Moody's upgrades SeABank's basic credit assessment

A customer conducts a transaction via app at a SeABank branch. (Photo courtesy of SeABank)

Hanoi (VNS/VNA) - Moody's announced it would raise the baseline creditassessment (BCA) from B2 to B1 for Southeast Asia Commercial JS Bank(SeABank) in the 2022 rating review period.

Atthe same time, Moody's continues to keep SeABank's issuer and long-term depositrating at B1 for the fourth consecutive year with a positive developmentoutlook.

Moody'supgrade of BCA to B1 reflects the marked improvement of the bank's intrinsicstrength in asset quality, profitability and capital.

Theassignment is proof of the efforts of the bank in maintaining stable businessoperations, improving asset quality, profitability and capital last year withoutstanding business results.

Itspre-tax profit reached more than 3.27 trillion VND (142.2 million USD), ayear-on-year growth of 89 percent, and completed 135 percent of its plan. Totalassets reached more than 211.66 trillion VND, up 18 percent.

SeABankis currently in the group of important banks in the banking system according tothe regulations of the State Bank of Vietnam, voted by the Vietnam BanksAssociation as "Exemplary Bank for the Community 2021" and servicesin 2021" and is the only bank to be honoured by TheBanker (UK) as " Bank of the Year Vietnam 2021" and rankedamong "Top 50 best growth enterprises in Vietnam 2022” by Vietnam Report./.

VNA