The Quarter the Cumulative Headline Hid
PT Bank Seabank Indonesia's nine-month 2024 filing, on its face, looks like a straightforward continuation of the story from the June quarter: cumulative net income of Rp291.5 billion, up 32.0% year-on-year from Rp220.9 billion in the first nine months of 2023. Net interest income is still down year-on-year (Rp3.93 trillion versus Rp4.44 trillion, -11.5%), and impairment losses are still easing (Rp2.74 trillion versus Rp3.48 trillion, -21.3%) - the same provisioning-driven profit story from last quarter, just compounding.
But subtract the first-half numbers already reported and a different picture appears: standalone third-quarter net income was roughly Rp131.6 billion, down from roughly Rp186.1 billion in the standalone third quarter of 2023 - a decline of about 29.3% in the single quarter that actually just happened, even as the nine-month cumulative figure keeps climbing. Standalone Q3 2024 operating income (~Rp158.4 billion) was also below standalone Q3 2023's ~Rp226.9 billion. None of this shows up if a reader only looks at the cumulative year-to-date table the filing itself presents - the 32% headline is entirely a product of a much stronger first half carrying a weaker third quarter, not evidence the third quarter itself was strong.
The one trend that kept moving in the right direction regardless: loan-to-deposit ratio» rose again, from 67.72% (Sep 2023) to 77.57% (Sep 2024), continuing the deployment trend flagged last quarter.
The Prescription
Report - or at least make it trivial for a reader to derive - the standalone quarter, not just the cumulative year-to-date figure. SeaBank's own filing format buries a genuine deceleration inside a headline that reads as acceleration; a bank that's confident its underlying trend is healthy has nothing to lose by making the single-quarter comparison easy to find, and one whose headline depends on the reader not doing the subtraction themselves invites exactly the kind of scrutiny this section exists to apply.
What it should stop doing: letting cost growth run ahead of a slowing quarter. Standalone Q3 2024 impairment losses of roughly Rp1.09 trillion were essentially flat against standalone Q3 2023's roughly Rp1.10 trillion, but net interest income compressed in both nominal and single-quarter terms - a bank that wants nine-month growth to reflect real third-quarter strength next time needs the quarter itself, not just the base it's compounding on top of, to actually grow.
Key Financial Metrics
9M 2024 vs. 9M 2023 (P&L, nine months ended September 30, cumulative), and Sep 2024 vs. Dec 2023 (balance sheet) - bank-only ("Individual")
FX: IDR 15,171 = USD 1 (September 30, 2024, applied throughout for consistency).
| Metric | 9M 2024 (IDR) | 9M 2024 (USD) | 9M 2023 (IDR) | YoY |
|---|---|---|---|---|
| Net Interest Income ("Net Revenue" equivalent) | Rp3,927,578M | ~$258.9M | Rp4,435,796M | ⚠️ -11.5% |
| Fee/commission income | Rp92,561M | ~$6.1M | Rp62,766M | ✅ +47.5% |
| Impairment losses (financial assets) | Rp(2,740,354)M | ~-$180.6M | Rp(3,481,304)M | ✅ improved -21.3% |
| Operating Income | Rp353,505M | ~$23.3M | Rp268,295M | ✅ +31.8% |
| Net Income | Rp291,529M | ~$19.2M | Rp220,898M | ✅ +32.0% |
| Standalone Q3 (derived: 9M minus H1) | Q3 2024 (IDR) | Q3 2023 (IDR) | YoY |
|---|---|---|---|
| Net Interest Income | Rp1,416,880M | Rp1,423,976M | ⚠️ -0.5% |
| Impairment losses | Rp(1,094,305)M | Rp(1,096,907)M | ➖ -0.2% |
| Operating Income | Rp158,406M | Rp226,863M | ⚠️ -30.2% |
| Net Income | Rp131,579M | Rp186,087M | ⚠️ -29.3% |
| Balance sheet metric | Sep 2024 (IDR) | Sep 2024 (USD) | Dec 2023 (IDR) | Change |
|---|---|---|---|---|
| Total Assets | Rp32,932,224M | ~$2.17B | Rp28,230,927M | ✅ +16.7% |
| Loans (Kredit yang diberikan) | Rp19,734,931M | ~$1.30B | Rp17,889,027M | ✅ +10.3% |
| Total Deposits (Giro + Tabungan + Deposito) | Rp25,441,796M | ~$1.68B | Rp20,818,298M | ✅ +22.2% |
| Total Liabilities | Rp26,628,293M | ~$1.76B | Rp22,251,244M | ✅ +19.7% |
| Total Equity | Rp6,303,931M | ~$415.6M | Rp5,979,683M | ✅ +5.4% |
The standalone-Q3 row is derived by subtracting the H1 2024 cumulative figures (from the prior post) from this filing's 9M 2024 cumulative figures, and equivalently for 9M/H1 2023 - the filing itself only discloses the cumulative nine-month numbers. This remains the bare regulatory publication format with no cash flow statement or notes to the financial statements.
