Moody's assigns B1 rating to SeABank

Moody's has given SeABank a B1 long-term rating for the first time, reflecting the lender’s good financial capacity and development potential.

 

The U.S. credit rating agency said SeABank has been rated B1 for short-term and long-term local and foreign currency deposits, short-term and long-term local and foreign currency issuer, short-term and long-term local and foreign currency counterparty risk, and short-term and long-term counterparty risk assessments and B2 for baseline credit assessment (BCA).

Factors such as equity, profits, solvency, asset quality, capital, and liquidity contributed to the positive evaluation this time, the private bank said in a release.

SeABank achieved positive results in the first half of 2019. Its assets reached nearly VND150 trillion ($6.47 billion), an increase of 6.1 percent against the beginning of the year. Total outstanding loans were worth VND95.22 trillion ($4.11 billion), up 8.2 percent compared to the beginning of the year.

Net revenues grew sharply, as non-interest revenues surged by 247 percent year-on-year. Profit before tax rose by 57.4 percent to VND409 billion ($17.65 million).

SeABank fulfilled its plan to increase authorized capital in September from VND7.688 billion ($333 million) to VND9.369 billion ($405 million) through the issuance of new shares.

The capital increase, part of the bank’s plans to become the country's most favorite retail bank, had been approved at its 2019 annual general meeting.

Following the capital increase, SeABank is now among the 15 largest in Vietnam. It is considered one of the pioneers in constant innovations to offer new products and competitive personal financial services to customers.

The bank has 165 transaction points across the country, and serves more than a million individual and corporate customers with a wide range of financial services.

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