Philippines-based SeaBank Philippines Inc. has delivered an impressive financial report card for the first quarter, with a net profit soaring to P110.7 million—a robust 252% surge compared to the same period last year. This remarkable performance comes on the heels of its successful mobile app rollout the previous June. With a focus on user convenience and digital innovation, SeaBank is transforming how Filipinos engage with banking services.The bank’s profitability was driven by a combination of explosive growth in its loan and deposit portfolios. Loans outstanding skyrocketed by 127% to reach P13.0 billion, while deposits grew by 75% to tally up at P20.23 billion. These achievements reflect the bank’s commitment to offering customized financial solutions and fostering trust with its burgeoning consumer base.Under the leadership of President Marco Cabrales, SeaBank Philippines has become synonymous with technologically advanced banking. Its operational vision is set to revolutionize the mobile banking sector in the Philippines by streamlining complex banking processes. Embedding a culture of constant innovation, the SeaBank team has been gearing up to expand its product offerings, citing plans to introduce a debit card, fixed-rate monthly loans at 2.95%, and savings accounts with competitive interest rates as high as 4.5%.Affiliated with the NYSE-listed parent company Sea Limited—known for its ventures in digital entertainment, e-commerce, and financial services—SeaBank Philippines represents a key pillar in the conglomerate’s expansion into digital financial services. With a clear trajectory of growth and the promise of more user-centric products, such as credit offerings, on the horizon, SeaBank’s first-quarter earnings signal a banking revolution that is well underway in the Philippines.
