Evergrowth (Cambodia) Specialized Bank PLC — Annual Report 2024
A full review of our financial performance, corporate governance, products, and commitment to Cambodia for the year ended 31 December 2024.
2024 at a Glance
A message from Mr. Zhang Jinbu, Chairman of the Board
The year 2023, Cambodia's economy continued to recover from the impacts of the COVID-19 pandemic. Despite external challenges and weaknesses in parts of the real estate sector, the country's political stability has given national and foreign investors clear confidence — promising continued growth and expansion of the Cambodian banking system.
Moreover, the National Bank of Cambodia (NBC) has encouraged banking and financial institutions, including issuing a Circular on Restructuring of Loans for the tourism sector in Siem Reap Province, enabling customers facing temporary financial difficulties to overcome these challenges and supporting economic growth in 2024.
During this period, Evergrowth (Cambodia) Specialized Bank Plc. continued lending operations as normal, collected repayments to support residential clients, and maintained the quality of its loan portfolio. Gross loan portfolio outstanding increased to around USD 15.14 million, with operating income of USD 1.02 million.
The Board of Directors is delighted with the Bank’s performance in 2024 and will continue playing an active role in overseeing the Bank’s strategy, executed following best practices and standards. The bank has enhanced its corporate governance and management to maximize efficiency and achieve its goals.
I extend my sincere thanks and appreciation for the ongoing guidance and support from the National Bank of Cambodia, and to all stakeholders — regulatory authorities, communities, customers, and business partners — for their overall support.
We look forward to the continuous support from all stakeholders in ensuring the bank continues to deliver balanced, sustainable, and inclusive growth in 2025 and beyond.
Mr. Zhang Jinbu
Chairman of the Board
Financial Statements
Income Statement (USD) — Year Ended 31 Dec 2024
Balance Sheet (USD) — As at 31 Dec 2024
Loan Portfolio by Credit Quality
| Classification | Amount (USD) | % of Gross Loans |
|---|---|---|
| Normal (secured) | 9,275,577 | 58.6% |
| Special mention (secured) | 354,474 | 2.2% |
| Substandard (secured) | 460,086 | 2.9% |
| Doubtful (secured) | 500,121 | 3.2% |
| Loss (secured) | 5,251,460 | 33.1% |
| Total gross loans | 15,841,718 | 100% |
Annual interest rates: 8.00% – 9.50% (2024) | 7.50% – 9.50% (2023). Gross loan portfolio: USD 15,841,718 (2024) vs USD 14,887,231 (2023).
Corporate Timeline
Incorporated as a public limited company with the Ministry of Commerce (Reg. No. 00034481)
Licensed by the National Bank of Cambodia as a Specialized Bank (License No. SB-19)
Officially commenced operations with lending to residential customers
Submitted request to NBC to increase share capital from USD 15M to USD 18.5M
NBC approved share capital increase to USD 18,500,000 (18,500 ordinary shares)
Returned to profitability: net profit of USD 260,261 for the year
Ministry of Commerce approved amended Memorandum and Articles of Association reflecting capital increase
Board of Directors approved financial statements; Grant Thornton issued unqualified audit opinion
Leadership
Mr. Zhang Jinbu
Chairman of the BoardMajor shareholder with extensive experience in large-scale property development in China and Cambodia, including Star City (Russian Boulevard) and Star Bay (Sihanoukville). EMBA from Beijing University (2014) and MBA from Zhongnan University of Economics and Law (2008).
Mr. Peng Yixing
DirectorShareholder and Chairman of Xinghui Property Development (Cambodia) Co., Ltd. Developed Star City, TK Star, and Star Bay projects. Holds 100% of Hainan Jinbang Industry Company Limited. Diploma in Mathematics, Fujian Wuyi College (1982).
Ms. Liang Chunmiao
Independent DirectorQualified and experienced in accounting and finance management, financial analysis, asset management, and portfolio lending analysis. Bachelor of Accounting Professional, Hainan University (1999).
Independent Auditor's Opinion
“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Bank as at 31 December 2024, and of its financial performance and its cash flows for the year then ended in accordance with CIFRS Accounting Standards as adopted by the Accounting and Auditing Regulator of Cambodia, based on IFRS Accounting Standards as issued by the International Accounting Standards Board and guidelines of the National Bank of Cambodia (NBC).”
Grant Thornton (Cambodia) Limited
Certified Public Accountants & Registered Auditors
Ronald C. Almera, Partner — Audit and Assurance
Phnom Penh, Kingdom of Cambodia · 28 March 2025
Download Annual Report Documents
Annual Report 2024 (Full)
Complete report including financial statements, notes, and auditor's report · PDF
Financial Statements 2024
Standalone audited financial statements · PDF
Director's Report 2024
Board of Directors' report for the year ended 31 December 2024 · PDF
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