Moody’s Raises SeABank’s Baseline Credit Rating to B1
Moody’s assessment reflects SeABank’s efforts in business operations, asset quality, profitability and capital in 2021 with: Profit before tax achieved $144.38 millionor 135% of its 2021 budget. Total assets increased by 18% compared to 2020, reaching US$9.36 billion; Total non-interest income in 2021 reached $81.74 million, representing 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 1.65%.
At the end of the first quarter of 2022, SeABank’s business results are maintaining a sustainable growth rate: Total balance sheet reached US$10.06 billionan augmentation of $851.03 million compared to December 31, 2021; Earnings before tax reached $56.83 million, up 87.1% compared to the same period of 2021; Total net income increased by $101.03 million, an increase of 61.3% year-on-year; Net revenue from services achieved $11.92 million, an increase of 122.65% year-on-year. At the same time, the NOII ratio also recorded an impressive growth of 126.5% over the same period, reaching $32.98 million. The cost/income ratio (CIR) continues to fall 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 completed increasing its share capital to $722.18 million.
In the 2022 general meeting of shareholders, SeaBank presents its plan to increase its share capital to $987.25 million in 2022, pre-tax profit target at $212.62 milliontotal assets should grow by 10% compared to 2021 and the NPL ratio is under control below 2%.
SeABank has been in the list of systematically significant banks in the banking system in accordance with 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 companies (Vietnam Report)…