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

  • Draft law on state of emergency pending finalisation

    Prime Minister Hun Sen will lead a top-level meeting on Tuesdays to review the draft law on imposing a state of emergency. Meantime, he has decided to close all casinos in Cambodia effective April 1. In the press conference after the National Assembly met today, Hun

  • State of emergency on table amid pandemic

    Prime Minister Hun Sen, his deputy prime ministers and legal team will meet on Tuesday to review the draft law on declaring a state of emergency, as Covid-19 cases rose to 107 in the Kingdom on Monday. Speaking at a press conference after a parliament meeting

  • Stranded passengers petition UK for help

    Some 10,521 people have signed an online petition calling on British Prime Minister Boris Johnson and relevant officials to fly nearly 200 passengers out of Cambodia. The petition is targeted at 15,000 people. Most of the passengers are British nationals, who are stranded in Cambodia after airlines cancelled

  • Many in limbo as tension heightens

    As the Kingdom restricts travel and prepares for a state of emergency, some foreigners in Cambodia are scrambling for a way home. Foreign embassies in Phnom Penh are making efforts to get their citizens out, but cancelled flights have become common due to the coronavirus

  • Covid-19 Pandemic: Force majeure and legal consequences

    Is the Covid-19 pandemic considered an event of force majeure? The World Health Organisation declared the novel coronavirus (Covid-19) outbreak a pandemic on March 11. Following this declaration, the Ministry of Health and other ministries have taken various legal and administrative measures to prevent the rapid

  • No word on state of emergency

    The National Assembly (NA) said it will postpone all unnecessary meetings in line with guidance from the Ministry of Health and the World Health Organisation (WHO) amid the Covid-19 pandemic. However, it did not say when or how it will debate the “state of emergency”