Logo of Phnom Penh Post newspaper Phnom Penh Post - Acleda records 28.5% gain in Q1 profit

Acleda records 28.5% gain in Q1 profit

Content image - Phnom Penh Post
Traffic moves in front of the ACLEDA Bank Plc headquarters on Phnom Penh’s Monivong Boulevard. Hong Menea

Acleda records 28.5% gain in Q1 profit

Stock-listed Acleda Bank Plc posted more than $44 million in net profit from its business operations for the first quarter of this year, an increase of 28.53 per cent over the $34 million logged in the same quarter of 2020.

In a financial statement filed to the Cambodia Securities Exchange (CSX) on May 10, Acleda – majority-owned by local investors – said the profit growth was “mainly due to an increase in net interest income of 12.47 per cent, equivalent to 45.62 billion riel [$11.4 million], compared to” the first quarter of 2020.

The bank's president and group managing director In Channy told The Post recently that the financial sector remains up and running during the Covid-19 pandemic, providing loans to customers.

“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.

“Under these circumstances, banks are still in operation to serve customers' needs for financial services during the lockdown period,” he said.

Acleda, the Kingdom's largest locally-owned bank, raised $17.5 million in its initial public offering (IPO) on the CSX in late May 2020.

The bank became the sixth stock-listed firm and the first commercial bank to issue on the bourse with a total of 4.34 million shares for sale – one per cent of its more than 433 million total shares, it said in a previous CSX filing.

MOST VIEWED

  • Historic Battambang town bans billboards

    The Battambang town administration informed all house and business owners in Svay Por commune to remove all billboards by August 1 as it is preparing to submit the town to UNESCO for inclusion on its historical cultural heritage list. Its July 25 notice said all signage was

  • All foreigners' accommodations to be inspected: Sar Kheng

    The Ministry of Interior is undertaking a serious effort to inspect all the accommodations of foreigners in Cambodia – except diplomats – in order to find and identify human traffickers. Minister Sar Kheng said this would include inspections on the homes of foreigners employed by businesses, private

  • Ice cream, noodles flagged over carcinogen

    The General Department of Customs and Excise of Cambodia (GDCE) has identified three types of instant noodles and ice cream trademarks originating from Thailand, Vietnam and France that are suspected to contain ethylene oxide, which poses a cancer risk to consumers. The general department has

  • Exclusive interview with Josep Borrell Fontelles, High Representative of the EU

    CAMBODIA is hosting the 55th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings this week with top officials from the US, China, and Russia and other countries in the region slated to attend and to meet with face-to-face with their counterparts on the sidelines. In

  • Rise in Thai air routes to Siem Reap fuels travel hopes

    Local tourism industry players are eager for regional airline Bangkok Airways Pcl’s resumption of direct flight services between the Thai capital and Siem Reap town on August 1 – home of Cambodia’s awe-inspiring Angkor Archaeological Park – which is expected to boost the growth rate of

  • ASEAN Foreign Ministers’ meet commences, Taiwan issue possibly on table

    The 55th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings hosted by Cambodia kicks off in Phnom Penh on August 3, with progress, challenges, and the way forward for the ASEAN Community-building on the table. Issues on Taiwan, sparked by the visit of US House Speaker