Audited Financial Results
2024 Financial Highlights
Audited by Grant Thornton (Cambodia) Limited. Prepared in accordance with CIFRS Accounting Standards and NBC guidelines.
$1.034M
Interest Income
▲ +45.8% vs 2023
$1.027M
Net Interest Income
▲ +46.8% vs 2023
$260K
Net Profit 2024
▲ Profitable (was -$807K)
$14.66M
Total Assets
▲ +1.6% vs 2023
Financial Statements
Income Statement & Balance Sheet
Income Statement (USD) — Year Ended 31 Dec 2024
Interest income$1,034,389
Interest expense($7,321)
Net interest income$1,027,068
Other operating income$10,662
Total other operating income$1,037,730
Impairment losses on financial instruments($516,974)
Net operating income$520,756
Personnel expenses($133,706)
Depreciation & amortisation($30,407)
General & administrative expenses($86,038)
Profit before income tax$270,605
Income tax expense($10,344)
Profit for the year$260,261
Balance Sheet (USD) — As at 31 Dec 2024
Cash on hand$2,136
Balances with National Bank of Cambodia$952,785
Balances with other banks$3,982,556
Net loans to customers$9,585,456
Other assets$140,969
Total assets$14,663,902
Total liabilities$144,007
Share capital$18,500,000
Accumulated losses($3,980,105)
Total equity$14,519,895
Loan Portfolio Quality
Credit quality breakdown — 31 December 2024
| 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 on loans: 8.00% – 9.50% (2024); 7.50% – 9.50% (2023)
Cash Flow
Cash Flow Summary
| Item | 2024 (USD) | 2023 (USD) |
|---|---|---|
| Net cash used in operating activities | (333,599) | (3,253,804) |
| Net cash used in investing activities | (516) | — |
| Net cash (used in)/from financing activities | (33,600) | 3,466,400 |
| Net change in cash and cash equivalents | (367,715) | 212,596 |
| Cash and cash equivalents, end of year | 4,027,755 | 4,395,470 |
Capital Management
Regulatory Capital
| Capital Component | 2024 (USD) | 2023 (USD) |
|---|---|---|
| Tier 1 capital | 14,496,639 | 10,686,805 |
| Tier 2 complementary capital (general provision) | 132,974 | 130,768 |
| Total capital (Tier 1 + Tier 2) | 14,629,613 | 10,817,573 |
Auditor’s Opinion
Independent Auditor's Report
“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.”
Grant Thornton (Cambodia) Limited
Certified Public Accountants & Registered Auditors
Ronald C. Almera, Partner — Audit and Assurance
Phnom Penh, Kingdom of Cambodia, 28 March 2025
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