Cambodia Investment Review

Phillip Bank Posts Solid Performance in 2022: Harnessing Digitalisation Amid Global Challenges

Phillip Bank Posts Solid Performance in 2022: Harnessing Digitalisation Amid Global Challenges

Cambodia Investment Review

Phillip Bank Plc, a member of the PhillipCapital Group, reflected on a robust year of growth in 2022, showing resilience during the global COVID-19 pandemic. Despite the economic disruptions caused by the health crisis, the bank successfully navigated the year and reported impressive performance indicators, fueled by digitalisation, strategic alliances, and a strong focus on customer experience.

Phillip Bank 2022 Annual Report.

The financial institution announced its operating revenue stood at US$76.26 million in 2022, an increase from US$69.63 million in 2021. The bank also registered a pre-tax profit of US$ 13.78 million in 2022, compared to a pre-tax profit of US$ 14.84 million in 2021. Despite a marginal decrease in pre-tax profit, this was largely due to an increased cost of funds and higher operating expenses during the year.

Resilience and adaptability have proven instrumental

In 2022, Phillip Bank embarked on a swift digitalisation journey, enhancing its financial ecosystem. By integrating advanced technology platforms, the bank successfully amplified its reach to new customers and enriched customer experience. One such strategic move was the implementation of the National Bank of Cambodia’s Bakong and KHQR payment systems.

Read more: Phillip Bank Launches New Enhanced Version of Mobile App to Serve Customer Better

Being one of the first banks to provide free transfer services from Phillip Bank accounts to Bakong wallets, including cross-bank transfer through the Bakong gateway and cross-bank scan and pay, Phillip Bank further solidified its commitment to driving digital banking innovation.

Phillip Bank 2022 Annual Report.

The bank also celebrated the success of a deposit campaign launched in 2022, which culminated in new deposits from the Cambodian public exceeding the bank’s target. This not only amplified the bank’s visibility across provinces through its branches but also fortified public trust in the bank’s robust security practices.

Despite the slight drop in pre-tax profit, the bank grew its loan portfolio by US$66.05 million and amassed US$89.36 million in customer deposits for the year 2022. “The public’s trust in our high standard of practice, especially in terms of safeguarding their funds, has been instrumental in our success,” said Mr. Lim Hua Min, PhillipCapital Group’s Chairman.

Economic uncertainty amid global events in 2023

Looking ahead, Phillip Bank anticipates economic uncertainties in 2023 due to the evolving global events, including the Ukraine war and high inflation. However, the bank is well-prepared to tackle these challenges by adopting a conservative growth strategy.

The strategy will focus on maintaining good liquidity while growing its customer base through B2B2C initiatives and cross-selling of customer-centric products. Moreover, it plans to engage in strategic partnerships with more payment service providers and launch physical Mastercard, UPI, and VISA cards.

Phillip Bank 2022 Annual Report.

Phillip Bank has a long-standing commitment to Corporate Social Responsibility (CSR). Its CSR activities range from supporting financial inclusion, education, and disabled arts through its Strategic CSR to providing aid to specific community segments via Tactical CSR initiatives.

Read more: Phillip Bank Invests in The Future with Four Interns from E2STEM Training Programme

As Phillip Bank strides into 2023, it continues to align its vision of ‘Delighting Customers, Growing People, Benefiting Communities’ with its business strategies and actions. The bank reaffirms its commitment to sustainable growth, bolstering its role as a key player in Cambodia’s banking industry.

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