SeaBank Philippines sees first profitable quarter since launching app

Rural bank SeaBank Philippines Inc. on Tuesday reported a P110.7-million net income in the first three months of the year, marking its first profitable quarter since launching its mobile application in June 2022.

In an emailed statement, SeaBank Philippines said the 252% turnaround came as it grew its loan portfolio by 127% to P13.0 billion, while its deposits expanded by 75% year-on-year to P20.23 billion.

"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," president Marco Cabreza said.

SeaBank Philippines said it plans to release its debit card in the coming year, while offering fixed interest rate loans at 2.95% per month, and interest rates of up 4.5% per annum with 15 free transfers weekly. It is also set to launch its credit offerings moving forward.

SeaBank is part of Singapore-headquartered New York Stock Exchange-listed Sea Limited. It operates three core businesses across digital entertainment, e-commerce, and digital payments and financial services known as Garena, Shopee, and SeaMoney respectively. — VDV, GMA Integrated News