Moody's assigns B1 ranking for SeABank

October 11, 2019 | 12:12
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On October 10, 2019, Moody's – one of the three most prestigious credit institutions in the world – announced the results of B1 long-term rating for SeABank.
moodys assigns b1 ranking for seabank
This is the first time Moody’s has assigned a credit rating to SeABank

This is the first time Moody’s has rated SeABank's credit rating, reflecting the bank's good financial capacity and development opportunities.

As announced by Moody’s, SeABank received the B1 long-term rating in the following categories: short-term and long-term local and foreign currency deposits; short-term and long-term local and foreign currency issuer; short-term and long-term local and foreign currency counterparty risk; short-term and long-term counterparty risk assessments; and was given the baseline credit assessment (BCA) of B2. Factors such as equity, profit, solvency, asset quality, capital, and liquidity contributed significantly to the positive evaluation of SeABank.

The bank's business results are showing positive growth. In the first six months of 2019, SeABank has recorded impressive results, including (i) Total assets reaching nearly VND150 trillion ($6.52 billion), an increase of 6.1 per cent compared to the beginning of the year; (ii) Total outstanding loans reaching VND95.219 billion ($4.14 million), up 8.2 per cent compared to the beginning of the year; (iii) Net revenue grew significantly, especially service revenue grew to 247 per cent on-year. (iv) Profit before tax reached VND409 billion ($17.78 million), an increase of 57.4 per cent on-year.

In September 2019, SeABank completed a plan to increase authorised capital from VND7.688 trillion ($334.26 million) to VND9.369 trillion ($407.3 million) through the issuance of additional shares. The increase of authorised capital is in SeABank’s development plan, which was approved by the General Meeting of Shareholders at the 2019 Annual General Meeting in order to make SeABank the favourite retail bank in Vietnam. With the new charter capital, SeABank is among the 15 banks with the largest charter capital in Vietnam.

At present, SeABank has 165 transaction points across three regions of the country. SeABank is known as one of the pioneers in constantly innovating and creating products and services to provide the best and most competitive personal financial services to customers. SeABank is serving more than one million individual and corporate customers with a wide range of financial services, utilities, and modern services.

By Van Anh

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