SeABank focuses on customers

Thanks to the flexible business shift, focusing on digital technology and diversifying products and services, since the first months of 2024, Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB) has received positive business results. In addition, other business indicators have seen stable growth.

Customers transacting at SeABank are advised on suitable financial services. Photo: PHAN THU

Accordingly, in the first quarter of 2024, SeABank continued to grow strongly compared to the same period in 2023, specifically: Consolidated pre-tax profit reached VND 1,506 billion, an increase of nearly 41%; total operating income reached VND 2,706 billion, an increase of 19.54%; total revenue reached VND 6,438 billion, an increase of 4.6%. At the same time, SeABank's net non-interest income (NOII) also recorded an impressive growth of nearly 51% over the same period, reaching VND 705 billion. SeABank's total mobilization from deposits and valuable papers reached VND 168,605 billion, an increase of VND 6,919 billion, equivalent to 4.3% over the same period. Total outstanding loans to customers reached VND 181,238 billion, a net increase of VND 1,487 billion. In addition, SeABank always ensures safe operations with a controlled bad debt ratio of 1.95%. The bad debt coverage ratio reached 86.84% because the bank is proactive in effectively using resources to control and recover bad debts. As of March 31, 2024, SeABank's total assets were VND 271,614 billion, an increase of 2.06%, equivalent to a net increase of VND 5,492 billion compared to December 31, 2023 and the charter capital is currently at VND 24,957 billion. SeABank is submitting to the 2024 Annual General Meeting of Shareholders for approval of a plan to increase capital to VND 30,000 billion, including: Issuing shares to pay dividends and bonus shares from equity with a total ratio of approximately 14%; issuing shares under the employee stock option program (ESOP); offering individual shares to domestic or foreign professional investors who meet SeABank's standards, conditions and the law. With more than 3 million customers, nearly 5,500 employees and 181 transaction points nationwide, SeABank's goal is to become a typical retail bank with a customer-centric strategy. Specifically, the bank has been providing a diverse system of financial products and services for individuals, small businesses and large enterprises. SeABank is considered one of the key banks in the banking system. This bank is also ranked 3rd by Moody's in many important categories, and is one of the first banks to implement Basel III international risk management standards. Following the "digital convergence" development strategy, SeABank focuses on digitizing products and services as well as applying technology in internal operations and investing in building modern technology infrastructure to bring customers a different experience of digital banking services.

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