 trillion compared to December 31 last year.

The bank successfully offered more than 181.3 million shares to existing shareholders, completing an increase in charter capital to VND16.6 trillion in the first quarter of this year.

At the annual general meeting of shareholders last week, SeABank approved a plan to increase charter capital from VND16.6 trillion to VND22.7 trillion.

Specifically, SeABank plans to issue 321.1 million ordinary shares with a value of VND10,000 per share, of which 211.4 million shares (equivalent to 12.7 per cent) will pay dividends for last year, and issue 109.7 million shares (equivalent to 6.6 per cent) to existing shareholders to increase share capital from equity.

It also plans to issue 59.4 million shares to its employees. In addition, the bank also plans to offer to sell privately to foreign investors or offer to existing shareholders 228.7 million shares.

SeABank aims to grow its total assets by 10 per cent this year. Credit growth is expected to be up to 17 per cent, depending on the approval of the State Bank, equivalent to net growth of VND24 trillion compared to last year.

The bank set a target of pre-tax profit of VND4.9 trillion this year. The bad debt ratio is controlled at below 2 per cent.

SeABank achieved a pre-tax profit of more than VND3.3 trillion last year, up 89 per cent year-on-year and completing 135 per cent of last year’s plan.

Total assets reached more than VND211.7 trillion, up 17.5 per cent compared to 2020. — VNS

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