SeABank (Vietnam) increases its charter capital to nearly US$ 590 million

HANOI, Vietnam, Oct. 4, 2021 /PRNewswire/ -- After obtaining the approval of the State Bank of Vietnam as per the Decision No.1489/QD-NHNN dated September 17, 2021, Southeast Asia Commercial Joint Stock Bank (SeABank, stock code: SSB) raised its charter capital from US$ 531 million to nearly US$ 590 million by paying dividend in shares and issuing shares to employees under Employee Stock Option Program (ESOP), which were ratified at the Bank's Annual General Meeting of Shareholders in 2021.

Following to the plan ratified at SeABank's Annual General Meeting of Shareholders in 2021, the Bank will soon issue 136 million shares to its existing shareholders at a rate of 10.13 percent to raise the charter capital.

The increase in charter capital is a part of SeABank's development plan and orientation, enabling the Bank to expand its operational network, invest in facilities and technology, improve the quality of its operations, diversify its products and services to better meet the needs of customers across the country.

According to the business plan for 2021, SeABank aims to increase its Total Assets by 10% to US$ 8.72 billion; Deposits from customers by 9.7% to US$ 5.47 billion; Outstanding Loans to customers by 13% to US$ 5.4 billion; Profit before Tax by 40% to US$ 106.2 million in comparison to 2020's.

In the face of the COVID-19 pandemic's complicated developments, SeABank has proactively taken effective measures against the pandemic while adjusting its business plan flexibly, focusing on developing online products, cards, and SeAMobile digital banking applications, thereby maintaining a stable growth rate.

After the first half of 2021, the Bank delivered a solid business performance with Total Assets of US$ 8.22 billion; Profit before Tax of approximately US$ 68.5 million, almost equalled 2020's year-end profit; Net Interest Income of US$ 106.85 million, grew by 82 percent; Net Fee Income of US$ 20.63 million, increased sharply by 211 percent; CIR of 38.3 percent, dropped from 52.1 percent year-over-year; Non-performing Loan ratio of 1.76 percent, decreased from 1.86% year-over-year.

SeABank was ranked among 17 credit institutions with significant impacts in the banking sector in 2021 by the State Bank of Vietnam and received B1 rating for long-term credit for the third year in a row with positive outlook assessment by Moody's.

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