Cambodia's banking sector sees boost in deposits, loans

via Khmer NZ

July 06, 2010

Deposits and loans at the commercial banks in Cambodia increased by 12 percent and 8 percent, respectively, in the first five months of this year, local media reported on Tuesday, citing the figure from the National Bank of Cambodia (NBC).

From January to May this year, customers'deposits at Cambodia' s commercial banks increased by 12 percent to 3.7 billion U.S. dollars from 3.3 billion U.S. dollars at the end of 2009, whilst outstanding loans rose by 8 percent to 2.7 billion U.S. dollars from 2.51 billion U.S. dollars at the end of last year.

In Channy, Acleda president and chief executive, was quoted by the Phnom Penh Post as saying that the growth was a clear sign of the Kingdom's recovery from the financial crisis.

Acleda received deposits of 796 million U.S. dollars, up 16 percent from 684.68 million U.S. dollars at the end of last year, while outstanding loans increased to 603 million U.S. dollars, up 12 percent from 539.7 million U.S. dollars, according to the NBC's January to May figures.

Cambodia has 28 commercial banks today.

Cambodia's economy has begun to recover since late last year. Garment exports, tourism and agriculture, the three out of the country's four pillars supporting its economy are recovering, except real estate sector that still has a downturn.

Source:Xinhua