SeaBank Profitability Soars at ₱110.68M Net Income in Q1 2024

SeaBank Philippines Inc. (A Rural Bank) reached a landmark achievement as it recorded a net income of ₱110.7 million in the first quarter of 2024, achieving an impressive 252% turnaround compared to the same period last year. This marks the company’s first profitable quarter since launching its app in June 2022. 

SeaBank attributes this profitability to doubling its loan portfolio, growing to ₱13.0 Bn, a 127% increase over the previous year, and deposits expansion, significantly rising to ₱20.23 billion, a 75% growth year on year.

Recognized for its commitment to customer satisfaction and focus on delivering personalized banking experiences, SeaBank Philippines President Marco Cabreza shared plans to expand its financial products and services, consistent with its commitment to meeting client needs and delivering value.

“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,” remarked Cabreza.

In the year ahead, financial consumers can look forward to SeaBank’s release of the SeaBank Debit Card, an industry-first daily cashback debit card promising rewarding experiences for customers. Apart from this, Seabank offers fixed interest rate loans at 2.95% per month, supplementing its competitive interest rates of up to 4.5% per annum, and 15 free transfers weekly. In addition, SeaBank is set to launch SeaBank Credit, providing customers with flexible credit options tailored to their needs.

Adhering to its dedication to customer satisfaction, SeaBank presents an innovative cashback rewards program, including incentives such as cashback on Shopee purchases. Moreover, app users can relish seamless banking experiences without incurring load convenience fees.

For more information on SeaBank Philippines, please visit https://www.seabank.ph/.