SeABank completes 2023 business plan: noticeable CASA growth, controlled NPL

Southeast Asia Commercial Joint Stock Bank (SeABank, stock code: SSB) announced its 2023 business results with considerable growth: CASA increased to 11.5%; Net increase in outstanding debt and mobilization respectively up 16.76% and 25.35% YoY; NPL is controlled at 1.94%; EBT reached more than US$189.4 million.

HANOI, Vietnam, Feb. 6, 2024 /PRNewswire/ -- Considering the global and domestic unstable economic context, these results imply SeABank's flexible business transformation focusing on digital technology, green credit development and launching new fee-charging products.

Ending 2023, SeABank's total assets reached US$10.9 billion, growing 15% YoY; Charter capital increased to US$1 billion, up 22.32% YoY. Strong financial resources improve SeABank's capital capacity and facilitate the Bank to promote digital technology and optimize technology, thereby bringing about convenient products and services, along with positive experiences.

The Bank's efforts in diversifying products, improving service quality, cross-selling products as well as promoting technological application have attracted more than 3 million customers transacting at SeABank. In 2023, the Bank recorded over 32.3 million digital transactions (up 157% YoY), more than 71% of newly opened accounts are online registered via eKYC. This demonstrates the Bank's efforts to attract new customers while maintaining existing customers, thus increasing mobilization to US$5.9 billion in 2023, increasing nearly 125.4% YoY. In which, CASA continued to increase compared to previous years, accounting for 11.5% of total deposits. Additionally, SeABank's total outstanding debt reached nearly US$7.4 billion, increasing more than 116% YoY.

With an aim to supporting customers during the recovery period of the economy, SeABank has implemented many preferential policies such as interest rates and fees reduction, preferential loan packages with limit of trillions VND, etc. In 2023, the total amount of reduced interest for existing customers has reached up to US$16.7 million.

Despite challenges, SeABank has successfully managed to operate safely with NPL controlled below 2% (particularly 1.94%), thanks to its proactiveness in utilizing resources to cover, control and recover bad debts. Besides, the ratio of bank liquid reserves reached 20.2% and 30-day VND solvency ratio reached 67.56%.

These efforts have resulted in the EBT of more than US$189.4 million, completing the 2023 business plan, equivalent to ROE of 13.03%.

In 2023, Moody's continues to rate SeABank at Ba3 for long-term domestic and foreign currency deposit and issuer ratings, while maintaining the BCA rating at B1 with a Stable outlook, reflecting SeABank's improving capital adequacy level.

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SOURCE SeABank