SeABank sets high profit target for 2022

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Clients conduct their banking transactions at a SeABank branch. Photo courtesy of SeABank

HÀ NỘI — The Southeast Asia Commercial JS Bank (SeABank) has announced its pre-tax profit target of VNĐ4,867 billion (US$213 million) for 2022.

The bank aims to raise its deposits by VNĐ22 trillion, an increase of 16 per cent year-on-year, and its credits by VNĐ24 trillion, a rise of 17 per cent.

It will continue to keep non-performing loan (NPL) ratios below 3 per cent as well.

Its charter capital is expected to rise from VNĐ16,598 billion to VNĐ22,690 billion through equity financing, share issuance via private placement and an employee stock ownership programme (ESOP).

Notably, the bank plans to issue 321,100,000 new shares with a price of VNĐ10,000 apiece, of which 211,400,000 shares are paid out as dividends and the rest are for equity financing.

It also plans to issue an additional 59,400,000 shares for ESOP and sell 228,700,000 shares to foreign investors via private placement.

In 2021, SeABank made a profit of VNĐ3,269 billion, up 89 per cent against 2020. Its NPL ratios were at just 1.65 per cent.

The bank also managed to raise its charter capital from VNĐ12,087 billion to VNĐ14,785 billion, positioning itself as one of 12 private JS commercial banks with highest caps.

In Q1/2022, it successfully sold 181,311,631 shares to existing shareholders to expand its charter capital to VNĐ16,598 billion.

It is also worth noting that SeABank was assigned B1 credit rating score by Moody’s in three consecutive year from 2019 to 2021.

It has completed the adoption of all three pilars of the Basel II banking regulations. —VNS

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