SeaBank Philippines Inc., a mobile app-based rural bank, marked its first profitable quarter with a 252 percent growth in net income to P110.7 million from January to March.

SeaBank is part of Singapore-based Sea Limited, a global consumer internet company that is listed on the New York Stock Exchange.  

In an email to the Daily Tribune, SeaBank said it achieved the surge in profit after the app’s launch in June 2022.

Compared with the first quarter of 2023, Seabank said its loan portfolio expanded by 127 percent to P13 billion.

Meanwhile, the bank said deposits jumped by 75 percent to P20.23 billion.

Shaping future

“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,” SeaBank Philippines president Marco Cabreza said.

SeaBank said it also attracts customers through its fixed loan rate of 2.95 percent per month.

“This supplements competitive interest rates of up to 4.5 percent per annum, and 15 free transfers weekly,” the bank said. 

It added the bank offers high savings rates and no fees and no minimum balance for savings accounts.

Moving forward, SeaBank said it will introduce SeaBank Credit which will provide clients with personalized loan products.

It will also launch SeaBank Debit Card which features daily cashback. “SeaBank presents an innovative cashback rewards program which includes incentives such as cashback on Shopee purchases.”

Sea Limited, the parent company of SeaBank, also operates its digital e-commerce arm Shopee, digital entertainment arm Garena, and payment services arm SeaMoney.