Photo credit: Sea Group
SeaBank Indonesia, a digital bank subsidiary of Sea Group, posted a profit before income tax of 59.5 billion rupiah (US$4 million) in FY2022, compared with a loss of 315.3 billion rupiah (US$21.1 million) in the previous year, its latest financial report showed.
The company also booked a net profit of 269.2 billion rupiah (US$18 million) in FY 2022, compared with a loss of 313.4 billion rupiah (US$21 million) in FY2021.
The digibank’s assets also grew in FY2022 – most notably, its reverse repo reached 6.1 trillion rupiah (US$409.2 million) from 163 billion rupiah (US$11 million) a year ago.
Additionally, SeaBank’s loans disbursed climbed to 15.9 trillion rupiah (US$1.1 billion) in FY2022 from 6.1 trillion rupiah (US$409.2 million) in the previous year. Meanwhile, its gross non-performing loans increased from 1.35% to 2.03% in the same period.
The robust performance is evidence of both SeaBank’s advantageous connection to the Shopee ecosystem and the optimistic state of the digital banking market in Indonesia.
A recent fintech report by AC Ventures and BCG noted that Indonesia’s digital banks have enjoyed “phenomenal growth” in recent years, with accelerated adoption rates and an increasing market value.
The same report said that SeaBank’s local competitor, Bank Jago, has also demonstrated impressive growth with a 3.5x year-on-year growth in loan disbursements, which reached US$485 million in 2022.
See also: Org Chart: The people helming Sea Group
Currency converted from Indonesian rupiah to US dollar: US$1 = 14,907 rupiah.
Editing by Simon Huang and Arpit Nayak
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