A Bank Now Running Its Deposit Base Near Full Throttle
The quarter ended March 2025 (see the Q1 2025 post) showed SeaBank's loan-to-deposit ratio» crossing 91% for the first time in this filing history, with credit quality actually improving rather than cracking under the growth. This filing, covering the six months ended June 30, 2025 and signed by the bank's directors in Jakarta on August 15, 2025, shows the funding side continuing to tighten further: loans grew a further 5.2% in the second quarter alone to Rp26.0 trillion, LDR» ticked up to 91.80%, and NIM» pushed past 20% for the first time - though gross NPL» did tick back up this quarter, to 1.68% from Q1's 1.57% low, worth watching but not yet a trend on its own.
The economics are working better than they ever have: H1 2025 net income of Rp213.8 billion is already ahead of full-year 2024's Rp378.8 billion pace, and ROE has more than doubled to 7.40% from 5.98% a year earlier. But a bank running this close to its funding limit, with a capital buffer that keeps thinning as the risk-weighted loan book grows, has less room to absorb a shock than the version of SeaBank that was sitting on excess deposits two years ago.
The Prescription
SeaBank should keep doing exactly what it's doing on the lending side - a NIM above 20% and an ROE that's more than doubled year-on-year prove the underwriting engine works at scale, not just in a small test book. The compounding loop (cheap deposits in, high-yield loans out, profits reinvested into more lending capacity) is now visibly turning, and the bank should keep feeding it rather than pulling back out of caution.
What it should stop doing: letting the capital-adequacy buffer thin without a clear plan for replenishing it. KPMM fell to 26.82% from 34.56% a year earlier - still well above the regulatory floor, but risk-weighted assets have grown far faster than capital for three consecutive quarters now (see the Q1 2025 post), and a bank growing its loan book at this pace eventually needs either a capital injection from Sea Limited or a deliberate slowdown, not an assumption that the buffer keeps shrinking indefinitely without consequence.
Key Financial Metrics
H1 2025 vs. H1 2024 (P&L, six months ended June 30), and Jun 2025 vs. Dec 2024 (balance sheet) - bank-only ("Individual")
FX: IDR 16,235 = USD 1 (June 30, 2025 close, applied throughout for consistency).
| Metric | H1 2025 (IDR) | H1 2025 (USD) | H1 2024 (IDR) | YoY |
|---|---|---|---|---|
| Net Interest Income ("Net Revenue" equivalent) | Rp3,624,204M | ~$223.3M | Rp2,510,698M | ✅ +44.3% |
| Operating Income | Rp273,469M | ~$16.8M | Rp195,099M | ✅ +40.2% |
| Net Income | Rp213,806M | ~$13.2M | Rp159,950M | ✅ +33.7% |
| Balance sheet metric | Jun 2025 (IDR) | Jun 2025 (USD) | Dec 2024 (IDR) | Change |
|---|---|---|---|---|
| Total Assets | Rp37,026,684M | ~$2.28B | Rp34,587,884M | ✅ +7.1% |
| Loans (Kredit yang diberikan) | Rp25,998,966M | ~$1.60B | Rp22,403,124M | ✅ +16.1% |
| Total Deposits (Giro + Tabungan + Deposito) | Rp28,322,641M | ~$1.74B | Rp26,653,389M | ✅ +6.3% |
| Total Liabilities | Rp30,409,637M | ~$1.87B | Rp28,228,942M | ➖ +7.7% |
| Total Equity | Rp6,617,047M | ~$407.7M | Rp6,358,942M | ✅ +4.1% |
No cash flow statement is included in this bare regulatory publication format. Deposits are the sum of the filing's own Giro, Tabungan, and Deposito lines.
Loans grew nearly three times faster than deposits over the first half of the year - the same pattern as Q1, now compounding into a materially tighter loan-to-deposit ratio.
Key Operational Metrics
Funding & Liquidity
- Loan-to-deposit ratio (LDR): 91.80% (Jun 2025), up from 76.59% (Jun 2024) and up further from Q1 2025's 91.32% - the tightest funding position in this filing's history.
Credit Quality
- NPL ratio - gross: 1.68% (Jun 2025), down from 1.98% (Jun 2024) on a YoY basis, and up sequentially from Q1 2025's 1.57% low - still well below the 1.74%-2.02% range this ratio ran through most of 2024, so one quarter's uptick off a record low, not yet a reversal of the year's broader improvement.
- NPL ratio - net: 0.18% (Jun 2025), flat versus 0.18% (Jun 2024).
- CAR» / KPMM: 26.82% (Jun 2025), down from 34.56% a year earlier, though up slightly from Q1 2025's 24.62% as capital growth caught up a little with risk-weighted asset growth this quarter.
