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SeaBank's income skyrockets in Q1 2024

Business | The Stock Market

SeaBank's income skyrockets in Q1 2024

By Khriscielle Yalao

SeaBank Philippines Inc. (A Rural Bank), a subsidiary of Shopee’s parent company Sea Ltd., recorded a 252 percent surge in its net income for the first quarter of 2024 to P110.7 million from 2023 due to its increased loan portfolio and deposit expansion.

In a statement on May 17, SeaBank described this as its “first profitable quarter since launching its app in June 2022.”

Its loan portfolio grew by 127 percent to P13 billion this quarter, and its deposits also rose by 75 percent to P20.23 billion year-on-year.

To maintain their growth momentum, the company said it will soon launch SeaBank Debit Card, which is the first daily cashback debit card, and a SeaBank Credit option.

SeaBank currently offers fixed interest rate loans at 2.95 percent per month, interest rates of up to 4.5 percent per annum, 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.

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