SeABank (SSB) posts 2-fold surge in Q1 pre-tax profit

The Southeast Asia Commercial Joint Stock Bank (SeABank) earned pre-tax consolidated profit of VND698.3 billion (nearly US$30.4 million) in the first quarter of 2021, an increase of nearly 2.3-fold year-on-year.

 

The bank said in its Q1 business performance report that as of March 31, total assets topped VND184.3 trillion, up 24 per cent year-on-year, deposits nearly VND115.2 trillion, up 16.8 per cent, and loans over VND111 trillion, up 14.3 per cent.

SeABank was recently listed by the State Bank of Viet Nam as one of the 17 most important credit institutions in the banking system in 2021. It was also given a “B1” long-term rating, equivalent to a stable outlook, by Moody’s for the third time.

Its stock, coded SSB, has been traded on the Ho Chi Minh Stock Exchange (HoSE) since March 24, making it the third bank to be listed this year.

The bank expects growth of 39.6 per cent in pre-tax profit this year to more than VND2.4 trillion. 

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