Sea Ltd-controlled SeaBank Indonesia’s net profit more than tripled in the second quarter of 2026, as stronger lending income and a sharp rise in fee income outweighed higher impairment charges.
The digital bank posted a net profit of 373.7 billion rupiah ($20.94 million) in Q2 2026, up 219.1% from 117.1 billion rupiah ($6.56 million) a year earlier, based on calculations from its first-half and first-quarter financial disclosures.
SeaBank does not separately report quarterly earnings in its financial disclosures. Its June report provides cumulative results for the six months ended June 30, so the Q2 figures are derived by subtracting the bank’s Q1 results from its H1 figures. As an unlisted bank, SeaBank publishes the statements on its website as part of its reporting obligations under Financial Services Authority (OJK) rules.
For the first six months of 2026, SeaBank recorded 749.26 billion rupiah ($41 million) in net profit, up about 250% from 213.8 billion rupiah ($12 million) year-on-year. The bank attributed the performance to loan expansion, operating efficiency, and increased use of its services for daily transactions.
SeaBank’s Q2 operating profit jumped 220.8% to 479 billion rupiah from 149.3 billion rupiah a year earlier, while net interest income rose 46.5% to 2.83 trillion.
Fee and commission income was another major contributor, rising 220% to 222.1 billion rupiah in Q2 2026 from 69.4 billion rupiah in Q2 2025. For the first half, it more than tripled to 410.7 billion rupiah from 128.9 billion rupiah year on year.
Credit costs, meanwhile, continued to climb. Q2 impairment losses were estimated at 2 trillion rupiah, up 38.3% from 1.44 trillion rupiah a year earlier. For H1, impairment losses rose 38% to 3.8 trillion rupiah.
SeaBank’s loan book grew 53.1% year-on-year to 39.81 trillion rupiah ($2.23 billion) at end-June, while deposits increased 47.6% to 41.8 trillion rupiah ($2.34 billion). Its CASA stood at 29.10 trillion rupiah, equivalent to 69.6% of total deposits. Total assets stood at 52.97 trillion rupiah, up 19.2% from 44.44 trillion rupiah.
The bank’s return on equity more than tripled to 23.64% from 7.4%, while its net interest margin widened to 21.88% from 20.2%.
The rapid loan expansion also pushed SeaBank’s loan-to-deposit ratio to 95.23% from 91.80%, although asset quality remained broadly stable, with gross NPL easing to 1.65% from 1.68% and net NPL falling to 0.12% from 0.18%.
In a statement, SeaBank CEO Sasmaya Tuhuleley said that the bank would focus on transaction features, cybersecurity infrastructure, and financial inclusion going forward.
The bank said its customer base reached 35 million by end-June, with average daily transactions exceeding 16.8 million in June and daily transaction value reaching 7.1 trillion rupiah. It also opened its ninth branch, in Medan, in May to expand banking access services to reach more potential unbanked consumers.
SeaBank offers digital banking products spanning savings, time deposits, consumer loans, and payments. Its services include SeaBank Pinjam, transfers, e-wallet top-ups, bill payments, cash deposits and withdrawals, and QRIS payments. The bank also integrates with Shopee, allowing customers to link their SeaBank and Shopee accounts for payments and fund transfers.
SeaBank traces its origins to Bank Kesejahteraan Ekonomi (BKE), which was acquired by Sea Group before being renamed Bank SeaBank Indonesia in February 2021 as part of the Singapore technology group’s push into digital banking.
As of June 2026, PT Danadipa Artha Indonesia owns 85% of SeaBank, and PT Koin Investama Nusantara owns the remaining 15%, according to the bank’s H1 disclosure. Sea Limited is identified as the ultimate shareholder through Danadipa.
