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SeABank announces profit growth

VIETNAM, April 26 - Clients conduct their banking transactions at a SeABank branch. — Photo courtesy of SeABank

HÀ NỘI — The Southeast Asia Commercial JS Bank (SeABank) on Monday announced consolidated business results for the first quarter of this year with a pre-tax profit of VNĐ1.3 trillion (US$56.5 million), up 87.1 per cent compared with the same period last year.

Accordingly, the bank's total assets reached VNĐ231.2 trillion by the end of March 31, an increase of VNĐ19.6 trillion compared to December 31 last year.

The bank successfully offered more than 181.3 million shares to existing shareholders, completing an increase in charter capital to VNĐ16.6 trillion in the first quarter of this year.

At the annual general meeting of shareholders last week, SeABank approved a plan to increase charter capital from VNĐ16.6 trillion to VNĐ22.7 trillion.

Specifically, SeABank plans to issue 321.1 million ordinary shares with a value of VNĐ10,000 per share, of which 211.4 million shares (equivalent to 12.7 per cent) will pay dividends for last year, and issue 109.7 million shares (equivalent to 6.6 per cent) to existing shareholders to increase share capital from equity.

It also plans to issue 59.4 million shares to its employees. In addition, the bank also plans to offer to sell privately to foreign investors or offer to existing shareholders 228.7 million shares.

SeABank aims to grow its total assets by 10 per cent this year. Credit growth is expected to be up to 17 per cent, depending on the approval of the State Bank, equivalent to net growth of VNĐ24 trillion compared to last year.

The bank set a target of pre-tax profit of VNĐ4.9 trillion this year. The bad debt ratio is controlled at below 2 per cent.

SeABank achieved a pre-tax profit of more than VNĐ3.3 trillion last year, up 89 per cent year-on-year and completing 135 per cent of last year’s plan.

Total assets reached more than VNĐ211.7 trillion, up 17.5 per cent compared to 2020. — VNS