SeABank (SSB) Approves 20.5% Stock Dividend, Targets 2026 Profit of VND 7,068B

Overview

SeABank (SSB) held its 2026 Annual General Meeting on April 22 in Hai Phong, approving a 20.5% stock dividend and an ESOP issuance to raise charter capital to VND 34,688 billion. The bank also set a 2026 pre-tax profit target of VND 7,068 billion, representing a 3% increase year-on-year, alongside plans for 17% credit growth and 10% total asset expansion.

Key Facts

• SeABank’s 2025 pre-tax profit reached VND 6,868 billion, up 13.73% YoY and 106% of the annual target.
• Total assets at end-2025 stood at VND 396,443 billion, up 21.72% YoY and 111% of the plan.
• ROA and ROE for 2025 were 1.53% and 14.62%, respectively; NPL ratio was 2.06%.
• CAR (individual and consolidated) at end-2025 was 13.34% and 13.39%, among the highest in the system.
• Moody’s maintained SeABank’s Ba3 long-term deposit rating and B1 BCA with stable outlook for the fourth consecutive year.
• The bank plans to issue 583.8 million shares for a 20.5% stock dividend and 40 million ESOP shares to raise charter capital to VND 34,688 billion.
• 2026 targets: pre-tax profit VND 7,068 billion (+3%), total assets +10%, credit growth +17%, ROE 13.0%, NPL under 3%.

What Happened

At the 2026 Annual General Meeting held on April 22 in Hai Phong, SeABank (SSB) shareholders approved the business plan for 2026, including a pre-tax profit target of VND 7,068 billion. The bank also greenlit a capital increase plan via a 20.5% stock dividend (583.8 million shares) and an issuance of 40 million ESOP shares to management, raising charter capital to VND 34,688 billion.

Management reported 2025 results showing strong performance: pre-tax profit of VND 6,868 billion, total assets of VND 396,443 billion, and a CAR above 13%. Moody’s maintained its Ba3 deposit rating and B1 BCA with stable outlook for the fourth consecutive year. The bank also received several awards, including ranking 708th in The Banker’s Top 1000 World Banks and 277th in Fortune’s Top 500 Southeast Asia.

Market Context

SSB closed at VND 17,000 on April 10, 2026, unchanged from the previous session, with trading volume of 2.37 million shares. The stock trades on HOSE. The banking sector has been under pressure from rising credit demand and regulatory capital requirements, but SeABank’s strong CAR and consistent profit growth position it favorably among mid-cap banks. The 20.5% stock dividend is a significant payout, reflecting the bank’s commitment to shareholder returns while retaining capital for expansion.

Strategic Significance

The capital increase to VND 34,688 billion strengthens SeABank’s capital base, supporting compliance with Basel III standards and enabling higher credit growth (17% target). The 20.5% stock dividend rewards existing shareholders without cash outflow, while the ESOP aligns management interests with long-term performance. The 2026 profit target of VND 7,068 billion, though modest (+3%), suggests a focus on asset quality and efficiency (ROE target 13%) rather than aggressive expansion. Moody’s stable outlook reinforces the bank’s credit profile, which may attract foreign institutional interest.

What to Watch

• Q1 2026 earnings release to assess progress toward the 2026 profit target.
• Execution of the stock dividend and ESOP issuance timeline.
• NPL ratio trends, especially given the 2.06% level in 2025 and target under 3%.
• Any updates on Moody’s rating actions or changes in foreign ownership limits.
• Credit growth trajectory and its impact on net interest margin.