Cambodia Investment Review
Advanced Bank of Asia Limited (ABA Bank), the largest commercial bank in Cambodia, has released its audited financial performance for the year ended December 31, 2022. The bank has strategically utilized technology to bolster its success, reporting a profit before tax of $338.31 million and a net profit for the year of $262.27 million. The Bank grew 15% year-on-year and reached $9 billion in total assets over the same period.
As the country’s second-highest taxpayer in 2022 and largest financial institution according to the Annual Supervision Report 2021 from the National Bank of Cambodia, ABA Bank demonstrates a strong commitment to supporting Cambodia’s growth and prosperity. The bank’s tax payments in 2022 amounted to $76.03 million, a significant increase from $52.68 million in 2021, reflecting a 44% year-on-year growth and showcasing its dedication to responsible corporate practices.
Invested in state-of-the-art digital banking platforms
ABA Bank has made substantial investments in cutting-edge digital banking platforms to provide a wide range of products and services for individuals and businesses. Its ABA Mobile app is Cambodia’s most popular free financial app on both Google PlayStore and Apple AppStore. ABA Merchant application, and ABA Business online banking platform have granted unique business customers seamless access to their accounts, allowing them to conduct transactions and manage their finances effortlessly.
In 2022, ABA Bank expanded its ABA 24/7 self-service spot network with 16 new locations throughout Phnom Penh and other regions in the country. These self-banking machines offer round-the-clock access to essential banking services, such as Cash-in Machines, ATMs, Check Deposit Machines, and Card Issuing Machines.
ABA Bank plans to further extend its ABA 24/7 locations in key districts with high demand for banking transactions. Looking ahead, ABA Bank remains committed to its technology-driven approach to ensure long-term stability and growth. The bank will continue to prioritize its customer-centric approach, leveraging technology to bring modern banking solutions that improve the financial lives of its customers.
Improving the financial lives of our customers
In addition to its financial performance, ABA Bank is dedicated to supporting local communities through various initiatives, such as financial literacy programs and community development projects. The bank believes that empowering individuals and businesses with the right knowledge and resources is essential for driving sustainable economic growth in Cambodia.
ABA Bank’s impressive financial performance and a strong commitment to social responsibility have earned it numerous accolades from the industry, recognizing its exceptional products, services, and contributions to the Cambodian economy.
Despite the uncertainties of the global economy, ABA Bank remains confident in its ability to maintain its growth trajectory. The bank’s prudent loan-to-deposit ratio and continued investment in technology and infrastructure will ensure its long-term stability and ongoing success.
Launched in 1996, ABA Bank holds the long-term issuer credit rating “B+” with a Stable outlook from Standard & Poor’s Global Ratings Agency. It is a subsidiary of the National Bank of Canada that currently holds around $314 billion in global assets.