Deciphering how Vietnam’s SeABank completes 105% of the 2021 budget


SeABank (Vietnam) achieved pre-tax profit of nearly US$ 111.5 million after 9 months of 2021.

After 9 months of 2021, Southeast Asia Commercial Joint Stock Bank (SeABank, HoSE: SSB) witnessed impressive performance with a consolidated pre-tax profit of nearly US$ 111.5 million, increasing by 124% year-over-year and completed 105% of its 2021’s budget. The Bank was also recognized as one of the “Best Companies to Work for in Asia 2021.”

Accordingly, SeABank’s Total Assets reached US$ 8,706 billion, up by 18%; Outstanding loans to customers reached US$ 4,959 billion, up by 15%; Net profit from interest reached US$ 169.6 million, an increase of 85% year-over-year; Net Income from services increased sharply to US$ 35.82 million, up by 181%; Fee income reached USD 49.6 million, up by 194% year-over-year; the CIR stood at 35.35%; the NPL ratio continued to decrease to 1.68%. Given the COVID-19 pandemic’s complicated developments, SeABank has proactively taken effective measures against the pandemic while adjusting its business plan flexibly, focusing on developing online products and SeAMobile digital banking application, thereby, the Bank’s number of online transaction in 2021 has increased by 191% compared its 2020 data.

Besides, in October 2021, SeABank was proud to be named the “Best Companies to Work for in Asia 2021” by HR Asia – the leading magazine on human resources in Asia. The survey was conducted by HR Asia with a sample population of 30,000 employees from 581 enterprises in Vietnam, using TEAM (Total Engagement Assessment Model) criteria, including: Collective Organization for Real Engagement (Core), Heart, Mind & Soul (Self) and Think, Feel & Do (Group), in which, SeABank scored highly in all three factors: 4.40 (average score: 3.74), 4.70 (average score: 3.88) and 4.74 (average score: 3.96) respectively.

According to HR Asia’s assessment, SeABank is one of the few banks that meets all the criteria and well maintains the factors related to the working environment and employee benefits such as flexible working environment; facilities that offer convenience and enable creativity; policies that encourage and motivate employees; leaders who take employees’ opinions into consideration, trust and defend them; the bank places people above profit; the bank has welfare funds and works for the community, etc.

Source: Vietnaminsider

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