Cambodia's banking and finance sectors continue to grow in the first half of the year

Economy and Industry

Cambodia's banking and finance sectors continue to grow in the first half of the year Cambodia's banking and financial industry saw moderate growth in loans and deposits in the first half of 2024, according to the National Bank of Cambodia's biannual report. Outstanding loans grew by 2.6% YoY to $58.9 billion, while customer deposits increased by 13.4% YoY to $51.9 billion. These loans were directed towards key sectors including trade, housing, construction, agriculture, hotels, and manufacturing. Non-performing loans at banks and microfinance institutions remained manageable at 6.8% and 8.3%, respectively. Total assets in the banking and financial system rose to $88.3 billion by June 2024, marking a 6.1% increase from June 2023. Governor Chea Serey highlighted the confidence of the public and investors in the country's banks and financial institutions, and she projected that the economy will experience "high growth" driven by manufacturing and tourism. (Source: Khmer Times)

GDT collects $1.9 billion in tax revenue in the first half of the year Cambodia's General Department of Taxation (GDT) reported a 7.4% YoY decline in tax revenue for the first half of 2024, according to a press statement released. The GDT collected $1.918 billion in tax revenue from January to June this year, down from $2.072 billion during the same period last year. GDT Director General Kong Vibol stated that the department has achieved 46.06% of its 2024 target, which aims to collect a total of $4.164 billion. The GDT is responsible for collecting various interior taxes, including taxes on profits, withholding taxes, salary taxes, value-added taxes, special taxes on certain goods and services, turnover taxes, vehicle taxes, patent taxes, and property taxes. (Source: Khmer Times)

China, Japan, and ADB are Cambodia's primary development partners Cambodia's top development partners are China, Japan, and the Asian Development Bank (ADB), with China leading by disbursing an average of $776 million annually. This amount is 2.5 times more than Japan's contributions and three times that of ADB. Other significant development partners, including France, the US, South Korea, and the EU, each spend around $120 million per year on Cambodia. Collectively, these seven partners account for 79% of the country's development funding. Recently, China's focus has shifted from transport, storage, and health sectors to agriculture, emphasizing food security. However, total official development finance to Cambodia decreased by 30% in 2022, dropping to $2.3 billion, mirroring a regional trend in Southeast Asia. China's development financing fell to $386 million in 2022, while Japan's support remained stable until the onset of COVID-19. ADB's development spending varied between 2015 and 2022, with loans making up 92% of ADB's financing to Cambodia. (Source: Khmer Times)

Corporate News

ABA Bank achieves triple win at Euromoney Awards 2024 ABA Bank, Cambodia's largest commercial bank, received three prestigious titles at the Euromoney Awards for Excellence 2024: Best Bank in Cambodia 2024, Best Digital Bank in Cambodia 2024, and Best Bank for Corporate Responsibility in Cambodia 2024. These accolades reflect the bank's robust financial performance and expanding reach, driven by its commitment to consistent growth. In 2023, ABA Bank's total assets grew by 27%, reaching $11.5 billion, while customer deposits increased by 26% to $9.2 billion. The bank expanded its physical presence with 95 branches and 45 self-banking spots. Its flagship ABA Mobile application, updated with user-centric features, saw a 30% increase in users, reaching 3.1 million. Additionally, the KHQR payment merchant network grew by 43%, solidifying ABA Bank's leadership in digital payments. The bank's dedication to social responsibility, particularly in education, financial literacy, and youth empowerment, underscores its commitment to customer satisfaction and innovation. (Source: Phnom Penh Post)

Stock Market

CSX index declines 0.29% on July 26, 2024 On July 26, 2024, the CSX Index closed at 414.5 points, reflecting a 0.29% decrease from the previous day. Gains on the main board included GTI (+3.46%) and MJQE (+0.49%). However, several stocks experienced declines: PEPC (-2.40%), PPAP (-1.30%), CGSM (-0.41%), PWSA (-0.28%), and ABC (-0.16%). PPSP remained unchanged. On the growth board, both DBDE and JSL held steady. The total trading volume for the day was 68,962 shares, with a cumulative trading value of KHR 318 million. (Source: YSC Research)

CSX Index

Stock Performance

Valuation Ratios

Trading Summary

Historical Issuance Summary

Main Board

Growth Board