Cambodia Investment Review
Canadia Bank has reported a net profit of $102 million for the fiscal year 2023, reflecting its resilience amidst a challenging global economic landscape. Despite facing headwinds, the bank demonstrated robust growth in key financial metrics, positioning itself strongly for the future.
In 2023, Canadia Bank’s total assets grew to $7.97 billion, marking a 4.4% increase from the previous year. The bank also reported a gross revenue of $482 million, supported by a 5.4% growth in total revenue.
However, the bank faced increased costs due to a highly competitive market for deposits and higher US interest rates. Despite these challenges, Canadia Bank’s deposits rose by 4.1% to $6.2 billion, while loans grew by 1.1% to $5 billion, maintaining a healthy loan-to-deposit ratio of 80.2%.
Continued to Grow and Strengthen Capital Position
Mr. Raymond Sia Say Guan, Canadia Bank’s CEO and Executive Board Director, expressed confidence in the bank’s performance and future prospects. “Our performance in 2023 is a testament to our steadfast resilience against a challenging backdrop. Despite the headwinds, we have continued to grow and strengthen our capital position, which reflects the commitment and confidence of our shareholders in the Cambodian banking industry. At the same time, we have strong confidence in the leadership of the Government and the National Bank of Cambodia to further boost the country’s economic growth and enhance the financial stability and resiliency.”
Canadia Bank’s capital adequacy remained robust, with a Tier 1 Capital Adequacy Ratio (CAR) of 20.3% and a Solvency Ratio of 22.9%. The bank also maintained a strong Liquidity Coverage Ratio (LCR) of 135.7%, well above the minimum regulatory requirement, ensuring its ability to pursue growth opportunities and provide a buffer for contingencies.
The bank’s commitment to digital transformation was evident in 2023 with the launch of the Canadia Bank App, designed to offer fast and easy banking services. The app includes features such as a loyalty program and a group transfer option. Additionally, the bank introduced a Merchant App and Payment Gateway to support SME customers and revamped its Corporate Internet Banking to facilitate seamless connections with SMEs, merchants, and corporate customers.
Reflecting on the bank’s achievements, Lok Neak Oknha Dr. Pung Kheav Se, Chairman of Canadia Bank, highlighted the bank’s dedication to innovation and customer service. “Our refined core values of Trust, Ownership, Performance-Driven, Innovation, and Customer Focus guide us in our mission to be the best bank in Cambodia. We are committed to embracing a customer-centric mindset and continuously improving our products and services.”
More Convenient & Accessible For Customers Across Cambodia
The bank also expanded its physical presence with the opening of new branches and the installation of additional ATMs, CRMs, Virtual Teller Machines (VTMs), and Smart Card-Embossing Machines (SEMs) nationwide. These initiatives aim to make banking more convenient and accessible for customers across Cambodia.
The bank’s efforts and achievements in 2023 were recognized by various regional and international publications, receiving multiple awards for its excellence in retail, corporate, and SME banking, as well as for its digital transformation initiatives.
“We are deeply grateful for the trust and support of our esteemed customers and business partners,” said Dr. Pung. “Together, we will elevate Canadia Bank to new heights of achievement.”
As Canadia Bank navigates the challenges and opportunities of 2024, it remains committed to driving economic growth and development in Cambodia, fostering innovation, and delivering exceptional value to its customers.
