Vietnam’s SeABank aims to achieve a profit before tax of VND 1,506 billion by 2020, an increase of 8.3% compared to the previous year. Total assets are expected to increase by 12%, reaching VND 175,600 billion, credit outstanding loans increase by 13.6%.
According to information from the 2019 annual report, in 2020, SeABank aims to achieve a pre-tax profit of VND 1,506 billion, an increase of 8.3% compared to the previous year. This growth is quite modest compared to the business results of 2019 with pre-tax profit of nearly VND 1,391 billion, 2.2 times higher than 2018.
Along with that, total bank assets is expected to increase by 12% to 175,600 billion dong, in which credit loan growth is 13.6%; Customer deposits and valuable papers are expected to increase by 13.8% and the NPL ratio to be controlled below 3%.
In 2020, SeABank said that it will continue to upgrade Basel II system to maximize capital adequacy ratio (CAR), while deploying all 3 pillars of Basel II.
In order to achieve the above goals, SeABank aims to continue focusing on promoting service charges and non-interest revenues. The bank will also improve profitability of segments, develop effective and high-yielding specific products. At the same time, operating costs will also be optimized through increased technology investments.
Regarding the orientation of developing the operational network, SeABank said that it submitted to the State Bank for review and approval for the bank to open 5 new branches and 4 transaction offices. If approved by the State Bank of Vietnam, SeABank will expand its network to four more provinces, namely Thai Binh, Ha Nam, Quang Nam and Long An, bringing the total number of provinces / cities directly under the Central Government to have SeABank’s transaction points to 29.
It is known that by the end of 2019, the bank has 167 transaction points operating in 25 provinces / cities across the country.
As of December 31, 2019, the bank had total assets of VND 157,398 billion, up 12% from the beginning of the year. In which, customer loans were 98,613 billion dong, up by 17.5%. Deposits from customers totaled VND 95,727 billion, up 13.5%.
In the past year, SeABank settled all special bonds at VAMC and made full provision for risks as prescribed. At the same time, this bank has also been approved by the SBV to apply Basel II standards under Circular 41.