Cambodia Investment Review

ABA Bank Retains Top Spot for Second Consecutive Year in 2022 Amidst Challenging Post -Pandemic Economy

ABA Bank Retains Top Spot for Second Consecutive Year in 2022 Amidst Challenging Post -Pandemic Economy

Cambodian Investment Review

In the face of a global economic downturn caused by the COVID-19 pandemic, the Advanced Bank of Asia (ABA Bank) has continued to exhibit a strong level of resilience in 2022. For the second consecutive year, according to the National Bank of Cambodia (NBC) 2022 banking review ABA Bank was listed as Cambodia’s largest commercial bank in terms of total assets, loans, customer deposits, and net profit.

Despite ongoing global economic uncertainties, ABA Bank’s performance in 2022 displayed considerable growth, particularly in the expansion of its physical network. The Bank inaugurated four additional full-scale branches in Phnom Penh and other provinces, increasing its total to 85 offices throughout the nation.

However, these branches are just one part of a larger strategic move to support an ever-growing customer base. In addition to these, the Bank also unveiled 16 new ABA 24/7 spots nationwide, an initiative that emphasizes commitment to self-banking facilities.

The move towards self-banking facilities is part of an ongoing renovation process of existing locations and the transition of some branches to larger premises. ABA Bank CEO, Mr. Askhat Azhikhanov, praised the teams at each location in his annual report, noting their unwavering commitment to serving customers even in challenging times.

Significant strides in digitalization

In 2022, ABA Bank also made significant strides in digitalization to facilitate customer transactions. The ABA Mobile application, the bank’s primary product in the retail segment, observed substantial user growth. Moreover, ABA Bank became the first in Cambodia to offer instant card issuance via Card Machines. With the multi-language interface, the Card Machine allowed customers to issue Visa, Mastercard, UPI, and local CSS cards without human interaction, both at bank branches and ABA 24/7 spots.

Read more: ABA Bank teams up with MoEF to foster Kingdom’s Digital Economy and FinTech Development

During the pandemic, ABA Bank took significant steps to support borrowers. The bank restructured loans in 2020 and 2021 following the relief measures announced by NBC. Despite the relief measures’ cancellation in 2022, ABA Bank continued to distribute new loans to its customers, emphasizing the importance of access to capital in challenging economic times.

ABA Bank has expanded its ABA 24/7 self-service network.

Corporate social responsibility also remained a focus for ABA Bank throughout the year. The bank participated in several financial inclusion and literacy projects, donated to various organizations, and supported a critical demining project initiated by the Cambodian Prime Minister. Mr. Azhikhanov highlighted that giving back to the community is part of the bank’s core values.

Optimism to navigate economic challenges

Financially, ABA Bank reported a strong performance in 2022. Total assets increased by 15% to $9 billion, while customer deposits grew by 14% to reach $7.2 billion. The loan portfolio also saw a significant increase, rising by 21% to $6.5 billion. Equity growth was equally impressive, with a 23% increase to $1.3 billion. The bank’s outstanding performance did not go unnoticed, with ABA Bank receiving the “Best Bank in Cambodia 2022” title from various international financial magazines.

Read more: ABA Bank Wins ‘Best Bank in Cambodia’ Award 2022

Looking ahead to 2023, Mr. Azhikhanov acknowledged that there would be challenges, particularly in the global economy. However, he also expressed a great deal of optimism about the bank’s ability to navigate these challenges, noting the strength of the ABA brand, its robust financial profile, and its continuous investment in infrastructure and technology.

Mr. Azhikhanov also expressed gratitude to the bank’s staff, the National Bank of Cambodia, and most importantly, ABA Bank’s customers. The dedication and commitment of the bank’s employees, coupled with the continuous support and confidence of its customers, were instrumental in enabling ABA Bank to maintain its top position. As ABA Bank looks forward to 2023, it aims to continue its trajectory of growth and resilience, striving to offer superior financial services to its customers.

Related Articles