Vietnamese lender SeABank reports $239 mln profit in 2024

Vietnamese private creditor SeABank recorded VND6,039 billion ($238.5 million) in pre-tax profit in 2024, up 31% year-on-year.

Accordingly, the bank fulfiled 103% of the year's pre-tax profit plan.

Total asset was VND325,699 billion ($12.86 billion), an increase of 22% compared to 2023. Of this, outstanding loans reached VND209,355 billion, or a credit growth rate of 20.42% against the end of last year.

Total mobilization from domestic organizations/individuals and international financial institutions reached VND215,984 billion ($8.53 billion), up 23%. Of this, demand deposits (current account Savings Account or CASA) surged by 96% to VND32,658 billion.

SeABank’s total operating income surged by 32% compared to the previous year to VND12,409 billion ($490 million). Bad debt ratio was 1.89%.

In 2024, the bank's capital mobilization from international financial institutions hit $850 million, excluding trade finance.

Notably, IFC signed a cooperation agreement worth $75 million to promote lending to small and medium-sized enterprises and women-owned businesses, while increasing the trade finance limit for SeABank to $40 million.

IFC and AIIB invested a total of $150 million in SeABank to issue the first blue bonds in Vietnam and the first green bonds by a domestic financial institution.

The World Bank defines blue bonds as a debt instrument issued by governments, development banks or others to raise capital to finance marine and ocean-based projects that have positive environmental, economic and climate benefits.

Green bonds are a type of debt issued by public or private institutions to finance themselves and, unlike other credit instruments, they commit the use of the funds obtained to an environmental project or one related to climate change.

SeABank completed increasing its charter capital to VND28,350 billion ($1.12 billion) in 2024 after issuing shares to pay dividends and issuing shares to increase the equity from owner capital sources.

At the end of 2024, SeABank was approved by the State Bank of Vietnam to transfer 100% of its capital contribution at Post and Telecommunications Finance Company (PTF) to AEON Financial Service Co., Ltd. (AEON Financial).