SeABank posts 123.4 percent rise in profit before tax
The Southeast Asia Joint Stock Commercial Bank (SeABank) on January 8 announced a before-tax profit of more than 1.39 trillion VND (59.8 million USD) in 2019, jumping 123.4 percent from the previous year.
Hanoi (VNA) – TheSoutheast Asia Joint Stock Commercial Bank (SeABank) on January 8 announced abefore-tax profit of more than 1.39 trillion VND (59.8 million USD) in 2019, jumping123.4 percent from the previous year.
The bank said that this is the highest growth in profit it has recorded so far.
Total assets as of the end of 2019 jumped 12.04 percent to over 157.39 trillionVND. Outstanding loans to residents and economic sectors (Market 1) reachedover 98.6 trillion VND, a year-on-year surge of 17.46 percent, while totalcapital mobilised from Market 1 was estimated at some 95.72 trillion VND, up13.5 percent from 2018.
The bank witnessed good returns in the year, with that on asset (ROA) and ofequity (ROE) rising 120.6 percent and 61.69 percent to 0.75 percent and 12.03percent, respectively.
Most recently, the bank completed the early redemption of all special bonds atthe Vietnam Asset Management Company (VAMC), thereby helping the bankproactively monitor and handle bad debts. Besides, the move is significant forthe bank to increase transparency in its financial statements, creatingmomentum for profit growth in subsequent years.
With the redemption of bonds before their expirydates, SeABank has become one of the first banks in the country to complete thesettlement of special bonds at VAMC. The total value of special bonds bought bySeABank from VAMC in 2019 was more than 3.5 trillion VND.
Last year, the bank upped its charter capital to nearly 9.37 trillion VND toimprove its financial capacity. SeABank currently has a network of 167transaction points, serving nearly 1.2 million customers nationwide.
Also in the year, the bank was recognised by the State Bank of Vietnam as havingmet the minimum capital adequacy ratio in accordance with Basel IIinternational standards. Meanwhile, Moody’s, a prestigious credit institutionin the world, gave the bank a B1 long-term rating, reflecting the lender’s goodfinancial capacity and development potential./.
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A transaction office of SeABank (Photo: VNA) 
