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Moody’s Upgrades SeABank’s Baseline Credit Assessment To B1

Moody's Upgrades SeABank's Baseline Credit Assessment To B1

Moody’s Investors Services (Moody’s) upgraded the Baseline Credit Assessment (BCA) from B2 to B1 for Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB). Moody’s has also maintained SeABank’s long-term deposit and issuer ratings at B1 for the fourth consecutive year with positive outlook.

The Moody’s assessment is a testament to the efforts of SeABank in business operations, asset quality, profitability and capital in 2021 with: Pre-tax profit reached US$ 144.38 million, equal to 135% of its 2021 budget. Total assets increased 18% compared to 2020, reaching US$ 9.36 billion; Total non-interest income in 2021 reached US$ 81.74 million, accounting for 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 at 1.65%.

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At the end of the first quarter of 2022, SeABank’s business results maintained at a sustainable growth rate: Total assets reached US$ 10.06 billion, an increase of US$ 851.03 million compared to December 31, 2021; Pre-tax profit reached US$ 56.83 million, up 87.1% compared to the same period of 2021; Total net revenue increased by US$ 101.03 million, a 61.3% YoY increase; Net revenue from services reached US$ 11.92 million, an increase of 122.65% YoY. At the same time, the NOII ratio also recorded an impressive growth of 126.5% over the same period, reaching US$ 32.98 million. The cost-to-income ratio (CIR) continued to drop 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 has completed increasing its charter capital to US$ 722.18 million.

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In the 2022 General Meeting of Shareholders, SeABank sets out plan to increase its charter capital to US$ 987.25 million in 2022, pre-tax profit target at US$ 212.62 million, total assets expected to grow by 10% compared to 2021 and the NPL ratio is controlled under 2%.

SeABank has been in list of systematically important banks in the banking system according to 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 Enterprises (Vietnam Report).

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