SEABANK Whose Money Is Actually Sitting Inside SeaBank?

The Ecosystem's Own Bank Account

PT Bank Seabank Indonesia is Sea Limited's Indonesian digital-banking subsidiary, still 85%-owned through 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 audited annual financial statement for the year ended December 31, 2025, signed off by the bank's directors on March 31, 2026 following an unqualified audit opinion from Purwanto Susan dan Surja (an Ernst & Young member firm) dated March 16, 2026.

The headline for FY2025 looks like a bank finally converting its scale into real profit: net income rose 79.1% year-on-year to Rp678.4 billion, ROE more than doubled to 11.51% from 6.93%, and NIM^» climbed to 21.45% from an already-high 16.52%. But the annual report - unlike the bare quarterly publication format the H1 2023 post had to work with - carries full footnotes for the first time in this backfill, and they show something the headline growth doesn't: a striking share of both the deposits funding this bank and the expenses running it flow to or from other Sea Group companies, not from arm's-length retail customers or vendors. That doesn't make the profit fake, but it does mean a chunk of what looks like organic deposit-franchise growth is actually intercompany money moving through SeaBank's books.

The Prescription

SeaBank has now proven, for a second straight annual cycle, that it can price a loan book at a NIM few conventional Indonesian banks get near, while pushing BOPO^» down to 91.47% and CIR^» to 22.29% - real efficiency gains, not just a margin story. The move that compounds from here is building an independent retail and SME deposit franchise that doesn't lean on Sea's own ecosystem float: loans grew 43.4% this year against a loan-to-deposit ratio^» that's already climbed to 92.32%, so the next leg of growth needs genuinely new, sticky, third-party deposits - not more Airpay/Shopee/Garena settlement balances parked at the bank because they happen to share a parent.

What it should stop doing: running such a large share of its own operating cost base through related-party service contracts without more visible arm's-length benchmarking. Professional fees paid to Sea Group affiliates were Rp638.1 billion of Rp650.3 billion in total professional fees this year - 98.2% - and that's before counting the rest of the related-party expense flow (see Beyond the Usual below). A digital bank this profitable can afford to diversify who it pays for services, and disclosing more about how those related-party rates are set would remove a governance question that a reader shouldn't have to ask on their own.

Key Financial Metrics

FY2025 vs. FY2024 (full year, ended December 31) - bank-only ("Individual")

FX: IDR 16,675 = USD 1 (December 31, 2025 close, for FY2025 figures); IDR 16,095 = USD 1 (December 31, 2024 close, for FY2024 comparatives).

Metric	FY2025 (IDR)	FY2025 (USD)	FY2024 (IDR)	YoY
Net Interest Income ("Net Revenue" equivalent)	Rp8,250,580M	~$494.8M	Rp5,399,097M	✅ +52.8%
Operating Income	Rp869,285M	~$52.1M	Rp480,226M	✅ +81.0%
Net Income	Rp678,437M	~$40.7M	Rp378,769M	✅ +79.1%

Balance sheet metric	Dec 2025 (IDR)	Dec 2025 (USD)	Dec 2024 (IDR)	Change
Total Assets	Rp44,438,831M	~$2.665B	Rp34,587,884M	✅ +28.5%
Loans (Kredit yang diberikan)	Rp32,134,011M	~$1.927B	Rp22,403,124M	✅ +43.4%
Total Deposits (Giro + Tabungan + Deposito)	Rp34,805,977M	~$2.087B	Rp26,653,389M	✅ +30.6%
Total Liabilities	Rp37,314,689M	~$2.238B	Rp28,228,942M	➖ +32.2%
Total Equity	Rp7,124,142M	~$427.3M	Rp6,358,942M	✅ +12.0%

Loans grew 43.4% this year - deposits only grew 30.6% - which is why the loan-to-deposit ratio jumped to 92.32% from 84.05%. The lending engine is now outrunning the deposit base that's supposed to fund it, a reversal of the H1 2023 pattern where SeaBank was sitting on far more deposits than it chose to lend (see Beyond the Usual below for what's actually inside that deposit base).

Key Operational Metrics

Funding & Liquidity

• Loan-to-deposit ratio (LDR): 92.32% (Dec 2025), up sharply from 84.05% (Dec 2024) - the loan book is now being funded much closer to the edge than a year ago, a sharp reversal from the 60.88% ratio SeaBank reported back in H1 2023.

Credit Quality

• NPL^» ratio - gross: 1.82% (Dec 2025), up slightly from 1.74% (Dec 2024).
• NPL ratio - net: 0.13% (Dec 2025), down from 0.17% (Dec 2024) - kept low by heavy provisioning, the same pattern flagged in the H1 2023 post.
• CAR^» / KPMM (capital adequacy): 23.29% (Dec 2025), down from 30.80% (Dec 2024) - still comfortably above the regulatory minimum, but falling as risk-weighted assets grow faster than capital (total ATMR up 45.8% against total capital up only 10.2%).

Profitability & Efficiency

• NIM: 21.45% (FY2025), up from 16.52% (FY2024) - an unusually high margin for a bank of this size, consistent with a high-yield digital consumer/micro-lending book.
• ROA: 2.27% (FY2025), up from 1.55% (FY2024).
• ROE: 11.51% (FY2025), up from 6.93% (FY2024) - the clearest sign yet that the enormous NIM is finally reaching shareholders, not just being absorbed by provisioning the way it was in H1 2023.
• BOPO: 91.47% (FY2025), down from 93.10% (FY2024) - a real efficiency gain, though still a thin cushion by this formula (which folds provisioning into operating expense).
• Cost-to-Income Ratio (CIR): 22.29% (FY2025), down from 26.55% (FY2024).