Nine-month profit is up 32% year-on-year, but that's a first-half story compounding on top of a weaker third quarter - taken alone, standalone Q3 2024 net income actually fell roughly 29% versus standalone Q3 2023.
Key Operational Metrics
Funding & Liquidity
- Loan-to-deposit ratio: 77.57% (Sep 2024), up from 67.72% (Sep 2023) - continuing the deployment trend flagged last quarter, though the pace of increase has slowed (76.59% to 77.57% since June, versus a much bigger jump from 60.88% to 76.59% the quarter before).
- CASA ratio» (derived): 64.7% (Sep 2024) - Giro (Rp7.11tn) plus Tabungan (Rp9.35tn) over total deposits of Rp25.44tn.
Credit Quality
- NPL» ratio - gross: 1.61% (Sep 2024), down from 1.94% (Sep 2023).
- NPL ratio - net: 0.15% (Sep 2024), down slightly from 0.17% (Sep 2023).
- CAR» / KPMM: 33.91% (Sep 2024), down from 38.73% (Sep 2023) - still very well capitalized, continuing the gradual decline as risk-weighted assets grow.
- CKPN (loan-loss reserve) / earning assets: 7.79% (Sep 2024), up slightly from 7.67% (Sep 2023).
Profitability & Efficiency
- NIM»: 16.29% (9M 2024), down from 18.75% (9M 2023) - margin compression continues, though it ticked up slightly from H1 2024's 15.82%.
- ROA»: 1.55% (Sep 2024), up from 1.20% (Sep 2023).
- ROE»: 7.18% (Sep 2024), up from 5.62% (Sep 2023).
- BOPO: 93.03% (Sep 2024), down from 95.30% (Sep 2023) - continued efficiency improvement.
- Cost-to-Income Ratio» (CIR): 25.85% (Sep 2024), up from 21.17% (Sep 2023) - still worse year-on-year on this measure, consistent with the elevated promotion spend flagged last quarter, though it improved from H1 2024's 30.28% as the marketing push moderated.
Not available in this filing: a segment or product-level breakdown, transacting-user or merchant counts, and deposit-cost disclosure - still no presentation deck, press release, or call transcript located for this quarter, and this filing (like the prior two) states explicitly that it does not include notes to the financial statements.
Beyond the Usual
The nine-month headline hides a weaker standalone quarter
Cumulative 9M 2024 net income of Rp291.5 billion, up 32.0% year-on-year, reads as acceleration. It isn't, once the already-reported H1 2024 figures are subtracted out: standalone Q3 2024 net income was roughly Rp131.6 billion, down about 29.3% from standalone Q3 2023's roughly Rp186.1 billion. Net interest income and operating income both show the same pattern in single-quarter terms. A reader relying only on the year-to-date table this filing provides has no way to see that the most recent quarter alone was actually the weaker one.
Undrawn credit facilities keep growing faster than the loan book itself
Uncommitted, undrawn credit facilities rose again to Rp1,297,171 million (Sep 2024) from Rp992,078 million just one quarter earlier (Jun 2024) - and from Rp151,345 million at the end of 2023. That's roughly an 8.6x increase in extended-but-undrawn lending capacity since December, continuing to run well ahead of the loan book's 10.3% year-to-date growth, and a strong forward signal that loan growth has further room to run even before the additional lending shows up in reported balances.
Foreign-currency exposure grew, though from a very small base
Net open position (Posisi Devisa Neto) rose to 1.33% of capital (Sep 2024) from 0.01% (Sep 2023) - a large percentage increase, but both figures sit far below the 20% regulatory ceiling, and the absolute FX exposure remains negligible for a bank funded almost entirely in rupiah. Worth tracking only if the trend keeps compounding in future quarters.
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 still 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.
A nine-month growth headline that a single quarter's numbers don't actually support isn't a red flag by itself - cumulative reporting periods do this by construction - but it's a reminder that "up 32% year-to-date" and "accelerating" aren't the same claim, and this quarter they point in different directions.
PT Bank Seabank Indonesia's quarterly published financial statement ("Laporan Posisi Keuangan Triwulanan"), bank-only/individual basis, for the period ended September 30, 2024, signed by the bank's board of directors in Jakarta on November 15, 2024, per Indonesian Financial Services Authority (OJK) bank transparency and publication regulations.