First bank to announce business results for the first quarter of 2024: Profit increased by 41%

This bank's business indicators all grew strongly, notably net non-interest income increased by 51% over the same period.

Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB) has just announced its consolidated business results for the first quarter of 2024 with pre-tax profit reaching 1,506 billion VND, an increase of nearly 41% over the same period in 2023. Besides Meanwhile, other business indicators all have stable growth.

Accordingly, thanks to flexibly shifting business direction, focusing on digital technology and diversifying products and services, SeABank continued to have strong growth in the first quarter of 2024 compared to the same period in 2023, specifically: Profit Consolidated pre-tax profit reached 1,506 billion VND, an increase of nearly 41%; 

Total operating income reached VND 2,706 billion, an increase of 19.54%; Total revenue reached 6,438 billion VND, an increase of 4.6%. At the same time, SeABank's net non-interest income (NOII) also recorded an impressive growth of nearly 51% over the same period, reaching VND 705 billion.

By the end of the first quarter of 2024, SeABank's total mobilization from deposits and certificates of deposit reached 168,605 billion VND, an increase of 6,919 billion VND, equivalent to 4.3% over the same period and total outstanding customer loans reached 181,238 billion VND, a net increase of 1,487 billion VND. 

In addition, SeABank always ensures operational safety with the bad debt ratio controlled at 1.95%. The bad debt coverage ratio reached 86.84% because the Bank was proactive in effectively using resources to control and collect bad debts.

As of March 31, 2024, SeABank's total assets are 271,614 billion VND, an increase of 2.06%, equivalent to a net increase of 5,492 billion VND compared to December 31, 2023 and the Bank's charter capital is at 24,957 billion VND. billions dong.

SeABank is submitting to the 2024 Annual General Meeting of Shareholders for approval a plan to increase capital to 30,000 billion VND, including: Issuing shares to pay dividends and bonus shares from equity capital with a total ratio of approximately 14% %; 

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issuing shares under an employee option program (ESOP); and offer private shares to domestic and/or foreign professional investors that meet SeABank's standards and conditions and the law.

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