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SeABank Achieves 2020 Pre-Tax Profit of USD74.95 Million, Completes 115% Business Plan

HANOI, Vietnam, Jan. 20, 2021 /PRNewswire/ -- Southeast Asia Commercial Joint Stock Bank (SeABank - Vietnam) announces business results in 2020 with the highest growth rate of the Bank: consolidated profit before tax of nearly USD74.95 million, up 24% compared to 2019, completing 115% of the 2020 plan. Total assets reached USD7.81 billion, increased 14.5%; Total outstanding loans in market 1 rose by USD4.72 billion, up 10.4%; Total mobilization in market 1 reached USD4.91 billion, up 18%; Non-interest revenue reached USD66.3 million, accounts for 33.2% of total net revenue. The cost to income ratio (CIR) is 47.5%; ROA and ROE are 0.81% and 11.06% respectively; NPL ratio is only 1.86%. In 2020, SeABank completed increasing charter capital from USD406 million to nearly USD 523.9 million, becoming one of the 13 largest commercial joint stock banks in Vietnam and approved to list more than 1.2 billion shares with the stock ticker SSB on HOSE in the first quarter of 2021. SeABank has also been the 5th bank in Vietnam to complete all 3 pillars of Basel II before deadline and maintained B1 credit rating by Moody's in 2020. This advance allows SeABank to be ahead of the market, thereby meeting the highest international standards and operating the Bank proactively, transparently, and sustainably. With digital convergence strategy, in 2020 SeABank launched SeAMobile - Smart finance App- offering a unified experience on all electronic devices. SeAMobile is also the only App in the market that features personal finance management with artificial intelligence to help customers automatically manage and forecast personal finances. SeABank has focused on digital and seen great results in online transaction volume, percentage of online users and number of products offered online which lead to a total transformation of the customer journey. Along with business activities, SeABank has contributed more than USD737,000 for COVID-19 prevention, flood recovery, scholarship packages for disadvantaged children and giving houses to the war victims.
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