Well, we all already know. 2020 was the year  began  with  many difficulties as the global economy continues to  suffer from the impacts of the COVID-19 pandemic. Domestically there are signs that economic actlvity is beginning to pick up. The economy is projected to grow by 3.5%  in 2021 compared to the contraction of 1.9% that is  expected  by  the  end  of 2020. A multitude of economic sectors have been facing challenges but thanks to the  country’s  current  political stability, there is clear confidence from national and foreign investors. This looks to be very promising for the continued growth and expansion of the Cambodian banking system  and the general recovery and growth of our economy. The  pandemic is clearly far from being over.

The government is taking active steps in providing extensive supports to the SMEs all over the country. The aid to SMEs includes but is not limited to tax reduction, working capital financing that is done through the SME Bank Plc. As for the National Bank of Cambodia (NBC), they have encouraged the banking sector to assist clients to restructure their debt with special focus on those who have been in business sectors that have been seriously affected by the pandemic.

With all these efforts from the government, the banking sector is still operating in a controllable manner. During the pandemic Evergrowth (Cambodia) Specialized Bank Plc. continues its lending operations as normal, in order  to support the needs of residential from clients, and as a result the gross loan portfolio has grown remarkably  around 30.64% to USD11.78 million (2019: USD9.02 million) and Operating Incomes increased to USD1.02 million. The Bank made profits after tax of USD0.615 million. Loan portfolio was in good quality as there was no NPL.

The Board of Directors are delighted with the Bank’s performance in 2020 and we will keep playing an active role in overseeing the Bank’s strategy, which will be executed following the best practices and standards. The Bank has enhanced its corporate governance and controllership to maximize efficiency and to achieve its institution goals.

I would like to take this opportunity to thank my board colleagues, as well as the management team, in efficiently executing their respective duties. 1 am  also  grateful  to  all other stakeholders such as regulatory authorities, customers, business partners, and the  communities  for  the  overall  support you have given the Bank as it enables us to make our commitments towards more improvements.

In particular, 1 am pleased to extend thanks and appreciation for the on-going guidance and support we have received from the National Bank of Cambodia.

We look forward to the continuous support from  all stakeholders in ensuring the Bank continues to  deliver balanced, sustainable and inclusive growth  in  2021  and beyond. It has been a pleasure for me to be a  part  of Evergrowth (Cambodia) Specialized Bank Plc. growth, and I will take with me many fond memories of our achievements.

Sincerely Yours,

For and on behalf of Chairman

Ms Li Jun

Vice President