SEABANK SeaBank's Profit Jumped 15x in Nine Months - Almost All of It Landed in One Quarter

A Nine-Month Number That's Really a One-Quarter Story

PT Bank Seabank Indonesia is Sea Limited's Indonesian digital-banking subsidiary - 85% owned via PT Danadipa Artha Indonesia, with PT Koin Investama Nusantara holding the remaining 15%, no free float, no independently traded equity or debt (see the H1 2023 post for the full ownership breakdown). This is SeaBank's quarterly published financial statement for the nine months ended September 30, 2023, signed by the bank's directors in Jakarta on November 13, 2023.

The headline is dramatic: nine-month net income of Rp220,898 million, up 1,485.3% from the Rp13,933 million earned in the same nine months of 2022. But that comparison is inflated by an unusually weak base - 9M 2022 was a period when the bank was barely profitable at all, the same base effect the FY2023 post later shows fully unwinding once the full year is measured. The more useful number sits inside this filing rather than on its face: the H1 2023 post already reported six-month net income of Rp34,811 million, which means standalone Q3 2023 alone earned roughly Rp186,087 million - more than five times what the first half made combined, and 84.2% of the entire nine-month total. That's not a business steadily compounding quarter over quarter; it's one enormous quarter sitting inside an otherwise unremarkable year-to-date figure, and it's worth knowing before the headline growth rate gets repeated anywhere else.

The Prescription

The single biggest operating change this quarter is that BOPO^» - the ratio of operating expense (including provisioning) to operating income - finally dropped meaningfully below 100%, to 95.30% from 99.60% a year earlier. For a bank that's spent its first year in this series running at break-even-or-worse on that measure, sustaining a sub-95% BOPO across multiple quarters (not just one strong one) is the actual proof point that the underwriting-and-collections engine has turned a corner. The move that compounds from here is holding BOPO in this range through a full calendar year, not just a single standout quarter, so the next annual filing shows an efficiency gain rather than one good stretch bracketed by two weak ones.

What it should stop doing: leaning on cumulative, year-to-date reporting to describe growth without also disclosing the standalone-quarter number. A 1,485% year-over-year jump in nine-month profit is real, but it's also the kind of headline that's mathematically guaranteed to look enormous against a near-zero base - and it obscures that the quarter actually driving the number (Q3) came in more than five times larger than the two quarters before it combined. A reader (or a SeaBank investor relations page, if one existed) citing the cumulative figure alone without the quarter-by-quarter breakdown is technically accurate and directionally misleading at the same time.

Key Financial Metrics

9M 2023 vs. 9M 2022 (P&L, nine months ended September 30), and Sep 2023 vs. Dec 2022 (balance sheet) - bank-only ("Individual")

FX: IDR 15,474 = USD 1 (September 28, 2023 close, applied throughout for consistency).

Metric	9M 2023 (IDR)	9M 2023 (USD)	9M 2022 (IDR)	YoY
Net Interest Income	Rp4,435,796M	~$286.6M	Rp2,389,106M	✅ +85.7%
Non-interest operating income (expense), net	Rp(4,167,501)M	~-$269.3M	Rp(2,376,295)M	⚠️ cost widened 75.4%
Operating Income	Rp268,295M	~$17.34M	Rp12,811M	✅ +1,994.5%
Net Income	Rp220,898M	~$14.27M	Rp13,933M	✅ +1,485.3%

Balance sheet metric	Sep 2023 (IDR)	Sep 2023 (USD)	Dec 2022 (IDR)	Change
Total Assets	Rp30,810,033M	~$1.991B	Rp28,269,760M	✅ +9.0%
Loans (Kredit yang diberikan)	Rp15,814,117M	~$1.022B	Rp15,893,317M	➖ -0.5%
Total Deposits (Giro + Tabungan + Deposito)	Rp23,351,939M	~$1.509B	Rp21,580,057M	✅ +8.2%
Total Liabilities	Rp24,857,212M	~$1.606B	Rp22,554,296M	✅ +10.2%
Total Equity	Rp5,952,821M	~$384.7M	Rp5,715,464M	✅ +4.1%

Operating Income is the bank's own disclosed "Laba (Rugi) Operasional" line. This is the bare OJK quarterly-publication format, with no accompanying cash flow statement or notes to the financial statements - same format the H1 2023 and FY2023 filings used. Unlike the June 2023 filing, this quarter's deposit total is directly disclosed (Giro, Tabungan, and Deposito are each reported individually and sum cleanly), not a derived estimate.

Net interest income grew 85.7% and operating income grew nearly 20x - but almost all of that growth, and almost all of the resulting profit, arrived in the third quarter alone.

Key Operational Metrics

Ratios below compare September 30, 2023 against September 30, 2022 (the filing's own comparative basis for this table), which differs from the Dec-2022 comparison used for balance sheet figures above.

