Logo of Phnom Penh Post newspaper Phnom Penh Post - Healthy profit for Acleda in first half

Healthy profit for Acleda in first half

Healthy profit for Acleda in first half

Cambodia’s largest bank, Acleda Bank, announced its half-yearly results on August 26, reporting a 40 per cent increase in net profits as compared to the same period last year, on the back of strong loan and deposits growth.

The bank saw $50.6 million in net profits for the first six months of 2015, compared to the $36.1 million earned in 2014.

“The profit compared to the same period last year has increased because of the loan asset quality,” said In Channy, CEO of Acleda Bank.

According to Channy, these quality loans have lead to a “very low [rate of] nonperforming loans”, which has also helped prop up the performance.

Customer deposits grew to $2.28 billion and loans and advances were $2.3 billion, registering a 14.1 and 12.7 per cent increase respectively over the first six months last year.

“Growth is from productive loans, including loans to small and medium enterprises. Consumer loans are not on the high growth,” he said.

He added that growth in deposits signalled increased consumer confidence in the formal banking system.

MOST VIEWED

  • Stock photo agencies cash in on Khmer Rouge tragedy
    Stock-photo companies selling images from S-21 raises ethics concerns

    A woman with short-cropped hair stares directly into the camera, her head cocked slightly to the side. On her lap is a sleeping infant just barely in the frame. The woman was the wife of a Khmer Rouge officer who fell out of favour, and

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • Defence Ministry denies weapons in smuggling case came from Cambodia

    After a Thai national was arrested last week for allegedly smuggling guns from Cambodia to Thailand, Cambodia's Defence Ministry has claimed the weapons seized during the arrest are not used in Cambodia, despite the fact that both types of rifle seized are commonly found in

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the