Vietnam’s SeABank Profit Jumps 31%, Surpasses 2024 Targets

Southeast Asia Commercial Joint Stock Bank (SeABank) (HOSE: SSB) posted robust 2024 results, with pre-tax profit (PBT) reaching US$238.2 million, up 31% year-on-year and exceeding the bank’s annual target by 103%.

Total assets rose 22% to US$12.85 billion, while credit grew 20.42% to US$8.26 billion, prioritizing green credit and Vietnam’s growth sectors.

Customer deposits increased 23% to US$8.52 billion, with current and savings accounts (CASA) nearly doubling to US$1.29 billion, representing 19.4% of total deposits.




Total operating income climbed 32% to US$489.5 million, and the non-performing loan ratio was kept at 1.89%.

SeABank expanded its international partnerships, raising an additional US$250 million to reach US$850 million in foreign funding, excluding trade finance.

The bank also boosted its charter capital to US$1.12 billion, reinforced by strategic moves toward digitization, recording 52.6 million digital transactions in 2024, up 160% year-on-year.

Return on equity stood at 14.75%, while return on assets was 1.63% and cost-to-income ratio fell to 33.28%.

SeABank received approval from the State Bank of Vietnam to divest 100% of its stake in consumer finance arm PTF to AEON Financial, with the deal expected to close in the first quarter of 2025.

Looking ahead to 2025, SeABank targets a 10% rise in total assets, 15% growth in credit, 16% growth in capital mobilization, and a 10% jump in PBT, aiming for a 13.8% return on equity.

Business News Asia

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