PHNOM PENH, July 26, 2024 — Despite global economic uncertainties, Cambodia's banking and financial industry has shown resilient growth in the first half of 2024, according to the latest biannual report from the National Bank of Cambodia (NBC).
As of June this year, outstanding loans saw a year-on-year increase of 2.6 percent, reaching $58.9 billion. Similarly, customer deposits experienced a significant rise, increasing by 13.4 percent to $51.9 billion.
The growth in loans was noted across various key sectors including trade, housing, construction, real estate, agriculture, hotels and restaurants, and manufacturing.
The report also highlighted that non-performing loans (NPLs) remain at manageable levels, with banks reporting 6.8 percent and microfinance institutions at 8.3 percent.
Dr. Chea Serey, Governor of the NBC, credited the sector's growth to the diligent cooperation of banking and financial institutions in adhering to prudent regulations and efforts to maintain stable credit interest rates. "The banking system continues to contribute significantly to macroeconomic and financial stability, playing a vital role in supporting the nation’s economic growth," she remarked.
Currently, Cambodia's expansive banking network includes 59 commercial banks, nine specialized banks, 87 microfinance institutions, and 115 rural credit institutions. The country boasts 21.3 million deposit accounts and 4 million credit accounts, underscoring the sector's robust expansion and accessibility.
