SeABank achieved a profit of more than 1,506 billion VND in the first quarter of 2024, an increase of 41% over the same period

Southeast Asia Commercial Joint Stock Bank ( SeABank , stock code SSB) announced its consolidated business results for the first quarter of 2024 with pre-tax profit reaching VND 1,506 billion, an increase of nearly 41% over the same period in 2023. In addition, other business indicators all had stable growth. Accordingly, thanks to the flexible business shift, focusing on digital technology and diversifying products and services, SeABank continued to have strong growth in the first quarter of 2024 compared to the same period in 2023, specifically: Consolidated pre-tax profit reached VND 1,506 billion, up nearly 41%; Total operating income reached VND 2,706 billion, up 19.54%; Total revenue reached VND 6,438 billion, up 4.6%. At the same time, SeABank's net non-interest income (NOII) also recorded an impressive growth of nearly 51% over the same period, reaching VND 705 billion. At the end of the first quarter of 2024, SeABank's total mobilization from deposits and valuable papers reached VND 168,605 billion, an increase of VND 6,919 billion, equivalent to 4.3% over the same period, and total outstanding loans to customers reached VND 181,238 billion, a net increase of VND 1,487 billion. In addition, SeABank always ensures operational safety with the bad debt ratio controlled at 1.95%. The bad debt coverage ratio reached 86.84% because the Bank is proactive in effectively using resources to control and recover bad debts. As of March 31, 2024, SeABank's total assets were VND 271,614 billion, an increase of 2.06%, equivalent to a net increase of VND 5,492 billion compared to December 31, 2023, and the Bank's charter capital was VND 24,957 billion. SeABank is submitting to the 2024 Annual General Meeting of Shareholders for approval a plan to increase capital to VND 30,000 billion, including: Issuing shares to pay dividends and bonus shares from equity capital with a total ratio of approximately 14%; issuing shares under the employee stock option program (ESOP); and offering individual shares to domestic and/or foreign professional investors who meet SeABank's standards, conditions and the law.

SeABank