Logo of Phnom Penh Post newspaper Phnom Penh Post - Bank assets rose 13.6pc in 2009 on new entries

Bank assets rose 13.6pc in 2009 on new entries

Bank assets rose 13.6pc in 2009 on new entries

THE TOTAL assets of Cambodia’s commercial banks increased by an annualised 13.6 percent last year, according to the annual report of the National Bank of Cambodia (NBC), released Monday.

The study states that assets increased to $4.74 billion at the end of 2009, compared to $4.17 billion in 2008.

Central bank Governor Chea Chanto told the Post Tuesday that Cambodia’s banking industry had developed in both its scope and operational capacity.

In 2009, three new banks launched in the Kingdom. That move brought the total number of commercial banks in Cambodia to 27.

Tal Nay Im, NBC’s director general, added Tuesday that the new arrivals in the sector had pushed total assets up.

“When new banks come to the country, they normally bring in both current assets and fixed assets,” she said.

According to the report, the number of loans paid out last year increased by 3.2 percent to $2.42 billion from $2.34 billion in 2008. The number of borrowers recorded nationally increased by 15.7 percent to 266,299 from 230,114 in 2008.

Deposits rose by 32.7 percent to $3.28 billion from $2.47 billion in 2008, and the number of depositors rose by 38.4 percent to 968,472 from 699,987.

In Channy, president and CEO of ACLEDA, told the Post Tuesday that an increase in deposits had boosted his company’s assets. They increased by a third to $922 million last year, from only $692.8 million in 2008.

“We predict the same growth in assets at our bank this year,” he added.

MOST VIEWED

  • Chinese influx pushing locals, Westerners out of Preah Sihanouk

    Some within the Kingdom’s tourism industry have speculated that the recent influx of Chinese visitors may hinder domestic tourism as the price of accommodations in the coastal city of Sihanoukville continues to rise. Preah Sihanouk province, which has become a hotbed for Chinese investment

  • ‘Dire consequences’ from sanctions, warns AmCham

    American businesspeople in Cambodia have warned that any sanction against the Kingdom would have “dire consequences” that could push Cambodia even further into the arms of China. In a letter to US senators and representatives dated Monday, the American Chamber of Commerce Cambodia (AmCham) said

  • CPP: ‘Behave or Sokha suffers’

    The ruling Cambodian People’s Party (CPP) spokesman warned Kem Monovithya on Thursday that her attempt to damage “national reputation and prestige” would lead to her father, Kem Sokha, receiving even harsher punishment. Sok Eysan issued the warning as Monovithya, who is the court dissolved

  • Preah Sihanouk beach developments halted

    After receiving an order from Hun Sen, Minister of Land Management Chea Sophara led a team of experts and relevant officials to Sihanoukville to call a halt to the illegal development of a beach. The prime minister ordered the Prek Treng beach in Otres commune