The locally-listed Acleda Bank Plc posted more than $39 million in net profit from business operations in the second quarter of this year, an increase of 27.66 per cent year-on-year, despite the economic headwinds caused by the Covid-19 pandemic.
In a financial statement filed to the Cambodia Securities Exchange (CSX) on August 6, the locally-owned Acleda, the largest commercial bank in the Kingdom by assets, said the increase was mainly due to a 41.07 billion riel ($10 million), or 11.49 per cent, year-on-year surge in net interest income. This implies a net interest income of between 398.30 billion and 398.72 billion riel for the April-June period, accounting for rounding.
Acleda president and group managing director In Channy previously told The Post that the financial sector has a vital role to play in the national battle against the spread of the novel coronavirus, injecting liquidity to stimulate the economy.
“The government has prioritised this sector as a means of boosting economic activity and facilitating the daily living standards of the people in the capital and rural areas,” he said. “Under these circumstances, banks are still in operation to serve customers’ needs for financial services during the lockdown period.”
On June 15, Acleda announced that that ASA Plc, an institutional stakeholder, will divest 16.16 per cent of its holdings in the bank – or four per cent of total outstanding ABC shares – to be made available for trading on the CSX this year.
The move was revealed in a notice filed by Acleda to the bourse, addressing the 11,488 individual shareholders who currently hold ASA’s 107,204,547 shares, or 24.7492 per cent of the bank’s outstanding shares.
Acleda raised $17.5 million in its initial public offering (IPO) on the CSX in late May 2020.
The bank became the stock exchange’s sixth publicly-traded firm – and the first commercial bank to issue on the bourse – with a total of 4.34 million shares for sale, or one per cent of its more than 433 million total shares, it said in a previous CSX filing.