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Strongest bank with $7.3 billion assets in 2021

Content image - Phnom Penh Post
The iconic Canadia Tower in central Phnom Penh. SUPPLIED

Strongest bank with $7.3 billion assets in 2021

By delivering impeccable financial performance, Canadia Bank continues to dominate the tight local banking sector – signalling it is ready for the long haul in the ever-challenging financial business environment.

As Canadia Bank marks its 30th anniversary, it remains – after three consecutive years – the strongest financial institution in the Kingdom by balance sheet, with total assets having risen to $7.3 billion as of September 30, 2021.

Among the oldest banks in Cambodia, it continues to remain competitive in the domestic banking sector, one in which 56 banks are competing in a market of 16 million people.

Canadia Bank serves nearly half a million customers, accounting for 18.1 per cent of the customer deposits of the total banks in Cambodia – which not only signifies customers’ trust in the bank but also highlights its exceptional performance in successfully managing financial and operational risks.

The bank’s total revenue for the nine-month period of 2021 continues to increase compared to the same period last year.

Content image - Phnom Penh Post

Cost to income ratio was 28 per cent driven by the large donations to the Cambodian government in the fight against Covid-19 and being a bank with a strong commitment to good corporate social responsibility.

The strength of its diversified business franchise enabled Canadia Bank to register pre-tax profits of $114 million.

Despite intense competition, the bank’s assets continue to grow stronger year by year.

Loans expanded five per cent to $4.7 billion, equivalent to 13.2 per cent of the market share.

Canadia Bank is well positioned and has strong delinquency controls in line with the moratorium programme of the National Bank of Cambodia.

Deposits rose to $5.80 billion, making it the leading bank in terms of deposits.

In addition, the bank’s capital and liquidity remained in a robust and healthy position.

The financial institution’s Tier 1 capital adequacy ratio was 16.2 per cent – much higher than the Basel requirement – and the solvency ratio was steady at 19.2 per cent.

With such strong foundations, Canadia Bank is set to continue delivering healthy and sustainable financial results for many years to come.

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