Business result 2024: Vietnam's SeABank achieves PBT of US$238.2 million

HANOI, Vietnam, Jan. 21, 2025 /PRNewswire/ -- By the end of 2024, Southeast Asia Commercial Joint Stock Bank (SeABank, HOSE: SSB) reports 2024 business results with impressive highlights.

Efficient operations drive profit growth

Thanks to flexible business strategy, along with the adherence to sustainable development goals, SeABank's PBT reached US$238.2 million, up 31% YoY, surpassing its target by 103%. Total assets reached US$12.85 billion, up 22% YoY; credit grew 20.42%, reaching US$8.26 billion for credit outstanding balance, with prioritized disbursement for green credit sectors and Vietnam's growth drivers.

Total mobilization exceeded KPIs, grew 23% YoY and reached US$8.52 billion. Particularly, CASA grew 96% and reached US$1.29 billion, accounting for 19.4% of total mobilization. TOI accelerated by 32% YoY, reaching US$489.5 million. NPL is controlled at 1.89%, within SBV's requirements.

By expanding international partnerships, in 2024, SeABank's international mobilization increased by over US$250 million to reach US$850 million (not including trade finance). Of which, notable investments and cooperation are from IFC, AIIB, Norfund, etc. Besides, following the roadmap approved by AGM, SeABank successfully increased charter capital to US$1.12 billion, further improving its financial capacity.

SeABank also maintained stable growth by promoting digital technology and product diversification. Recorded growth of all performance indicators showed positive tendency, such as ROE at 14.75% and ROA at 1.63%, CIR decreased significantly to 33.28%.

In 2024, SeABank received approval from the SBV to transfer 100% of its capital in PTF to AEON Financial. Relevant procedures are scheduled to be completed in the Q1/2025.

Striving for sustainable development, driving growth in 2025

SeABank successfully upgraded its T24 core banking system to R22 - the latest version in Vietnam to deliver long-term benefits. By applying technology to enhance customer experience and operations, in 2024, SeABank recorded 52.6 million digital transactions, up 160% YoY; over 70% new accounts opened online via eKYC, bringing the number of online users to nearly 4 million.

SeABank's commitment to corporate social responsibility remained strong, with over US$900,000 allocated to various initiatives, including housing repairs, disaster relief, scholarships for disadvantaged students, afforestation, etc.

Looking ahead to 2025, SeABank aims to build on its solid foundation by targeting a 10% increase in total assets, 15% growth in credit, 16% rise in capital mobilization, and 10% increase in PBT, with an expected ROE of 13.8%. These goals align with SeABank's vision of sustainable growth and strengthen its position as a leading retail bank.

source: SeABank