Moody's Upgrades SeABank's Baseline Credit Assessment To B1

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Apr 26, 2022, 01:57 ET

HANOI, Vietnam, April 26, 2022 /PRNewswire/ -- Moody's Investors Services (Moody's) upgraded the Baseline Credit Assessment (BCA) from B2 to B1 for Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB). Moody's has also maintained SeABank's long-term deposit and issuer ratings at B1 for the fourth consecutive year with positive outlook.

Moody’s Upgrades SeABank’s Baseline Credit Assessment To B1

The Moody's assessment is a testament to the efforts of SeABank in business operations, asset quality, profitability and capital in 2021 with: Pre-tax profit reached US$ 144.38 million, equal to 135% of its 2021 budget. Total assets increased 18% compared to 2020, reaching US$ 9.36 billion; Total non-interest income in 2021 reached US$ 81.74 million, accounting for 26.3% of total revenue; Return on average assets (ROA) and Return on average equity (ROE) are 1.33% and 16.12% respectively; the NPL ratio is at 1.65%.

At the end of the first quarter of 2022, SeABank's business results maintained at a sustainable growth rate: Total assets reached US$ 10.06 billion, an increase of US$ 851.03 million compared to December 31, 2021; Pre-tax profit reached US$ 56.83 million, up 87.1% compared to the same period of 2021; Total net revenue increased by US$ 101.03 million, a 61.3% YoY increase; Net revenue from services reached US$ 11.92 million, an increase of 122.65% YoY. At the same time, the NOII ratio also recorded an impressive growth of 126.5% over the same period, reaching US$ 32.98 million. The cost-to-income ratio (CIR) continued to drop sharply to 28.32%, in line with the Bank's business orientation. The NPL ratio remained stable at 1.64%. Also in the first quarter of 2022, SeABank has completed increasing its charter capital to US$ 722.18 million.

In the 2022 General Meeting of Shareholders, SeABank sets out plan to increase its charter capital to US$ 987.25 million in 2022, pre-tax profit target at US$ 212.62 million, total assets expected to grow by 10% compared to 2021 and the NPL ratio is controlled under 2%.

SeABank has been in list of systematically important banks in the banking system according to the regulations of the State Bank of Vietnam and received prestigious awards such as: Typical Bank for the Community 2021, Bank for the Community in 2021 (Vietnam Banking Association), Bank of the Year in Vietnam 2021 (The Banker - UK), Top 50 Fastest Growing Enterprises (Vietnam Report)…

SOURCE SeABank