Funding & Liquidity

• Loan-to-deposit ratio (LDR^»): 67.72% (Sep 2023), down from 82.42% (Sep 2022) - the loan book essentially flat since December while deposits kept growing, continuing the funding-ahead-of-lending pattern the H1 2023 post first flagged.
• CASA ratio (derived: Giro + Tabungan over total deposits): 65.5% (Sep 2023), up from 56.78% (Dec 2022, per the FY2023 post) - an improving funding mix even before the fuller CASA disclosure that filing later reported.

Credit Quality

• NPL^» ratio - gross: 1.94% (Sep 2023), down from 3.26% (Sep 2022).
• NPL ratio - net: 0.17% (Sep 2023), down from 0.29% (Sep 2022).
• CAR^» / KPMM (capital adequacy): 38.73% (Sep 2023), up from 24.52% a year earlier - more than four times the regulatory minimum.

Profitability & Efficiency

• NIM^»: 18.75% (9M 2023), up from 17.22% (9M 2022) - still an extraordinarily high margin for a bank of any kind, though below the 19%+ level the H1 2023 filing posted on its own narrower six-month window.
• ROA: 1.20% (9M 2023), up sharply from 0.10% (9M 2022).
• ROE: 5.62% (9M 2023), up from 0.68% (9M 2022) - the biggest single jump in this ratio across the filings covered so far, though still modest in absolute terms for a bank running an 18%+ NIM.
• BOPO^»: 95.30% (9M 2023), down from 99.60% (9M 2022) - the first time in this series this ratio has dropped meaningfully below 100%, see The Prescription above.
• Cost-to-Income Ratio^» (CIR): 21.17% (9M 2023), down from 31.33% (9M 2022) - a genuine efficiency gain on a formula that excludes credit costs, consistent with the direction BOPO also moved this quarter.

Not available in this filing: a segment or product-level breakdown of the loan book, transacting-user or merchant counts, and any deposit-cost (funding rate) disclosure - the bare quarterly format carries no notes to the financial statements, unlike the audited annual reports covered in the 2023-12 and 2025-12 posts.

Beyond the Usual

The nine-month growth headline is really a one-quarter event

Standalone Q3 2023 net income of roughly Rp186,087 million (the nine-month figure of Rp220,898 million less the already-reported H1 2023 figure of Rp34,811 million) accounts for 84.2% of the entire nine-month total, and is more than five times larger than the first half combined. The same pattern shows up in net interest income and operating income. Cumulative year-to-date reporting is standard practice and isn't misleading on its own, but a reader who only sees "+1,485% YoY" without the quarter-by-quarter breakdown has no way to know that almost the entire number came from three months, not nine.

The first non-zero commitment this filing series has ever disclosed

Every prior quarter in this series - including June 2023, where both the commitments-and-contingencies schedule and the spot-and-derivatives schedule showed a flat dash or zero across every line item - reported no undrawn credit facilities, guarantees, letters of credit, or derivative positions at all. This filing shows the first departure: Rp158 million of uncommitted, undrawn credit/financing facilities appears under "Kewajiban Komitmen," up from zero at both June 2023 and December 2022. The absolute amount is trivial relative to the balance sheet, but it's the earliest sign in this history of SeaBank extending any commitment beyond loans already disbursed - a line worth watching if it keeps growing the way it did in later quarters (by September 2024, the equivalent figure had grown to over Rp1.3 trillion).

A foreign-currency reserve ratio swings from zero to well above the regulatory minimum

The statutory reserve requirement for foreign-currency deposits held daily (GWM valuta asing, harian) jumped to 256.95% of the regulatory minimum from 0.00% a year earlier. SeaBank's actual foreign-currency business remains negligible - the spot-and-derivatives schedule in this same filing shows zero notional value across every FX and interest-rate instrument, in both the current and comparative period - so this is a compliance-ratio swing on a small base, not a sign of new FX risk-taking. Still a large enough move on a ratio this system rarely reports outside single digits that it's worth a note before it's forgotten by the time a later quarter's number is compared against it.

Target Valuation Range

No numeric valuation range is computable for SeaBank: it has no independently traded equity or debt, so no share price, market cap, or P/E/P/B multiple exists to anchor one.

SeaBank Indonesia has no independently traded equity or debt - Sea Limited (via PT Danadipa Artha Indonesia) and PT Koin Investama Nusantara remain its only two shareholders, and neither has floated any portion of the bank publicly. There is no share price, market capitalization, or P/E or P/B multiple to build here, so none is estimated. Sea Limited itself trades on the NYSE (ticker SE), but that reflects gaming, e-commerce, and digital financial services together, not SeaBank's standalone economics, and folding a group-level multiple back onto one subsidiary bank would misrepresent both.

A nine-month profit figure that jumps 1,485% and a standalone quarter that made five times what the prior half made combined are two different claims about the same filing - and the second one is the one that actually describes what happened this quarter.

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