SeABank exceeds target with 31% YoY profit surge

The bank aims to record a 10% profit increase this year.

Southeast Asia Commercial Joint Stock Bank (SeABank) saw its pre-tax profit reach $238.2m, a 31% increase year-on-year (YoY) and surpassing its target by 103%. 

Total assets rose 22% to $12.85b, whilst credit outstanding grew 20.42% to $8.26b, driven by green credit initiatives and Vietnam's key economic sectors.

Total operating income (TOI) rose 32% YoY to $489.5m, and non-performing loans (NPL) were controlled at 1.89%, meeting State Bank of Vietnam (SBV) requirements.

The bank said digital transformation played a significant role in SeABank's growth, with 52.6 million digital transactions recorded in 2024, up 160% YoY, and 70% of new accounts opened via eKYC, bringing total online users to nearly 4 million. 

Looking ahead to 2025, SeABank aims to grow total assets by 10%, credit by 15%, and profit growth by 10%, targeting an ROE of 13.8%.