Logo of Phnom Penh Post newspaper Phnom Penh Post - Acleda Bank’s annual profits dip 10 per cent

Acleda Bank’s annual profits dip 10 per cent

Content image - Phnom Penh Post
A man drives by the Acleda Bank Plc headquarters on Phnom Penh’s Monivong Boulevard in 2017. Hong Menea

Acleda Bank’s annual profits dip 10 per cent

Acleda Bank Plc’s 2018 profit decreased by nearly 10 per cent compared to 2017, according to its audited financial report.

The report shows that last year Acleda Bank made a profit of $84,009,268, a 9.2 per cent decrease compared to 2017’s $92,527,998.

Acleda Bank president and CEO In Channy told The Post on Monday that the drop in profits last year was due to stagnant growth in the first six months, though the second half of the year saw a spike.

He said due to 2017’s figures, the bank early last year focused more on training staff and educating customers, as well as improving the quality of some of its services, meaning increased spending on human resources.

“We spent a lot on training in 2018,” Channy said.

Acleda Bank last year made $423,256,184 in revenue from interest and $64,413,418 from fees and commission, while interest expenses totalled $151,404,682 and those on fees and commission $749,501, the report shows.

The bank expected its profits to significantly increase this year.

“As we had a lot of human resources training in 2018, we expect [lost] growth to be made up for this year,” Channy said.

MOST VIEWED

  • Body of woman killed in Bangkok returns

    The Cambodian embassy in Thailand is working to repatriate the body of a casino dealer who was shot dead in Bangkok on Monday night. Ministry of Foreign Affairs and International Cooperation spokesman Kuy Kuong told The Post on Wednesday that officials are preparing paperwork to

  • Chikungunya hits 15 provinces, says gov’t

    Ministry of Health spokeswoman Or Vandine said on Thursday that the chikungunya outbreak in the Kingdom has spread to 15 provinces. Some 1,700 people are now suspected to have the disease. Vandine urged people to prevent its further spread by eliminating shelters for the Aedes aegypti mosquitoes

  • Gov’t exempts visa A and B holders from Covid fees

    Airline passengers who are diplomats and officials of international organisations holding Type A and B visas for travel to Cambodia are exempted from paying Covid-19 testing fees, said the Ministry of Health in its latest adjustment of rules on Wednesday. Health Minister Mam Bun Heng

  • Bill covering dress code draws ire

    Ministry of Interior secretary of state Ouk Kim Lek responded on Tuesday to criticism concerning a draft law that would ban women from wearing overly revealing clothing, saying that input from all parties will be considered as the law moves through the promulgation process. Several

  • Passing the test: Is Cambodia’s education system failing its people?

    The Kingdom’s education system needs to grow its people but some flaws might stifle​ this growth Coming from the Khmer Rouge occupation, with the loss of many scholars and academicians and a collapsed government, the education system had to be reconstructed from scratch – one

  • What’s the deal with Cambodia and China’s FTA?

    Cambodia’s Free Trade Agreement (FTA) with China kicks off a series of FTAs in future but for now, critics wonder what else the parties could bring to the table apart from what it already has to date By the end of this year, Cambodia