SeABank Maintains B1 Rating from Moody's in 2020
HANOI, Vietnam, May 19, 2020 /PRNewswire/ -- Moody's - one of the three most prestigious credit rating agencies in the world announced to maintain the result of B1 long-term rating for Southeast Asia Commercial Joint Stock Bank (SeABank - Vietnam) in Moody's periodic review. This result reflects the Bank's financial capacity, good risk management and long-term development opportunities.
This result reflects the SeABank's financial capacity, good risk management and long-term development opportunities.
Moody's is one of the leading international credit rating agencies, therefore, Moody's ratings are always an important measure for international investors around the world to consider the capacity, financial health and credibility of the rated entity.
Accordingly, based on business results as well as SeABank's management, Moody's maintain the results of B1 long-term rating. Factors such as equity, profitability, debt solvency, asset quality, capital, liquidity, risk management in 2019 have significantly contributed to a positive result for SeABank in this rating in the context of the negative effects of the COVID-19 pandemic to the world in general and Vietnam in particular.
As of December 31, 2019, SeABank had total consolidated assets of VND 157,398 billion, equity of nearly VND 10,926 billion. Profit before tax reached VND 1,391 billion. Return on equity (ROE) was 12.03%. Besides, 2019 is also the marked year of SeABank when it was approved by the State Bank of Vietnam to apply Basel II standards with capital edequacy ratio reaching 12.12%, higher than the minimum of 8.0% according to regulations.
By the end of the 2020's first quarter, despite COVID-19 pandemic, SeABank proactively offers many anti-pandemic solutions to ensure operational safety, deploy many credit packages to support customers suffering from pandemic and flexibly transform business strategy focusing on services, digital banking, cut off several types of transaction fees on digital banking channels through Internet Banking (SeANet) and SeAMoblie application.
In addition to these solutions, in order to contribute to the Government and people nationwide, SeABank and BRG Group donated VND 5 billion for prevention of COVID-19 pandemic; Besides, SeABank Trade Union also donated VND 400 million to prevent the pandemic and drought in the Mekong Delta. Recently, SeABank with the support of BRG Group and donors, also presented 16,052 necessities gifts, including 42.7 tons of rice, more than 115,000 packs of instant noodles and necessities for poor people in difficult circumstances across 25 provinces of the country. The total budget for implementing the program is nearly VND 1.4 billion.