Profitability & Efficiency
- NIM: 20.20% (H1 2025), up from 15.82% (H1 2024) - the first time this metric has crossed 20% in SeaBank's filing history, and still far above what a conventional Indonesian bank like Bank Mandiri reports.
- ROA: 1.53% (H1 2025), up from 1.29% (H1 2024).
- ROE: 7.40% (H1 2025), up from 5.98% (H1 2024) - more than double the 3.88%-5.98% range this bank ran through most of 2023-2024.
- BOPO»: 93.96% (H1 2025), essentially flat versus 94.02% (H1 2024).
- Cost-to-Income Ratio (CIR): 21.92% (H1 2025), down from 30.28% (H1 2024) - continuing the efficiency trend since June 2023.
Not available in this filing: a segment or product-level loan breakdown, transacting-user/merchant counts, or a deposit-cost disclosure. SeaBank continues to report as a single banking entity with no presentation deck, press release, or call transcript for this quarter.
Beyond the Usual
Gross NPL ticked up off a record low, still well within its 2024 range
Gross NPL moved from 1.74% (year-end 2024) down to 1.57% (Q1 2025) - the lowest level in this blog's SeaBank coverage - then back up to 1.68% (Q2 2025), even though the year-on-year comparison against Jun 2024's 1.98% still looks favorable. Loans grew a further 16.1% year-on-year and 5.2% quarter-on-quarter over the same stretch. A single quarter's uptick off a record low isn't a trend yet, especially with the ratio still comfortably inside the 1.6%-2.0% band it's occupied for most of the last two years - but it's worth checking whether the next filing extends the rise or the Q1 low turns out to have been the outlier.
The capital-adequacy buffer stabilized this quarter, but off a much lower base than a year ago
KPMM ticked up from 24.62% (Q1 2025) to 26.82% (Q2 2025) - a modest sequential improvement - but that's still nearly 8 percentage points below the 34.56% SeaBank reported at the same point in 2024. Total capital (Tier 1 + Tier 2) grew 8.5% year-on-year to Rp6.09 trillion while risk-weighted assets grew 39.9% to Rp22.72 trillion. The buffer isn't in immediate danger given a 9% regulatory minimum, but the gap between capital growth and loan-book growth remains the central capacity constraint on how much faster SeaBank can keep expanding without new capital from Sea Limited.
The FX swap position seen in Q1 disappeared entirely by mid-year
The Rp1.11 trillion notional FX swap disclosed in the Q1 2025 filing (the first derivative position SeaBank had ever carried) is gone from this filing - both the commitments schedule and the spot-and-derivatives schedule show a flat zero across every line again, matching the pattern from every filing before Q1 2025. Whatever hedging or trading need prompted that position appears to have been short-lived rather than the start of an ongoing derivatives book.
Reserve coverage against earning assets is now more than 47 times the realized net-default rate
CKPN (loan-loss reserve) against earning assets rose to 8.63% at Jun 2025 from 7.59% a year earlier, against a net NPL ratio of just 0.18% - reserves running at roughly 47 times the realized net-default rate. This is consistent with the pattern seen since June 2023: SeaBank reserves well ahead of what its actual loss experience alone would justify, which is conservative accounting but also means a meaningful share of each quarter's large impairment charge (Rp2.75 trillion this half, up 67.3% YoY) is precautionary buffer-building rather than losses already crystallized.
Undrawn credit-facility commitments grew again, still entirely uncommitted
Undrawn credit facilities rose to Rp2.17 trillion at Jun 2025 from Rp1.88 trillion at Q1 2025 - continuing to grow each quarter, and still classified entirely as "uncommitted" (the filing's own "Committed" sub-line remains zero), meaning SeaBank retains full discretion over whether to fund a drawdown. As in Q1, this is a leading indicator worth tracking for future loan growth rather than a liability the bank is contractually bound to fund.
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 (through PT Danadipa Artha Indonesia, 85%) and PT Koin Investama Nusantara (15%) remain its only two shareholders. There is no share price, market capitalization, or P/E or P/B multiple that can honestly be built for this entity, so none is estimated here. Sea Limited itself trades on the NYSE (ticker SE), but that reflects the entire Sea Group - gaming, e-commerce, and digital financial services together - not SeaBank Indonesia's standalone economics, and a group-level multiple would misrepresent both.
A bank whose ROE has doubled year-on-year while NIM crosses 20% for the first time is clearly executing well on the lending side - the real constraint on how much longer this run continues is the shrinking capital buffer, not demand for the product.
PT Bank Seabank Indonesia's quarterly published financial statement ("Laporan Posisi Keuangan Triwulanan"), bank-only/individual basis, for the period ended June 30, 2025, signed by the bank's board of directors in Jakarta on August 15, 2025, per Indonesian Financial Services Authority (OJK) bank transparency and publication regulations.