Logo of Phnom Penh Post newspaper Phnom Penh Post - Acleda profiting in foreign markets

Acleda profiting in foreign markets

Content image - Phnom Penh Post
A woman passes by a branch of Acleda Bank on Phnom Penh's Monivong Boulevard in 2014. Pha Lina

Acleda profiting in foreign markets

Acleda Bank’s foreign operations in Laos and Myanmar performed well during the first quarter of 2017 while recording strong net profits last year, leading the bank to seek further regional expansion, according to a senior executive.

Acleda has 41 commercial branches in Laos and six MFI locations in Myanmar. The bank expanded to Laos in 2008 followed by Myanmar in 2013.

So Phonnary, vice president of Acleda Bank, said that outstanding loan amounts in Laos increased by 17 percent by the end of the first quarter, growing from $104 million to $123 million. The MFI loan portfolio in Myanmar nearly doubled from $8.5 million to $15.7 million during the same period.

“Acleda’s operations in Laos and Myanmar remained positive last year and in 2017 we will continue to expand,” she said. “Net profits in 2016 for Laos reached $4.11 million while in Myanmar they were $1.1 million.”

According to Phonnary, Laos’ financial sector is highly competitive and Acleda is pitted against more than 42 private and state-owned commercial banks as well as 142 MFIs. However, she said that the operations have primarily been driven by commercial lending across all 18 Lao provinces.

Meanwhile, the bank’s MFI operations in Myanmar have placed Acleda as market leader among the competition of 169 total licensed providers as of the end of March.

MOST VIEWED

  • Chinese-owned shops are on the rise in central Phnom Penh

    Informal businesses owned by Chinese nationals are on the rise in central Phnom Penh, especially in Tonle Bassac commune, surrounding Koh Pich. Such businesses have sprung up notably in Central Market, Orussey Market, Sovanna Shopping Mall, Rattana Plaza, as well as Kakab commune across from

  • Breaking: Eighty-three containers of waste at S'ville port came from US, Canada

    The plastic waste found in 83 containers at Sihanoukville Autonomous Port on Tuesday came from the US and Canada, the Ministry of Environment has said. The huge shipment of rubbish weighs some 1,600 tonnes. Officials are continuing their investigation to find the company or individuals responsible for

  • ‘Long road for Cambodia bill to reach the White House’

    Analysts have questioned whether the “The Cambodia Democracy Act of 2019” bill would be passed by the US Senate and finally signed off by the president after its approval by the lower chamber, the House of Representatives, on Monday. Introduced by Republican Representative for Florida Ted

  • Two men arrested for stealing $2M

    Two men were arrested on Friday accused of stealing $2 million from a company after their employer sent them to withdraw the cash in Phnom Penh. Phnom Penh municipal police chief Sar Thet said on Sunday that the suspects were 37 years old and one was a