On April 17, 2024, Southeast Asia Commercial Joint Stock Bank ( SeABank , stock code SSB) successfully held the 2024 Annual General Meeting of Shareholders. Many important goals were approved at the meeting, including the 2024 business plan with pre-tax profit reaching more than VND 5,888 billion, an increase of 28% compared to 2023 and increasing charter capital to VND 30,000 billion.
Maintaining a stable growth rate At the General Meeting, SeABank's Board of Directors informed shareholders of the 2023 business results with many positive results and the 2024 business plan targets. Accordingly, in 2023, the world economy continued to have many fluctuations, challenges, strategic conflicts between major countries, wars, high inflation, global trade and consumption continued to decline. Meanwhile, domestically, the economy gradually recovered but still faced many challenges. However, with many efforts, SeABank achieved business results with many bright spots. Specifically, the accumulated pre-tax profit up to December 31, 2023 was VND 4,616 billion, completing 100% of the plan. Total assets reached VND 266,122 billion. The bad debt ratio is at 1.94%, the cost to net income ratio (CIR) is 38.3% thanks to optimization and cost savings. The consolidated capital adequacy ratio CAR is 13.61% and is always maintained higher than the minimum capital adequacy ratio required by the State Bank. In 2023, thanks to product diversification, service quality improvement, cross-selling cooperation as well as increased technology application, SeABank recorded more than 32.3 million transactions on digital platforms, an increase of 157% over the same period and more than 71% of new accounts registered online through eKYC. In 2023, SeABank's charter capital will be increased to VND 24,957 billion, helping the Bank have enough potential and capital to improve capital adequacy indicators, supplement operating capital scale, and invest in technology. At the same time, SSB shares were selected by HOSE to VN30, thereby affirming the prestige, operational efficiency and financial potential of SeABank in the financial - banking market. As of December 31, 2023, SeABank is one of the 7 banks with the largest capitalization in the stock market. In particular, with the achievements in recent years, contributing to the development of the country as well as many meaningful activities for the community, SeABank was honored to receive the First Class Labor Medal from the President. This is a noble title, recognizing the efforts and dedication, excellent completion of tasks of the Board of Directors and all employees of SeABank right on the occasion of the 30th anniversary of its establishment. Thereby continuing to affirm the position, as well as the brand reputation, stable and sustainable development of SeABank, at the same time being a worthy and meaningful recognition of the State and Government for SeABank's contributions to the country and the community. With its outstanding efforts, SeABank has also received recognition from international organizations, notably being voted by The Banker Magazine for two consecutive years in the "Top 1000 World Banks 2023" ranking (Top 1000 World Banks 2023) with a ranking of 771st, up 150 places compared to 2022. In addition, the Bank was honored by Brand Finance - the world's leading organization in brand valuation, in the Top 100 Most Valuable Brands in Vietnam 2023, ranked 44th, thereby recognizing SeABank's position in the finance - banking industry as well as the Vietnamese business community. Along with that, in 2023, the Bank continued to be rated Ba3 by Moody's for the categories of Issuer and Long-term Domestic and Foreign Currency Deposits. Moody's affirmation of SeABank's rating with a Stable outlook reflects the organization's expectation of the Bank's high and improving capital adequacy. In Vietnam, SeABank is one of the pioneering banks to deploy and apply Basel III to improve governance capacity to help minimize operational risks and strengthen the bank's resilience to market shocks. After more than a year of applying Basel III, SeABank has optimized risk-weighted assets (RWA) and capital using advanced methodologies that allow for risk-sensitive and market-sensitive measurement. As a result, the Bank can balance the risks and profit opportunities of holding capital, improve liquidity, enhance credit risk handling, and simplify the way it handles operational risks. 
Based on the achievements and analysis of the economic context in 2024, SeABank's General Meeting of Shareholders approved the 2024 business plan with the orientation of maintaining stable growth compared to 2023, including: Total assets reaching approximately 300,000 billion VND; Capital mobilization increased by approximately 30,000 billion VND; Pre-tax profit of 5,888 billion VND, up 28% compared to 2023; Return on average equity (ROE) at 13.9%; Bad debt ratio controlled according to regulations below 3%. Increasing charter capital and electing additional members of the Board of Directors towards sustainable development One of the important contents of the SeABank Shareholders' Meeting is the plan to increase charter capital from VND 24,957 billion to VND 30,000 billion (an increase of VND 5,043 billion) through the following methods:
The members of the Board of Directors and the Supervisory Board of SeABank all meet the standards and conditions prescribed by the Law on Credit Institutions 2010, the Law amending and supplementing a number of articles of the Law on Credit Institutions and are individuals with high capacity, professional qualifications, extensive management experience in the field of finance - banking, strategic vision, solidarity, and dedication to the development of SeABank. Completing the senior management team will help SeABank improve its management and operation capacity, bringing the bank closer to the goal of becoming the most favorite retail bank based on the following fundamental factors: promoting digitalization of the banking system; sustainable growth associated with risk control; improving credit quality associated with controlling the bad debt ratio below 3%; diversifying products and services to enhance customer experience.
Based on the achievements and analysis of the economic context in 2024, SeABank's General Meeting of Shareholders approved the 2024 business plan with the orientation of maintaining stable growth compared to 2023, including: Total assets reaching approximately 300,000 billion VND; Capital mobilization increased by approximately 30,000 billion VND; Pre-tax profit of 5,888 billion VND, up 28% compared to 2023; Return on average equity (ROE) at 13.9%; Bad debt ratio controlled according to regulations below 3%. Increasing charter capital and electing additional members of the Board of Directors towards sustainable development One of the important contents of the SeABank Shareholders' Meeting is the plan to increase charter capital from VND 24,957 billion to VND 30,000 billion (an increase of VND 5,043 billion) through the following methods:- Issue 329 million SSB shares to pay 2023 dividends to shareholders at a rate of 13.1826% and issue 10.3 million shares to increase equity capital from owners' equity at a rate of 0.4127%, increasing charter capital to VND 28,350 billion.
- Issue 45 million shares under the Employee Stock Option Program (ESOP) in 2024 to increase charter capital by another VND450 billion.
- Offering up to 120 million shares in a private placement and/or issuing shares to convert debt at an expected offering price of VND10,000/share, helping the Bank's charter capital increase by VND1,200 billion.
The members of the Board of Directors and the Supervisory Board of SeABank all meet the standards and conditions prescribed by the Law on Credit Institutions 2010, the Law amending and supplementing a number of articles of the Law on Credit Institutions and are individuals with high capacity, professional qualifications, extensive management experience in the field of finance - banking, strategic vision, solidarity, and dedication to the development of SeABank. Completing the senior management team will help SeABank improve its management and operation capacity, bringing the bank closer to the goal of becoming the most favorite retail bank based on the following fundamental factors: promoting digitalization of the banking system; sustainable growth associated with risk control; improving credit quality associated with controlling the bad debt ratio below 3%; diversifying products and services to enhance customer experience.SeABank
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