ACLEDA Bank posted an $120.8 million annual net profit as the Cambodia Stock Exchange (CSX) recorded its biggest trading day in history.
The CSX Index yesterday jumped by 7.25 percent, exceeding 793.59, an increased of about 53.67 percent. It was a significant boom in trading value, which skyrocketed to 5.16 billion riels (about $1.25 million).
The huge growth was mainly contributed to by ACLEDA alone, the shares of which closed at 21,550 riels, a rise of 1,950 riels. While PPSP rose 10 riels from 2,030 riels per share. The other four stocks dropped remarkably compared with previous trading days. PWSA, PPAP, PAS dropped to 5,600 riels, 11,280 riels, 15,800 riels respectively and GTI fell to 3,250 riels compared with the previous day.
ACLEDA Bank recorded a net profit of almost $120.8 million in 2019, representing a 1.3 percent increase compared with 2018, according to its audited annual report. The report stated, that the bank’s gross income was $550 million last year and the profit before income tax was $153 million with net profit after tax at $120 million.
Total assets reached $6.17 billion in 2019, compared with $5.68 billion in 2018. Total loans were $3.84 billion in 2019, up around 7 percent from $3.59 billion in 2018.
Deposits increased by 13 percent to $4.36 billion and shareholders’ equity values rose 13.09 percent from $852.84 million to $964.46 million.
Non-performing loans were contained at 1.24 percent. The bank has 316 offices operating across Cambodia, Lao PDR, and Myanmar.
ACLEDA became the first public listed bank on the CSX on Monday raising around $17.6 million, with the number of initial public offering shares at 4,344,865 in the primary market.
President and Group Managing Director of ACLEDA Bank Dr In Channy said that to remain competitive, it is worth noting that the Bank continues to support its customers’ ability to grow together beyond Cambodia via QR code cross-border payments.
He said that banks and financial institutions reach out to their customers by means of a substantial branch and office network while expanding to electronic infrastructures such as ATMs, points of sale and internet banking facilities.
He added that gradually as infrastructure is digitalised with the launch of financial technical (Fin-Tech( products via mobile applications, businesses can reach their customers 24 hours a day from anywhere.
Channy said that ACLEDA’s small loans increased by 15.47 percent in 2019 over the previous year, with the portfolio expanding by $269.27 million. Personal loans increased by 21.93percent ($19.90 million).
Housing loans were $184.10 million of total loans outstanding. This was a decrease of 9.98 percent, reflecting the long-term loan tenure of up to 10 years and the Bank’s shift in focus to small and medium enterprises. Total loans outstanding were $3,881.10 million at the end of 2019, according to Channy.
“The bank continues to develop financial technology (FinTech), digital banking mobile apps to cover the regional financial services network to enrich its customers’ self-service. Developing a banking self-service area infrastructure serves the public and customers 24/7,” he said
Channy said that the bank will enhance the capacity of both local and foreign subsidiaries by providing them with a competitive edge, digitalise administrative processes and documentation to support digital banking, enrich information technology systems and security for robust digital functions and partner with additional reputable institutions for business growth.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.
