SeABank raises charter capital to nearly $590 million

October 06, 2021 | 10:48
Following the approval of the State Bank of Vietnam, SeABank has increased its charter capital from $531 million to nearly $590 million by paying dividend in shares and issuing shares to employees under the Employee Stock Option Program.
SeABank raises charter capital to nearly $590 million
SeABank was approved by the SBV to raise its charter capital

The increase in charter capital is part of SeABank's growth strategy, allowing the bank to extend its operating network, invest in infrastructure and technology, improve the quality of its operations, and diversify its goods and services to better serve clients across the country.

According to the proposal approved at SeABank's Annual General Meeting of Shareholders in 2021, the bank would issue 136 million shares at a rate of 10.13 per cent to current shareholders to raise charter capital.

The bank has delivered strong business performance in the first half of 2021, with total assets of $8.22 billion, pre-tax profit of approximately $68.5 million, nearly matching the year-end profit of 2020. Meanwhile, the bank posted net interest income of $106.85 million and net fee income of $20.63 million, up 82 and 211 per cent, respectively. The bank's non-performing loan ratio stood at 1.76 per cent, decreased from 1.86 per cent on-year.

SeABank's business plan for 2021 aims for a 10 per cent increase in total assets to $8.72 billion, as well as a 9.7 per cent increase in customer deposits to $5.47 billion.

The SBV rated SeABank among 17 credit institutions with substantial impacts in the banking sector in 2021, and Moody's assigned it a B1 rating for long-term credit for the third year in a row, with a positive outlook.

By Vy Nguyen

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