Business result 2024: SeABank achieves PBT of US$238.2 million

Efficient operations to maintain profit growth

Thanks to flexible business strategy, along with the adherence to sustainable development goals, SeABank has completed and exceeded its KPIs in 2024. Accordingly, by December 31, 2024, SeABank's PBT reached VND6,039 billion (approx. US$238.2 million), up 31% YoY, completing 103% of KPIs; Total assets grew to VND325,699 billion (approx. US$12.85 billion), a 22% YoY increase; Credit outstanding balance hit VND209,355 billion (approx. US$8.26 billion), credit growth rate reached 20.42%, in which priority was given to disbursement in green credit sectors and growth drivers decided by Vietnamese Government and the SBV.

Total mobilization from Vietnamese organizations and individuals as well as international financial institutions exceeded KPIs, grew 23% to reach VND215,984 billion (approx. US$8.52 billion). In which, CASA grew impressively to VND32,658 billion (approx. US$1.29 billion), up 96% YoY and equivalent to 19.4% of total mobilization. Along with the strong CASA growth, SeABank's TOI accelerated by 32% YoY, reaching VND12,409 billion (approx. US$489.5 million). NPL was controlled at 1.89%, much lower than requirements of SBV.

By focusing on digital technology and diversification of products and services, SeABank has maintained a stable growth. Recorded growth of all performance indicators showed positive tendency, such as ROE at 14.75% and ROA at 1.63%, CIR decreased significantly to 33.28%.

In 2024, after years of building international reputation, SeABank has been entrusted with and successfully expanded cooperation with many reputable financial institutions. As a result, international mobilization increased by more than US$250 million to reach US$850 million (not including trade finance). To be noted, IFC granted a US$75 million loan to promote lending to small and medium enterprises (SMEs), women-owned SMEs, and doubled the trade finance limit for SeABank to US$40 million. Along with that, IFC and AIIB invested a total of US$150 million for SeABank to issue Vietnam’s first blue bond and the first green bond by a domestic financial institution. Norfund also granted a US$30 million convertible loan to SeABank, aiming to support SMEs, retail banking customers and micro-enterprises in Vietnam.

Approved by the SBV, SeABank has completed its charter capital increase to VND28,350 billion (approx. US$1.12 billion) after issuing shares to pay dividends and to increase equity capital from owners’ equity. This also follows the roadmap approved by the SeABank’s General Meeting of Shareholders.

At the end of 2024, SeABank received approval from the SBV to transfer 100% of its capital in PTF to AEON Financial Service Co., Ltd. (AEON Financial). This helps SeABank strengthen financial capacity, moving towards the goal of becoming the favorite retail bank. Relevant transaction procedures are scheduled to complete in the Q1/2025 by both parties.

Striving for Sustainable Development, driving growth in 2025

In 2024, SeABank successfully upgraded the T24 Temenos Core Banking system to version R22 - the latest version in the Vietnamese market. This is an important project to guarantee long-term benefits for SeABank, especially bringing a completely new, more convenient and safer banking experience for customers.

Thanks to its strong investment in technology and active improvement of customer experience in 2024, the Bank recorded more than 52.6 million transactions on digital platforms, an increase of 160% YoY; more than 70% of newly opened accounts were registered online via eKYC. This brought the total number of users who trust and use SeABank's online services to nearly 4 million.

Along with its active business, SeABank continues its series of practical and meaningful CSR activities in 2024 with a total budget of over VND23 billion (over US$900,000), notably: VND500 million (approx. US$20,000) to build and repair 500 dilapidated houses in Hoa Binh province; VND2 billion (approx. US$79,000) to assist people of the Northern provinces affected by storm Yagi; VND500 million (approx. US$20,000) donated to Central Fund for the Poor to help the poor in Nghe An and Ha Tinh provinces, etc. SeABank’s Dream Nurturing Fund continued to sponsor monthly scholarships fornearly 150 students. The Fund also started sponsorship for 10 new students, totaling nearly VND1 billion (approx. US$39,500), targeting poor and studious students in Bac Ninh, Hai Phong, Thai Nguyen, Hanoi, Hai Duong. SeABank also planted 68,000 trees to green nearly 20 hectares of forest in Lao Cai province via its SeAGreen Fund; together with continuing annual CSR activities such as Spring of Love, SeABankers for the Children, Citizens Week, etc.

SeABank's continuous efforts have been recognized and highly appreciated by prestigious organizations via the First Class Labor Medal by the President; voted by the Ministry of Industry and Trade as a Vietnamese National Brand for the third consecutive year; ranked in the "Top 1000 World Banks 2024" for the third consecutive year, and honored as a Strong Vietnamese Brand for 16 consecutive years, thereby affirming the Bank's position and reputation in the market as well as the trust of customers in the SeABank brand.

Based on the solid foundation achieved in 2024, in 2025 SeABank aims to continue to maintain a stable growth rate, in which total assets are expected to increase by 10%; credit growth reaches 15%, ensuring compliance with the maximum credit balance limit as prescribed by the SBV, capital mobilization is expected to increase by 16%. With the above plan, in 2025 the Bank expects to achieve PBT of VND6,458 billion (approx. US$255 million), an increase of nearly 10% compared to 2024 and the expected ROE ratio is 13.8%.