Cambodia Investment Review
ABA Bank has reported robust financial results for the first quarter of 2024, marking a significant year-over-year first quarter growth that solidifies its position as the leading financial institution and a crucial driver of economic development in Cambodia. In Q1 2024, the bank saw its total assets increase by 24% to USD 12.068 billion, customer deposits rise by 22% to USD 9.691 billion, and gross loans grow by 18% to USD 8.152 billion compared to Q1 2023.
Building on its strong performance in 2023, where ABA Bank achieved a record after-tax profit of $276.4 million, up from $262.2 million the previous year, the bank continues to focus on empowering micro, small, and medium enterprises (MSMEs). These efforts, which make up around 70%+ of the bank’s total loan book, have played a key role in sustaining and growing the business operations across various sectors throughout these periods.
ABA: Frontrunner In Providing Modern & Secure Financial Solutions
“In the first quarter of 2024, ABA Bank continued showing remarkable financial results, solidifying position as a key lender in the economy and an important driver of the economic development. Backed by its unique strategy, deposit and loan franchise, and digital finances products, ABA is the frontrunner in providing modern and secure financial solutions and Cambodia’s largest commercial bank,” Askhat Azhikhanov Chief Executive Officer said.
Read More: Two Leading Cambodian Banks Show Mixed Results During the Banking Sector Slowdown of 2023
Net profit also saw a healthy increase, rising 15% to $79 million in the first quarter, while the number of customer accounts surged by 41%, indicating strong consumer confidence in the bank’s services. The expansion of branch networks by 12% further demonstrates ABA Bank’s commitment to accessibility and customer service.
“We sincerely thank all our customers for their continuous trust and support of ABA. We also welcome new clients to start banking with us as we continue supporting businesses and individuals through innovative financial services, with a focus on lending to SMEs and a commitment to national prosperity,” Azhikhanov added.
Supporting Key Economic Sectors, Particularly MSMEs in Cambodia
ABA Bank’s continued success is also reflected in the growing recognition from the financial community, with multiple awards for excellence in banking over recent years. As Cambodia’s banking industry faces a slowdown, ABA Bank’s results stand out, underscoring its strategic positioning and operational resilience.
The strong foundation built in 2023 with record profits and substantial growth in assets has enabled ABA Bank to approach 2024 with a solid strategy aimed at further financial success and national economic contribution. As the bank continues to support key economic sectors, particularly MSMEs, it plays a crucial role in Cambodia’s ongoing economic development and stability.
