SeABank achieves impressive pre-tax profit growth in 2019

January 08, 2020 | 10:00
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SeABank has announced its 2019 business results with a consolidated pre-tax profit of VND1.39 trillion ($60.43 million), an increase of VND768.26 billion ($33.4 million) compared to 2018, with returns on equity (ROE) at 12.03 per cent and all business targets ticked out. This is the highest growth rate ever for the bank.
seabank achieves impressive pre tax profit growth in 2019 79354
SeABank is looking back on a successful 2019

At the end of the 2019 fiscal year, SeABank exceeded all business targets set at its general shareholders' meeting in early 2019 with impressive growth compared to 2018.

Specifically, the bank achieved pre-tax profit of VND1.39 trillion ($60.43 million), an increase of VND768.26 billion ($33.4 million), up 123.4 per cent on-year, while total assets reached VND157.4 trillion ($6.84 billion), up 12 per cent. Total net non-interest revenue reached VND2.32 trillion ($100.87 million), accounting for 44 per cent of total net revenue. This was coupled with capital adequacy ratio of 11.6 per cent in full compliance with Circular No.41/2016 of the State Bank of Vietnam.

Profitability ratios continued to improve sharply. Return on average assets (ROA) and return on average equity (ROE) were 0.75 per cent (up 120.6 per cent) and 12.03 per cent (up 61.7 per cent) compared to 2018.

In 2019, SeABank bought back all special bonds at Vietnam Asset Management Company (VAMC) and made full provision for risks in accordance with regulations while the credit quality of the bank was well managed with the non-performing loan (NPL) ratio at 2.31 per cent.

With the orientation of safe and prudent risk management, SeABank achieved Basel II compliance ahead of schedule. In addition, SeABank has received a long-term credit rating of B1 from Moody’s.

Moreover, in 2019, SeABank has completed the increase of its charter capital to VND9.37 trillion ($407.4 million) to improve its financial status. SeABank currently has a network of 167 transaction points serving nearly 1.2 million customers nationwide.

SeABank is also the pioneer bank in Vietnam to successfully upgrade its core banking software T24 Temenos to the R18 version – the most modern version offering many important additional features. With the goal of providing total financial solutions, maximising benefits, and ensuring customer-centricity, SeABank is constantly diversifying and adapting its products and services, applying digital technologies to improve customer experience and encourage them to depart from traditional financial services to modern banking, improving the quality of their and their families' personal life.

An important highlight of SeABank's digital technology drive in 2019 was the launch of the SeAMobile New digital banking application with many outstanding features, such as free handling and transfer fees. This was also the first digital banking application in Vietnam to provide financial health services for customers. SeABank also launched the SeA-Easy international credit card with many incentives for online shoppers such as up to 8 per cent refunds on all online transactions, annual fee waivers, and up to 45 days of interest-free borrowing.

Along with business activities, SeABank always focuses on developing social activities in parallel with economic development. SeABank set aside nearly VND12 billion ($521,740) for charitable activities, social security and community development, spending nearly VND4 billion ($173,910) for scholarships awarded to poor and excellent students across the country through the Dream Nurturing Fund, including the four series of SeABank Run for the Future.

Especially, SeABank also aims to protect the green environment through the Let's Go Green with SeABank programme, calling on employees and the community to collect and classify waste, reduce the use of non-biodegradable plastic bottles and jars, save paper, electricity, and water, as well as plant more trees. SeABank is committed to serve with dedication, enthusiasm and professionalism to bring a happier life and a prosperous future for the community.

By Hoa Minh

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