Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home  >>   Daily News  >>Cambodia>>Economy>> Focus on e-banking as Acleda profits soar
NEW UPDATES Asean Affairs  13 January  2016  






 Focus on e-banking as Acleda profits soar

Cambodia: On the back of a 28 per cent increase in profits last year, the country’s largest bank Acleda Bank said it would increase its focus on development of its electronic banking infrastructure in the ASEAN region, but had no plans of going public yet, according to the bank’s CEO In Channy.

The bank’s unaudited financial results show that the bank increased profit after tax from $82 million in 2014 to $105 million last year. Bank deposits grew 18 per cent to $2.6 billion in 2015, whereas outstanding loans saw a 23 per cent uptick and stood at $2.4 billion, Channy told the Post.

“The factor contributing to profit growth is the efficient management of our expenditure last year,” Channy said. “And if you look at the loan growth, we see that it has not increased as much as it had in 2014, when we had 30 per cent growth.”

According to Channy, the bank increased its profits partly due to an increase in the use of electronic and mobile banking, which will become their main focus going into 2016.

“People do not need to come to the branches because they can make transactions on electronic devices and mobile phones, so we do not have to invest on increasing our staff.”

With a total of 800,000 ATM cards in the country, Acleda will now directly issue customers with MasterCard ATM cards, enabling their customers the added luxury of withdrawing cash from any bank’s ATM machine.

“Previously, customers had to apply for a Visa or MasterCard, but now we plan to introduce 300,000 MasterCard ATM cards,” he said.

The bank, which also has a presence in Myanmar and Laos, will look to increase their presence in those countries, with plans to get a commercial banking licence in Myanmar.

“After we get a license to run a commercial bank, we will expand more but that will take 10 to 15 years,” he said.

Despite the bank’s successful performance in the Kingdom, Channy said the bank was not looking at going public, given that the bank had convenient access to capital.

“Our shareholders are big banks from around the world and they have enough capital capacity. So they can fund us if we have a need for capital and there is no plan to go public yet,” he said.


Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below



 
Today's  Stories                           January 13 , 2016 Subsribe Now !
• Submarine power cable project starts  Subcribe: Asean Affairs Global Magazine
• Focus on e-banking as Acleda profits soar
• Laos-China railway project expected to carry 3.8m passengers in first year
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Anti-corruption top Party priority in 2016
Brunei’s 7-year trade with ASEAN totalled $2.1 billion
Asean Analysis                   January 8, 2016
• Asean Analysis January 8, 2016
Sunnylands Summit Provides Opportunity to Bolster U.S.-Southeast Asia Ties
Advertise Your Brand

Asean Stock Watch January 12, 2016
• Asean Stock Watch-January 12, 2016
The Biweekly Update
• The Biweekly Update January 8, 2016

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com