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SeABank (Vietnam) receives B1 Rating from Moody's

2019-10-14 10:27 358

HANOI, Vietnam, Oct. 14, 2019 /PRNewswire/ -- On October 10, 2019, Moody's announced the results of B1 long-term rating for Southeast Asia Commercial Joint Stock Bank (SeABank) - one of the 15 largest banks in Vietnam with charter capital of VND 9,369 billion (equivalent to more than USD 403 million). This is the first time Moody's has rated SeABank, reflecting the Bank's good financial capacity and development opportunities.

“SeABank is one of the 15 largest banks in Vietnam with authorized capital of 9,369 billion VND (equivalent to more than 403 million USD)”
“SeABank is one of the 15 largest banks in Vietnam with authorized capital of 9,369 billion VND (equivalent to more than 403 million USD)”

As announced by Moody's, SeABank is ranked B1 rating in the following categories: Short-term and long-term local and foreign currency deposit; Short-term and long-term local and foreign currency issuer; Short-term and long-term local and foreign currency counterparty risk; Short-term and long-term counterparty risk assessments; and the Baseline credit assessment (BCA) of B2. Factors such as equity, profit, solvency, asset quality, capital, liquidity... contributed significantly to the positive evaluation results for SeABank this time.

SeABank's business results are showing positive growth. In the first 6 months of 2019, SeABank has recorded impressive results, including: (i) Total assets reached nearly VND 150,000 billion, an increase of 6.1% compared to the beginning of the year; (ii) Total outstanding loans reached VND 95,219 billion, up 8.2% compared to the beginning of the year. (iii) Net revenue grew significantly, especially service revenue grew 247% over the same period last year. (iv) Profit before tax reached VND 409 billion, an increase of 57.4% over the same period last year.

SeABank is one of the largest and earliest banks in Vietnam, ranking 70/500 Vietnam's largest tax-payment private enterprises - Vietnam Profit500 and 72/500 Vietnam's largest enterprises - VNR500. SeABank has just been voted by The Asian Banker to rank 368/500 strongest banks and 400/500 largest banks in Asia-Pacific.

At present, SeABank has 165 branches and transaction points across 3 regions of the country. SeABank is known as one of the pioneers in constantly innovating and creating products and services to provide the best and most competitive personal financial services to customers. SeABank is serving more than 1 million individual and corporate customers with diversified, modern and convenient financial services.

With charter capital of VND 9,369 billion, SeABank is also among the 15 banks having largest charter capital in Vietnam.

Contact:
Tran Huy Hung
Head of Marketing and Communication Division
hung.th@seabank.com.vn
(+84 243) 3944 8688/7803

Photo - https://photos.prnasia.com/prnh/20191014/2608693-1?lang=0

Source: SEABANK
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