Best-Ever Profitability, a Credit Metric Moving the Wrong Way
The pattern across Q1 2025 and Q2 2025 was faster loan growth and thinner deposit-funding headroom feeding steadily better profitability, with gross NPL» falling to a filing-history low in Q1 before ticking back up in Q2. This filing, covering the nine months ended September 30, 2025 and signed by the bank's directors in Jakarta on November 15, 2025, shows the growth and profitability trends continuing, and the NPL uptick extending into a second straight quarter. Loans grew a further 9.9% quarter-on-quarter to Rp28.58 trillion (up 68.6% year-on-year), loan-to-deposit ratio» pushed past 93%, and net income for the nine months reached Rp408.5 billion - already more than the whole of full-year 2024.
At the same time, gross NPL has risen for two consecutive quarters off its Q1 low: 1.74% at year-end 2024, down to 1.57% in Q1, then back up to 1.68% in Q2 and 1.88% now - and for the first time this year, that's above the year-ago level (Sep 2024's 1.61%). Two consecutive increases plus a newly unfavorable YoY comparison is enough to take seriously, even if it's a shorter run than a bare quarter-over-quarter reading might suggest, and even as the profitability numbers this quarter are the best SeaBank has ever posted.
The Prescription
SeaBank should keep scaling the lending engine it's built - a 20.90% NIM and a 9.35% ROE, both filing-history highs, are proof the underwriting model works even as the book has nearly tripled since mid-2023. The real driver of this quarter's result isn't a one-off; it's the same compounding loop that's been running all year, still accelerating.
What it should stop doing: treating two consecutive quarters of rising gross NPL, now running above year-ago levels, as background noise just because profitability looks strong. It's not yet the longest sustained credit-quality trend in this filing's history - the ratio spent most of 2024 higher than it is even now - but the direction has reversed twice in a row at the exact moment the loan-to-deposit ratio has climbed to its tightest level ever (93.62%) and the capital buffer remains well below where it sat a year ago. SeaBank has the profitability to absorb a normal amount of credit seasoning; the bank should be explicit - to Sea Limited if not publicly - about whether this NPL uptick is expected to plateau, and at what loan-book size.
Key Financial Metrics
9M 2025 vs. 9M 2024 (P&L, nine months ended September 30), and Sep 2025 vs. Dec 2024 (balance sheet) - bank-only ("Individual")
FX: IDR 16,665 = USD 1 (September 30, 2025 close, applied throughout for consistency).
| Metric | 9M 2025 (IDR) | 9M 2025 (USD) | 9M 2024 (IDR) | YoY |
|---|---|---|---|---|
| Net Interest Income ("Net Revenue" equivalent) | Rp5,805,847M | ~$348.4M | Rp3,927,578M | ✅ +47.8% |
| Operating Income | Rp523,037M | ~$31.4M | Rp353,505M | ✅ +48.0% |
| Net Income | Rp408,498M | ~$24.5M | Rp291,529M | ✅ +40.1% |
| Balance sheet metric | Sep 2025 (IDR) | Sep 2025 (USD) | Dec 2024 (IDR) | Change |
|---|---|---|---|---|
| Total Assets | Rp39,605,682M | ~$2.38B | Rp34,587,884M | ✅ +14.5% |
| Loans (Kredit yang diberikan) | Rp28,581,637M | ~$1.72B | Rp22,403,124M | ✅ +27.6% |
| Total Deposits (Giro + Tabungan + Deposito) | Rp30,529,834M | ~$1.83B | Rp26,653,389M | ✅ +14.5% |
| Total Liabilities | Rp32,752,000M | ~$1.97B | Rp28,228,942M | ➖ +16.0% |
| Total Equity | Rp6,853,682M | ~$411.2M | Rp6,358,942M | ✅ +7.8% |
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 have grown 27.6% since year-end 2024 against deposit growth of 14.5% over the same period - the loan-to-deposit ratio's climb this year has been driven almost entirely by lending outpacing deposit-gathering, not by deposits shrinking.
Trailing Quarters: The NPL Trend in Context
| Quarter | Net Interest Income (IDR bn, discrete) | Operating Income (IDR bn, discrete) | Net Income (IDR bn, discrete) | Gross NPL |
|---|---|---|---|---|
| Q1 2024 | 1,245.1 | 62.5 | 51.6 | 2.02% |
| Q2 2024 | 1,265.6 | 132.6 | 108.4 | n/a |
| Q3 2024 | 1,416.9 | 158.4 | 131.6 | n/a |
| Q4 2024 | 1,471.5 | 126.7 | 87.2 | 1.74% (year-end) |
| Q1 2025 | 1,695.1 | 124.2 | 96.7 | 1.57% |
| Q2 2025 | 1,929.1 | 149.3 | 117.1 | 1.68% |
| Q3 2025 | 2,181.6 | 249.6 | 194.7 | 1.88% |
Discrete-quarter figures are derived by subtracting each filing's own cumulative year-to-date numbers from the prior quarter's cumulative total (SeaBank's filings report cumulative, not discrete, P&L figures) - only the gross NPL ratio is a directly-disclosed point-in-time figure, not derived. Q2 and Q3 2024 gross NPL aren't shown because no filing in this project's records discloses them independently of the surrounding cumulative periods. Net income has grown every single quarter this year; gross NPL fell to a filing-history low in Q1 before rising for two straight quarters since - the two aren't offsetting each other yet, but they aren't purely rising together either.
