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Banking & Finance

SeABank receives B1 rating from Moody's

Released at: 18:14, 17/10/2019

SeABank receives B1 rating from Moody's

Photo: SeABank

First-ever rating reflects bank's good financial capacity and development opportunities.

by Doanh Doanh

Moody’s has given the Southeast Asia Commercial Joint Stock Bank (SeABank) - one of the 15 largest banks in Vietnam with charter capital of more than $403 million - a B1 long-term rating. This is the first time the ratings agency has rated SeABank, reflecting the bank’s good financial capacity and development opportunities.

According to Moody’s, SeABank has been given a B1 rating in the following categories: Short-term and long-term local and foreign currency deposits; Short-term and long-term local and foreign currency issuing; Short-term and long-term local and foreign currency counterparty risk; and Short-term and long-term counterparty risk assessments; as well as a Baseline credit assessment (BCA) of B2. Factors such as equity, profit, solvency, asset quality, capital, and liquidity contributed significantly to the positive evaluation.

SeABank’s business results reveal positive growth. In the first six months of this year, total assets increased 6.1 per cent compared to the beginning of the year; total outstanding loans 8.2 per cent compared to the beginning of the year; net revenue, especially service revenue, 247 per cent over the same period last year; and profit-before-tax 57.4 per cent over the same period last year.

SeABank is one of the largest and oldest banks in Vietnam and ranked 70th out of the country’s 500 largest tax-paying private enterprises (Vietnam Profit500) and 72nd out of its 500 largest enterprises (VNR500). It was recently put by The Asian Banker at 368 in the 500 strongest banks in Asia-Pacific and 400th in the region’s 500 largest banks.

It currently has 165 branches and transaction points throughout Vietnam and has been a pioneer in constantly innovating and creating products and services to provide the best and most competitive personal financial services to customers. SeABank serves more than 1 million individual and corporate customers with diversified, modern, and convenient financial services.

Moody’s has given the Southeast Asia Commercial Joint Stock Bank (SeABank) - one of the 15 largest banks in Vietnam with charter capital of more than $403 million - a B1 long-term rating. This is the first time the ratings agency has rated SeABank, reflecting the bank’s good financial capacity and development opportunities.

According to Moody’s, SeABank has been given a B1 rating in the following categories: Short-term and long-term local and foreign currency deposits; Short-term and long-term local and foreign currency issuing; Short-term and long-term local and foreign currency counterparty risk; and Short-term and long-term counterparty risk assessments; as well as a Baseline credit assessment (BCA) of B2. Factors such as equity, profit, solvency, asset quality, capital, and liquidity contributed significantly to the positive evaluation.

SeABank’s business results reveal positive growth. In the first six months of this year, total assets increased 6.1 per cent compared to the beginning of the year; total outstanding loans 8.2 per cent compared to the beginning of the year; net revenue, especially service revenue, 247 per cent over the same period last year; and profit-before-tax 57.4 per cent over the same period last year.

SeABank is one of the largest and oldest banks in Vietnam and ranked 70th out of the country’s 500 largest tax-paying private enterprises (Vietnam Profit500) and 72nd out of its 500 largest enterprises (VNR500). It was recently put by The Asian Banker at 368 in the 500 strongest banks in Asia-Pacific and 400th in the region’s 500 largest banks.

It currently has 165 branches and transaction points throughout Vietnam and has been a pioneer in constantly innovating and creating products and services to provide the best and most competitive personal financial services to customers. SeABank serves more than 1 million individual and corporate customers with diversified, modern, and convenient financial services.

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