Moody’s changes SeABank outlook from Stable to Positive

The quality of assets has steadily improved at SeABank in recent years. The problem loan ratio, which includes non-performing loans (NPL) and gross bonds issued by the Vietnam Asset Management Company (VAMC), fell from 2.3% to 1.9% at the end of 2020. SeABank also expanded its coverage of problematic loans. Moody’s expects asset quality to remain broadly stable at SeABank in a favorable economic environment Vietnam.

Moody’s also expects SeABank’s profitability to improve over the next 12 to 18 months, thanks to higher yields on its loans to individuals and small and medium-sized enterprises (SMEs). Capital, meanwhile, will remain stable as internal capital generation will support asset growth.

SeABank has achieved substantial expansion in recent years and has made beneficial contributions to the economy as a whole. SeABank is currently considered to be one of the 17 credit institutions having a significant impact on the Vietnamese banking sector in 2021.

At the end of the first quarter of 2021, SeABank achieved positive business results with pre-tax profit of $ 30.24 million, 2.3 times higher than the same period in 2020. Total assets reached $ 8.0 billion , an increase of 24% year-on-year. Customer deposits reached $ 5.0 billion, up 16.8% year-on-year, while customer loans also increased 14.3% over the same period, reaching $ 4.81 billion. In addition, the Bank’s total net operating income also reached 62.4 million USD, up 48% and the cost / income ratio stood at 40.8% against 52.9% for the same period in 2020. .

At the end of the trading session on May 31, 2021, SeABank’s market capitalization reaches 2 USD0.14 billion, making SeABank one of the top 12 banks by market capitalization in the Vietnamese stock market.

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Johnnie Hill

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