Key Operational Metrics
Funding & Liquidity
- Loan-to-deposit ratio (LDR): 93.62% (Sep 2025), up from 77.57% (Sep 2024) and up again from Q2 2025's 91.80% - a third straight quarterly increase, and the tightest funding position this bank has ever reported.
Credit Quality
- NPL ratio - gross: 1.88% (Sep 2025), up from 1.61% (Sep 2024) on a YoY basis for the first time this year (the prior two quarters' YoY comparisons still looked favorable) - and up for a second consecutive quarter sequentially, from 1.74% (year-end 2024) down to 1.57% in Q1, then up to 1.68% and 1.88% since. ⚠️
- NPL ratio - net: 0.16% (Sep 2025), essentially flat versus 0.15% (Sep 2024).
- CAR» / KPMM: 25.37% (Sep 2025), down from 33.91% a year earlier, roughly in line with Q2 2025's 26.82% - the buffer has stabilized rather than continuing to shrink this quarter, but remains materially below its 2024 level.
Profitability & Efficiency
- NIM: 20.90% (9M 2025), up from 16.29% (9M 2024) - a new high in this filing's history, and still in a different category from a conventional lender like Bank Mandiri.
- ROA: 1.89% (9M 2025), up from 1.55% (9M 2024).
- ROE: 9.35% (9M 2025), up from 7.18% (9M 2024) - the highest ROE SeaBank has reported since this coverage began, nearly triple the 3.88% it posted in Q1 2024.
- BOPO»: 92.73% (9M 2025), down from 93.03% (9M 2024) - continuing a slow, steady improvement.
- Cost-to-Income Ratio (CIR): 21.49% (9M 2025), down from 25.85% (9M 2024).
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 located for this quarter.
Beyond the Usual
Gross NPL has risen for two straight quarters off a Q1 low, and the year-on-year comparison just turned unfavorable too
Gross NPL fell to a filing-history low of 1.57% in Q1 2025, then climbed for two consecutive quarters since - 1.68% (Q2) → 1.88% (Q3) - and this quarter is the first time the year-on-year comparison also moved the wrong way, with Sep 2025's 1.88% now above Sep 2024's 1.61%. That combination (two straight sequential increases plus a newly unfavorable YoY comparison) is worth taking seriously, even though the ratio remains inside the 1.6%-2.0% range it occupied through most of 2024 rather than breaking new ground. It's happening alongside the fastest loan growth (27.6% YTD) and the tightest loan-to-deposit ratio (93.62%) in this filing's history - exactly the combination that would make a credit-quality slip more costly if it continues.
The capital buffer stopped shrinking this quarter, but stayed well below its year-ago level
Total capital (Tier 1 + Tier 2) grew to Rp6.27 trillion, up from Rp5.76 trillion a year earlier, while risk-weighted assets (ATMR) grew to Rp24.72 trillion from Rp16.99 trillion - a 45.5% jump. KPMM at 25.37% is essentially flat versus Q2 2025's 26.82% rather than continuing the multi-quarter decline seen through the first half of the year, suggesting the pace of capital consumption may be stabilizing even as the loan book keeps growing.
Reserve coverage against earning assets reached its highest level yet
CKPN (loan-loss reserve) against earning assets rose to 9.30% at Sep 2025 from 7.79% a year earlier - both a filing-history high and roughly 58 times the realized net-NPL ratio of 0.16%. Combined with the gross-NPL uptick above, this looks like a bank deliberately building reserve capacity ahead of a portfolio it expects to keep seasoning, rather than one caught off guard by deteriorating credit.
Undrawn credit-facility commitments have grown every single quarter this year
Undrawn credit facilities rose to Rp2.59 trillion at Sep 2025, up from Rp2.17 trillion (Q2 2025) and Rp1.88 trillion (Q1 2025) - a third consecutive quarterly increase, still classified entirely as uncommitted (the filing's own "Committed" sub-line is zero). This pipeline of potential future drawdowns has grown in lockstep with realized loan growth all year, and is worth watching as a leading indicator for Q4.
Sea Limited's ownership structure remains completely unchanged
PT Danadipa Artha Indonesia continues to hold 85% on Sea Limited's behalf, with PT Koin Investama Nusantara holding the remaining 15% - identical to every prior filing in this coverage. No new shareholder, no dilution, and no change in control has occurred at any point since this project began tracking SeaBank in mid-2023.
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, and neither has floated any stake publicly. 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.
Nine months into 2025, SeaBank is posting the best profitability numbers in its filing history alongside a credit-quality ratio that's turned upward for two straight quarters and, for the first time this year, above where it stood a year ago - a bank that's proven it can grow fast, still proving it can grow safely.
PT Bank Seabank Indonesia's quarterly published financial statement ("Laporan Posisi Keuangan Triwulanan"), bank-only/individual basis, for the period ended September 30, 2025, signed by the bank's board of directors in Jakarta on November 15, 2025, per Indonesian Financial Services Authority (OJK) bank transparency and publication regulations.