PPCBank’s executive team is looking to a stronger 2022 after posting $18.2M in after-tax profit for 2021 increasing slightly from $17.1M in 2020 as the Bank continues to focus on the local SME market.
In a fourth-quarter filing to Cambodia Securities Exchange, the Bank said as of December 2021 the company’s assets amounted to $986 million with $744 million in deposits, loan outstanding expansions equivalently to approximately 1.6% from $734 million to $746 million.
There was also a 3.4% increase in shareholder’s equity from $168 million to $174 million respectively from Q3 to Q4 2021, our achievement has been at a triumphant rate amongst many financial competitors in the market, they added.
A PPCBank executive spokesperson told Cambodia Investment Review in the turmoil of lockdowns due to COVID the annual profit is an acceptable result, however, we believe we could push for more.
“In 2022 we’d like to add more fuel to our sales team, so we can take better care of our customer’s needs and we are happy to see that pandemic hasn’t affected that much loan appetite of the market, so we are equipping ourselves to be ready to serve the demand,” PPC Bank said.
“We’re also taking further steps towards our goals, with projects in the pipeline that, we believe, will benefit our SME customers. In addition, March will mark NSSF payment availability, so SME employers can take care of their employees with the monthly payment in our branches and via our digital channels,” they added.
PPCBank focuses on the SME market
Cambodia Investment Review previously spoke with PPCBank CEO Baek Jongil discussing his banking experience, Korean influence in Cambodia’s financial sector and how the Bank is distinguishing itself from the pack.
The Bank has set its sights on focusing on Cambodia’s Small and Medium Enterprizes with plans to launch new fast-tracked loans ranging from $3,000 to $100,000.
“We have designed our SME products so that we can fast track loan approvals that will allow our customers to access funds quickly and with minimal paperwork, we are also a member of the Credit Guarantee Corporation of Cambodia,” Baek said.
PPCBank also provides a full suite of products and services, ranging from deposits and loans to modern digital mobile applications, as well as its internet-based corporate service ‘smartBiz’ and it’s Mobile Teller’ for in-branch and remote consultations.
Launched to market in 2008 Phnom Penh Commercial Bank Plc (PPCBank) was fully acquired, in 2016, by the Korean consortium of South Korean JB Financial Group and what is now OK Financial Group (a conglomerate run by Korean Japanese entrepreneurs), each obtaining 60% and 40% of stakes respectively.