Not available in this filing: a segment or product-level breakdown of the loan book, transacting-user or merchant counts, or a deposit-cost (funding rate) disclosure - SeaBank still reports as a single banking entity with no presentation deck, press release, or call transcript located for this period.

Beyond the Usual

Most of the "deposit growth" is Sea's own ecosystem parking money, not retail customers

The audited annual report's related-party note discloses that Rp8,112,947 million of SeaBank's deposits - 21.74% of total liabilities - came from related parties as of December 31, 2025, up from Rp7,223,152 million (25.59% of total liabilities) a year earlier. Almost all of that sits in current accounts (Giro): Rp8,024,618 million of the bank's Rp9,769,099 million total Giro balance - 82.1% - is related-party money, primarily from PT Airpay International Indonesia, PT Shopee International Indonesia, PT Commerce Finance, and other Sea Group payment/e-commerce entities that appear to use SeaBank as their settlement account. This matters because a reader looking at "deposits up 30.6%" would reasonably assume that reflects a growing retail or SME customer base choosing to bank with SeaBank - but the current-account line, the fastest and cheapest funding a bank can have, is overwhelmingly intercompany float from businesses that share SeaBank's own ultimate shareholder, not independent depositors SeaBank had to win in the market. If Sea Group ever restructured how its ecosystem entities settle payments, a large share of this "deposit base" could move with essentially no notice - a concentration risk a pure funding-cost story doesn't capture.

98% of professional fees, and 40% of total G&A, flow to related parties

Rp638,070 million of SeaBank's Rp650,295 million in professional fees for FY2025 - 98.2% - was paid to related parties, and related-party spending across all general & administrative expense categories totaled Rp651,249 million, 40.41% of the bank's entire G&A line (up slightly from 39.35% in FY2024). Related parties also absorbed 20.61% of total interest expense (deposits and other liabilities owed to affiliates) and 22.82% of personnel expense. None of this is disclosed as improper - the bank states these transactions are "conducted based on the agreed terms and conditions" - but a bank running this much of its own cost base through companies sharing its parent is exactly the kind of related-party concentration worth watching for whether pricing reflects arm's-length terms, since SeaBank itself doesn't disclose a comparison to third-party market rates for these services.

A standalone fourth quarter that looks nothing like the first three

Q4 2025 standalone net income (FY2025's Rp678,437 million cumulative total less the Rp408,498 million already reported through September) came in at approximately Rp269,939 million - up 209.4% from Q4 2024's standalone Rp87,240 million (FY2024's Rp378,769 million less Rp291,529 million through September 2024). Standalone operating income moved similarly (+173.2% YoY), while standalone impairment charges grew a slower 64.3% YoY against standalone interest income growth of 56.9% - meaning Q4 2025 alone was the strongest quarter of provisioning discipline relative to revenue in this entire backfill, a sharp contrast to the H1 2023 quarter where impairment growth outpaced income growth by more than 3-to-1.

Undrawn credit-facility commitments are growing faster than the loan book itself

Off-balance-sheet loan commitments (unused credit facilities SeaBank has approved but customers haven't drawn down) grew from Rp1,991,554 million to Rp3,272,574 million - up 64.3% year-on-year - outpacing the 43.4% growth in the actual loan book. Every single one of these commitments is uncommitted (revocable at the bank's discretion), and derivatives, spot transactions, letters of credit, and every other line in the commitments-and-contingencies schedule remains at zero, the same clean-book pattern flagged in the H1 2023 post. The gap between approved-but-undrawn credit lines and actual outstanding loans is itself a pipeline worth watching - either a sign of future loan growth still to come, or of borrowers holding lines open without using them.

A quiet, clean litigation record for a bank this size

SeaBank disclosed just five legal matters active during 2025 - four civil cases (one already resolved with a final court decision, three still in process) and a single criminal case still in process - and reported zero administrative sanctions from OJK or any other regulator against the bank or its board during the year. For a digital lender processing this volume of consumer credit, that's a notably light docket, and a useful baseline for readers tracking whether SeaBank's litigation exposure grows alongside its loan book in future quarters.

Coverage Table

Metric	FY2025	FY2024	YoY	Why it matters
Net Income	Rp678.4bn	Rp378.8bn	+79.1%	Real profit growth, not just margin expansion
ROE	11.51%	6.93%	+458bps	NIM is finally reaching shareholders
LDR	92.32%	84.05%	+827bps	Lending is now outrunning deposit growth
Related-party share of Giro	82.1%	n/a (not previously disclosed)	-	Deposit growth story is mostly ecosystem float
CAR/KPMM	23.29%	30.80%	-751bps	Capital buffer thinning as risk-weighted assets scale

Target Valuation Range

SeaBank Indonesia has no independently traded equity or debt, so no numeric valuation range is computable for this quarter, the same as every prior post in this backfill.

Sea Limited (through PT Danadipa Artha Indonesia) and PT Koin Investama Nusantara remain the bank's only two shareholders, and neither has ever floated any portion of it on a public market - there is no share price, market capitalization, or P/E or P/B multiple that can honestly be built for this entity. Sea Limited itself trades on the NYSE (ticker SE), but that reflects the entire Sea Group - gaming, e-commerce, and digital financial services - not SeaBank Indonesia's standalone economics, and folding a group-level multiple back onto one subsidiary bank would misrepresent both.

A bank posting 79% net income growth and an ROE finally in double digits looks like a genuine turnaround - but a reader should know that a meaningful share of both the deposits funding it and the vendors running it sit inside the same corporate family as the bank itself.

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