Southeast Asia Commercial Joint Stock Bank (SeABank, HOSE: SSB) has announced its 2024 financial results, highlighting significant achievements in profitability, asset growth, and sustainability. The bank’s pre-tax profit (PBT) reached $238.2 million, a 31% year-on-year increase and 103% above its target.
SeABank’s total assets grew by 22% to $12.85 billion, with credit growth of 20.42%, totalling $8.26 billion in outstanding loans. Priority was given to green credit sectors and Vietnam’s key growth drivers. Total mobilisation rose by 23% to $8.52 billion, with current account savings accounts (CASA) seeing a dramatic 96% increase to $1.29 billion, representing 19.4% of total mobilisation.
The bank’s total operating income (TOI) grew by 32% year-on-year to $489.5 million. Non-performing loans (NPL) were kept at 1.89%, well within the State Bank of Vietnam’s (SBV) regulatory requirements.
SeABank also expanded its international partnerships in 2024, raising an additional $250 million in foreign investments, bringing its total to $850 million. Key partners included the International Finance Corporation (IFC), the Asian Infrastructure Investment Bank (AIIB), and Norfund. Furthermore, SeABank increased its charter capital to $1.12 billion, enhancing its financial capacity.
The bank attributed its success to a flexible business strategy and a commitment to digital transformation. Its upgraded T24 core banking system (R22 version) marked a technological milestone, enabling faster and more efficient operations. Over 52.6 million digital transactions were recorded in 2024, a 160% year-on-year rise, with more than 70% of new accounts opened online. The number of digital banking users approached four million by the year’s end.
Operational efficiency also improved significantly. The cost-to-income ratio (CIR) decreased to 33.28%, while return on equity (ROE) and return on assets (ROA) stood at 14.75% and 1.63%, respectively.
In a key development, SeABank secured SBV approval to transfer 100% of its capital in its consumer finance subsidiary, PTF, to AEON Financial. The process is expected to be completed by the first quarter of 2025.
SeABank’s corporate social responsibility initiatives remained a priority, with over $900,000 allocated to projects including disaster relief, housing repairs, scholarships for disadvantaged students, and afforestation.
Looking ahead to 2025, SeABank aims to achieve a 10% increase in total assets, 15% credit growth, a 16% rise in capital mobilisation, and a 10% increase in PBT. The bank expects to maintain an ROE of 13.8% as part of its sustainable growth strategy.
SeABank’s CEO commented: “Our 2024 performance reflects our commitment to innovation, sustainability, and delivering value to our stakeholders. We are well-positioned to build on this success in 2025.”