Phnom Penh Commercial Bank Plc (PPCB), which has a corporate bond listed on the Cambodia Securities Exchange (CSX), reported sound business performance in 2022, seen as a reflection of recovery in light of the government’s relatively early push towards the resumption of socio-economic activities in November 2021.

In a March 31 filing to the CSX, PPCB reported total revenue and net profit of 320.240 billion riel ($80 million) and 95.269 billion riel for full-year 2022, respectively, up by 2.6 per cent and 28.7 per cent over 2021.

As of December 31, total assets and equity stood at 4.044 trillion riel and 805.492 billion riel, up by 0.7 per cent and 13.7 per cent on an annual basis.

PPCB chairman Yim Yong-taick said in the filing: “The effective integration of vaccines in Cambodia has resulted in the saving of lives, the consolidation of the health care system, and a contribution to national progress toward economic recovery.

“The rapid response of the Cambodian government, compared to other developing countries, is a successful attempt to alleviate the regional crisis caused by Covid-19. The outbreak has been well-managed, and the negative impacts resulting from the pandemic have been mitigated.

“We will help small business owners and SMEs [small- and medium-sized enterprises] in the vicinity make their way through the difficulties caused by the Covid-19 pandemic while expanding our inclusive finance.

“And more efforts will be made to support local communities and the marginalised through a variety of social contribution activities. By doing so, we will fully discharge our social responsibilities,” he said.

Lee Jin-young, the lender’s CEO, added: “In order to strengthen solvency ratio as well as capital buffer of PPCBank in the full compliance with the regulatory requirement, shareholders and the board of directors of PPCBank decided to convert $12 million from retained earnings into paid-in capital.

“[The bank] got approval from NBC [National Bank of Cambodia] on 24th June, [2022 to] increase [the] registered capital of PPCBank from $102 million to $114 million, equivalent to 114,000 shares with a par value of $1,000 – equivalent 4,000,000 riel – and [got] approval from MoC [the Ministry of Commerce] on 27th July, 2022.

“As we are an easy banking [option], we try to bring easier way[s] for customer[s] to provide them [with] the feeling of more convenient and comfort,” he said.