SeaBank Philippines Inc. (A Rural Bank) said it recorded a net income of P110.7 million in the first quarter of 2024, the company’s first profitable quarter since launching its app in June 2022.
SeaBank attributed the profitability to the doubling of its loan portfolio to P13 billion over the previous year and 75-percent expansion in deposits to P20.23 billion.
SeaBank Philippines president Marco Cabreza announced 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,” said Cabreza.
