11:27:03 AM | 3/10/2025
In 2024, Southeast Asia Commercial Joint Stock Bank (SeABank) (HOSE: SSB) delivered outstanding performance, reporting a pre-tax profit of VND6,039 billion, up 31% from 2023 and exceeding the target at 103%. The bank maintained a strong CASA ratio at 19.4% of total deposits, achieved 20.42% credit growth, successfully upgraded its T24 core banking system to R22 (the latest version in Vietnam), and secured State Bank of Vietnam (SBV)’s approval for the full transfer of its stake in Post and Telecommunication Finance Company Limited (PTF).
In 2025, SeABank targets 10% total asset growth, 15% credit growth, and a 16% increase in capital mobilization
Maintaining profit growth driven by effective operations
In 2024, leveraging a flexible business strategy and a firm attachment to sustainable development, SeABank successfully exceeded its business targets.
By December 31, pre-tax profit reached VND6,039 billion, up 31% year-over-year, achieving 103% of the plan. Total assets surged to VND325,699 billion, up 22%, while outstanding credit grew to VND209,355 billion, with a credit growth rate of 20.42%, prioritizing green credit and key economic drivers in line with government and SBV directives.
Total mobilization from domestic entities and international financial institutions surpassed the annual target, reaching VND215,984 billion, up 23%. Demand deposits (Current Account Savings Account – CASA) surged by 96% to VND32,658 billion, making up 19.4% of total funds mobilized. This strong CASA growth contributed to a 32% rise in total operating income, reaching VND12,409 billion. Meanwhile, the bank maintained a healthy asset quality, with a bad debt ratio of 1.89%, well below SBV regulations.
By prioritizing digital transformation and diversifying its products and services, SeABank maintained strong business growth in 2024, demonstrating significant improvements across key performance metrics. Return on equity (ROE) rose to 14.75%, while return on assets (ROA) reached 1.63%. Notably, the cost-to-income ratio (CIR) dropped substantially to 33.28%, highlighting enhanced operational efficiency and strengthened profitability.
In 2024, SeABank strengthened its international reputation as a trusted partner for financial institutions, securing over US$250 million in additional funding, bringing total mobilization (excluding trade finance) to US$850 million. A highlight was the US$75 million cooperation agreement with International Finance Corporation (IFC) to support lending for small and medium-sized enterprises (SMEs), women-owned businesses, and an increased trade finance limit of US$40 million. Additionally, IFC and Asian Infrastructure Investment Bank (AIIB) invested US$150 million for Vietnam’s first blue bond issuance and the first green bond by a domestic financial institution. Norfund also contributed US$30 million to support SMEs, individual customers, and micro-enterprises.
SeABank successfully increased its charter capital to VND28,350 billion, a move approved by the State Bank of Vietnam, through dividend distributions and equity capital issuances, aligning with the roadmap set by the General Meeting of Shareholders.
At the end of 2024, SeABank secured approval from the State Bank of Vietnam to transfer its entire capital contribution in Post and Telecommunication Finance Company (PTF) to AEON Financial Service Co., Ltd. This move aligns with SeABank’s target of enhancing financial strength and solidifying its position as a leading retail bank. The transaction is expected to be finalized in the first quarter of 2025.
SeABank has successfully upgraded its T24 core banking system to R22, the latest version in Vietnam
Toward sustainable development, continued growth in 2025
In 2024, SeABank successfully upgraded its core banking system, T24 Temenos, to version R22, the most advanced version in the Vietnamese market. This investment enhances the bank’s operational efficiency, security, and scalability, ensuring long-term benefits while delivering a more seamless, convenient and secure banking experience for customers.
Driven by strong investments in technology and a commitment to enhancing customer experience, SeABank recorded over 52.6 million digital transactions in 2024, marking a 160% year-over-year increase. Additionally, more than 70% of newly opened accounts were registered online via eKYC, contributing to the bank’s expanding customer base, which now nears 4 million users.
SeABank was committed to social responsibility in 2024, contributing over VND23 billion to community programs, including VND15 billion to rebuild 500 homes for poor households in Hoa Binh province, VND2 billion in aid for northern provinces affected by typhoon Yagi, and contributions to poverty relief funds in Nghe An and Ha Tinh provinces. The bank also awarded 10 lifelong scholarships worth VND1 billion to underprivileged students across many provinces, continued monthly scholarships for 150 students through the Dream Nurturing Fund, planted 68,000 trees across 20 ha in Lao Cai province, and conducted annual charity programs such as Spring of Love, SeABankers for Children and Citizens’ Week.
SeABank's dedication to sustainable growth and social impact earned widespread recognition. SeABank was honored with the First-Class Labor Medal by the President of Vietnam, received the Vietnam Value Award from the Ministry of Industry and Trade for the third consecutive time, ranked among the Top 1000 World Banks 2024, and was recognized as a Vietnam Excellent Brand for the 16th consecutive year, further cementing its market leadership and customer trust.
Building on this solid foundation, in 2025 SeABank targets 10% total asset growth, 15% credit growth (while adhering to SBV credit balance limits), and a 16% increase in capital mobilization. The bank expects to achieve a pre-tax profit of VND6,458 billion (up nearly 10% YoY) and an ROE of 13.8%.
By Le Hien, Vietnam Business Forum
Vietnamese
