PPCBank maintains stable income at $6.8M in the first six months, new President takes the lead

Phnom Penh Commercial Bank (PPCBank), a subsidiary of Korean listed JB Financial Group (KRX: 175330) has announced a relatively stable income in the first six months of the year earning $6.81 million in net profit – a slight decline of 3.2% compared to the same period last year.

The period marks an end to the era of now ex-President Shin Chang (Andrew) Moo who has returned to his home country of South Korea – after spending five years in Cambodia. The company announced that its Board of Directors appointed Baek Jongil as President, effective April this year.

Under Shin’s presidency, PPCBank successfully raised KHR 80 billion (approximately $20 million) during the two phases of its bond issuance process on the Cambodia Securities Exchange. Investors subscribed to the FX-indexed bonds with an interest of 6.5% per annum and maturity of three years.

As of June 30th, 2021 PPC Bank had total assets of $992.15 million which decreased by 3.2%, and total equity of $162.56 million which increased by 5.2%. The bank also saw an increase in its NPL ratio over the six months growing to 1.81% at the end of June 2021 from the 1.04% recorded at the end of December 2020.

JB Financial Group’s stock price has increased 39.4R% from KRW 5,480 to KRW 7,640 year-on-year. 

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