HANOI,Vietnam,Oct. 22,2024 -- In the first 9 months of 2024,Southeast Asia Commercial Joint Stock Bank (SeABank,HOSE: SSB) recorded PBT of US$180 million,together with positive business indicators thanks to solid and effective risk management.

SeABank reaches impressive PBT in the first 9 months,maintains CASA growth momentum

CASA maintains impressive growth momentum

In the first 9 months,SeABank's total foreign and domestic mobilization reached US$7 billion. CASA escalated to US$817 million,up 24% from the figure of December 31,2023 and accounted for 13.46% of total deposits.

SeABank also maintained growth momentum,notably reaching PBT of US$180 million - a net increase of US$55 million and up 43% YoY. Of which,TOI reached US$363 million,up 39.56% YoY; NOII reached US$65 million; NII reached US$298 million. NIM increased slightly to 3.94%,although the average lending interest rate decreased,and signs of increasing have just been shown since the end of July. SeABank also recorded positive performance indicators,particularly ROE at 14.96% and ROA at 1.73%.

Ending the first 9 months,SeABank's total outstanding customer balance reached US$7.8 billion; Total assets recorded a net increase of US$885 million YoY,achieving US$11.4 billion. SeABank is completing procedures for its charter capital increase to US$1.1 billion,after successfully issuing 329 million shares to pay 2023's dividends and 10.3 million shares to increase equity capital from owner's equity.

Customer expansion & cost optimization through solid base of risk management

In the first 9 months of 2024,SeABank attracted nearly 430,000 new customers,up 92% from figure of the first 8 months,bringing the total number of customers to nearly 3.6 million. This has resulted from technological investment,increased user experience,and innovative products,thereby creating a distinctive market position for SeABank.

Along with that,SeABank's CIR decreased significantly to 32.54% thanks to the improved operational efficiency and optimized operating costs that resulted from digital transformation.

Solid and comprehensive risk management system is maintained,with CAR stayed at 12.85%,higher than Basel III minimum requirement (10.5%). In addition,SeABank ensures safe operations with NPL controlled at 1.87%.

Thanks to solid risk management,efficient and stable operations,Moody's 2024 periodic assessment has maintained SeABank's Ba3 ratings for important categories with a Stable outlook,implying strong belief in SeABank's above peer-average capitalization and stable asset quality. SeABank was also honored as "The Risk Management Bank of The Year - Vietnam 2024" by The European Magazine (UK).