SeABank (Vietnam) achieving pre-tax profit of nearly VND 1,557 billion, completing 115% of the business plan for the first half of 2021

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Jul 20, 2021, 05:21 ET

HANOI, Vietnam, July 20, 2021 /PRNewswire/ -- At the end of the first half of 2021, Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB) witnessed impressive performance with a consolidated pre-tax profit of nearly VND 1,557 billion, increasing by 2.3 times year-over-year and almost equaling 2020's year-end profit. The Bank's Total Assets reached VND 186,934 billion; Net Profit rose to VND 2,430 billion, up by 182%; Net Income from services increased sharply to VND 469.2 billion, up by 311%; the CIR stood at 38.3% compared to 52.1% year-over-year; the NPL ratio continued to decrease from 1.86% (2020) to 1.76% (2021).

SeABank (Vietnam) achieving pre-tax profit of nearly VND 1,557 billion, completing 115% of the business plan for the first half of 2021

In the face of the COVID-19's complicated developments, SeABank has proactively and effectively taken preventive measures against the pandemic while flexibly adjusting its business plan, focusing on developing online banking products, cards, and SeAMobile digital banking applications, thereby maintaining a stable growth rate.

SeABank was formally allowed by the State Bank of Vietnam on June 22, 2021, to increase its charter capital by a maximum amount of VND 2,697 billion, bringing the total charter capital of the Bank to nearly VND 14,785 billion. In addition, SeABank is evaluated as one of 17 credit institutions with significant impacts on the financial sector and Moody's has assigned SeABank B1 long-term credit rating for the third year in a row and upgraded its development prospects from Stable to Positive.

SeABank also affirms its prestigious brand internationally by receiving outstanding awards such as: Best Digital Bank in Vietnam 2021 (World Business Outlook Magazine), Top 50 Best Growth Enterprises in Vietnam, Top 500 Fastest Growing Enterprises Vietnam, Top 50 Best Enterprises, and Top 500 Largest Enterprises in Vietnam 2020 - VNR500 (Vietnam Report), etc.

To join hands with the Government and people nationwide in preventing and controlling the COVID-19 pandemic, SeABank has donated VND 10 billion to the Government's COVID-19 Vaccine Fund, VND 5 billion to Hanoi vaccination program and approximately VND 2 billion including cash and necessities to support authorities, people and laborers, especially those in Bac Giang and Bac Ninh provinces to quickly overcome the current phase of the COVID-19 pandemic.

SOURCE SeABank