April 26, 2022 10:01 GMT+7
Moody’s upgraded SeABank’s base credit rating to B1, while maintaining SeABank’s long-term deposit and issuer ratings at B1 for the fourth consecutive year with a Positive development outlook.
On April 25, 2022, Moody’s – one of the three most prestigious credit rating agencies in the world, announced to raise the baseline credit rating (BCA) from B2 to B1 for Southeast Asia Commercial Joint Stock Bank (SeABank). , stock code SSB) in the rating review period of 2022. At the same time, Moody’s continues to keep SeABank’s issuer and long-term deposit rating at B1 for the fourth consecutive year with a Positive development outlook.
Moody’s upgrade BCA to B1 reflects the marked improvement of SeABank’s intrinsic strength in asset quality, profitability and capital.
Moody’s is one of the top 3 credit rating agencies in the world, in which the baseline credit rating (BCA) is one of the important factors reflecting the internal strength of the business. The fact that SeABank was upgraded by Moody’s to BCA to B1, while maintaining the issuer and long-term deposit ratings at B1 for the fourth consecutive year with a positive development outlook is a testament to the efforts of SeABank. SeABank in maintaining stable business operations, improving asset quality, profitability and capital in 2021 with outstanding business results: Pre-tax profit of more than VND 3,268 billion (up 89% compared to the previous year) with 2020 and complete 135% of the plan); Total assets reached more than 211,663 billion VND, an increase of 18% compared to 2020. Besides, SeABank’s total non-interest income (NoII) in 2021 reached 1,850 billion VND, accounting for 26.3% of total revenue. Return on average assets (ROA) and return on average equity (ROE) are 1.33% and 16.12%, respectively; NPL ratio is at 1.65%.
Moody’s 2022 credit rating report has affirmed the prestige, position and potential of SeABank with customers and partners, especially international organizations. The Bank always strives to be at the forefront of meeting the highest international standards, and actively, transparently, and sustainably manages and operates business operations.
At the end of the first quarter of 2022, SeABank’s business results continued to be maintained at a sustainable growth rate, specifically: Total assets reached VND 231,222 billion, an increase of VND 19,558 billion compared to December 31, 2021; Profit before tax reached 1,306 billion dong, up 87.1% over the same period last year; Total net revenue reached more than 2,322 billion dong, up 61.3% over the same period last year; Net revenue from services reached VND 274 billion, up 122.65% over the same period last year. At the same time, net non-interest income (NOII) also recorded an impressive growth of 126.5 percent over the same period last year, reaching VND758 billion. In particular, the cost-to-income ratio (CIR) continued to drop sharply to 28.32%, ensuring the right business orientation of the bank. The bad debt ratio (NPL) remained stable at 1.64%. Also in the first quarter of 2022, SeABank has completed increasing its charter capital to VND 16,598 billion and continued to be approved by the General Meeting of Shareholders to increase charter capital to VND 22,690 billion in 2022 to improve financial capacity. , supplementing the Bank’s business operating capital.
SeABank is currently in the group of important banks in the banking system according to the regulations of the State Bank of Vietnam, voted by the Vietnam Banks Association as “Typical Bank for the Community 2021” and “Bank for the Community in 2021″ banks with typical innovative products and services in 2021”, and is also the only bank to be honored by The Banker (UK) as “Bank of the Year 2021 – Bank of the Year Vietnam 2021” and ranked “Top 50 the best growth enterprise in Vietnam 2022” (Vietnam Report).
at Blogtuan.info – Source: infonet.vietnamnet.vn – Read the original article here