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SeABank (SSB) completes 2023 business plan: CASA grows well 

 Tuesday, February 20,2024

AsemconnectVietnam - Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB) announced its 2023 business results with many good growth indicators: demand deposit ratio (CASA) reached 11.5%, higher than previous years; Impressive net increase in outstanding debt and mobilization reached 16.76% and 25.35% respectively compared to 2022 while the bad debt ratio was controlled at 1.94%. The Bank's pre-tax profit reached more than VND4,616 billion.

In 2023, the world and domestic economic situation will have many changes. By flexibly shifting business direction, focusing on digital technology, prioritizing green credit development and opening new fee collection products, SeABank completed its 2023 business plan with many positive growth indicators.
By the end of December 31, 2023, SeABank's total assets reached VND266,107 billion, an increase of 15% compared to 2022; Charter capital is at VND24,957 billion, an increase of 22.32% over the same period, helping the Bank improve its capital capacity. Strong financial resources help SeABank focus on promoting digital technology and optimizing technology to bring customers convenient products and services with many positive experiences throughout the process of using financial services of the bank.
Diversifying products, improving service quality, cross-selling products as well as increasing technology application has helped increase the total number of transaction customers at SeABank to more than 3 million customers. In 2023, the Bank recorded more than 32.3 million transactions on digital platforms, an increase of 157% over the same period, and more than 71% of newly opened accounts registered online through eKYC. This demonstrates the Bank's efforts to attract new customers as well as maintain existing customer files, thereby helping deposit growth in 2023 to VND144,840 billion, an increase of nearly 125.4% compared to 2022, in which the proportion of demand deposits (CASA) continued to increase compared to previous years, reaching 11.5% of total deposits. Along with that, SeABank's total outstanding debt also reached nearly VND180,000 billion, an increase of more than 116% compared to 2022.
Accompanying corporate and individual customers during the recovery period of the economy, SeABank has implemented many preferential policies such as reducing interest rates, reducing fees to support businesses and individuals, and preferential loan packages for customers... In 2023, the total amount of reduced interest for existing customers will reach VND407.28 billion.
Facing many challenges, SeABank still ensures safety in its operations with the bad debt ratio controlled below 2% (1.94%) because the Bank is proactive in using resources to cover , controlling and recovering bad debt, Quick liquidity reserve ratio reached 20.2% and 30-day VND solvency ratio reached 67.56%.
These efforts have brought SeABank more than VND4,616 billion in pre-tax profit, completing the 2023 business plan, corresponding to a return on equity ratio (ROE) of 13.03%.
2023 is also a year with many milestones for SeABank when it is honored with many major awards domestically as well as internationally, typically: Top 1000 Strongest Banks in the World (Top 1000 World Bank); Top 100 Sustainable Enterprises in Vietnam; Top 100 Most Valuable Brands in Vietnam 2023; Best places to work in Asia 2023…
In addition, SeABank continues to be rated Ba3 by Moody's for the categories of Issuers and Long-term Domestic and Foreign Currency Deposits, while maintaining the Base Credit Assessment (BCA) rating of SeABank at level B1. Moody's affirming SeABank's rating with a Stable outlook reflects this organization's expectation of the Bank's high and improving capital adequacy level.
Taking the principle of Community as one of its core values, in 2023 SeABank will continue to carry out many practical and meaningful social security activities with a total budget of more than VND39.2 billion such as donating 700 houses. for the poor in Ha Tinh, Nghe An, Dien Bien; Awarded 10 lifelong high school scholarships worth more than 1 billion VND to poor students in Quang Nam, Binh Phuoc, Nam Dinh, Ho Chi Minh City, Bac Giang; Awarding monthly Study Encouragement Scholarships to nearly 150 students sponsored by the Dream Incubation Fund; Donating and planting nearly 31,000 forest trees to the Forest Protection and Development Fund of Dak Lak province and the Protection Forest Management Board of Nhu Thanh district, Thanh Hoa province; Deploying annual charity activities Spring of Love, SeABankers For Children, National Citizens Week...
Source: VITIC/Tinnhanhchungkhoan


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