ABA Bank continues to dominate the financial landscape with a stellar performance in the first half of 2024. The bank reported impressive growth across all key metrics, solidifying its position as a key driver of Cambodia’s economic development.
Strong customer growth fueled by digital adoption
The bank reports a significant increase in customer acquisition in the first half of 2024. The number of mobile app users has grown by 34% compared to last year, reflecting a growing preference for ABA’s digital banking solutions.
This surge in digital adoption is further underscored by a 32% expansion in its overall customer base, reaching almost 4 million.
This growth is accompanied by a tremendous 126% increase in ABA PAY transactions nationwide compared to the first half of 2023. The surge in cashless payments (including static and dynamic KHQR, POS terminal payments, and website transactions) highlights the accelerating digitalization of the Cambodian market, a trend ABA is at the forefront of driving.
Deposits surge
Customer confidence in ABA soared, with total deposits jumping by 20%, reaching a staggering $9.8 billion in Q2 2024 compared to $8.2 billion in the same period last year. This significant increase translates to millions of new customers trusting ABA with their finances, highlighting the bank’s expanding reach.
Driving Cambodian growth
ABA continues to play a vital role in supporting Cambodia’s economic activity. Loan growth remained steady at a healthy 14%, reaching $8.3 billion in Q2 2024. It reflects an increase in the first half, indicating a strong demand for credit facilities from businesses and individuals. These loans fuel Cambodian enterprises and personal endeavours, fostering economic dynamism.
Solid foundation
ABA’s robust financial strength underpins its impressive growth. The shareholder equity witnessed a significant 19% increase, reaching $1.9 billion in Q2 2024. This growth showcases ABA’s solid capital base, positioning it perfectly for future portfolio growth.
Overall expansion
Reflecting ABA’s comprehensive growth strategy, the bank’s total assets climbed to a remarkable $12.3 billion in Q2 2024, representing a 19% increase compared to Q2 2023. This expansion signifies ABA’s commitment to serving a broader customer base and contributing to Cambodia’s economic development.
Profitability on the rise
Adding to the positive performance, ABA’s net profit in the first half-year increased 21% compared to last year’s period, reaching $166.2 million. This growth in profitability highlights the bank’s efficient management and ability to generate sustainable returns.
Furthermore, the fact that shareholders of the bank have never repatriated a single dollar in dividends but instead re-invested earnings into ABA shows their ongoing commitment and trust in ABA’s strategic direction, emphasizing their dedication to furthering the growth and development of Cambodia.
ABA’s impressive financial performance and focus on growth solidify its position as a key partner for the country’s ongoing development. The bank is believed to continue supporting businesses and individuals through its innovative financial solutions.
Being the largest Cambodian commercial bank, ABA embraces and actively backs the endeavours of the Royal Government aimed at further socio-economic development. This commitment encompasses a range of governmental initiatives, including the Pen- tagonal Strategy, with ABA aligning its support with the government’s strategic goals and affirming its dedication to their realization.
