SeaBank Philippines Achieves “1st Profitable Quarter” Amid 252% Surge in Q1 Net Income

SeaBank Philippines Achieves “1st Profitable Quarter” Amid 252% Surge in Q1 Net Income

by May 20, 2024

SeaBank Philippines Inc. (A Rural Bank), a subsidiary of Sea Ltd., reported a significant increase in its net income for the first quarter of 2024, reaching P110.7 million. This represents a 252 percent rise from the same period in 2023, attributed to the expansion of its loan portfolio and deposits.

SeaBank highlighted this achievement as its “first profitable quarter since launching its app in June 2022.” The loan portfolio saw a growth of 127 percent, totalling P13 billion for the quarter, while deposits increased by 75 percent to P20.23 billion year-on-year.

To sustain this growth, the bank announced plans to introduce the SeaBank Debit Card, described as the first daily cashback debit card, alongside a new SeaBank Credit option. The bank currently offers fixed interest rate loans at 2.95 percent per month, annual interest rates of up to 4.5 percent, and 15 free weekly transfers.

“Built on a strong technological foundation and armed with a steadfast dedication to innovation, SeaBank aims to shape the future of mobile banking in the Philippines by making banking simple for everyone,”

said SeaBank Philippines President Marco Cabreza.

 

 

Featured image credit: Edited from Unsplash