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 is proud to report a significant increase in customer acquisition in the first half of 2024. The number of mobile app users has grown by 34% compared to the same period 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 four 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 digitalisation 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 substantial 19% increase compared to Q2 2023. This expansion signifies ABA's commitment to serving a broader customer base and contributing significantly to Cambodia's economic development.
Profitability on the rise
Adding to the positive performance, ABA's net profit also witnessed a healthy increase of 21% compared to the same period last year, reaching $166.2 million in Q2 2024. This growth in profitability highlights the bank's efficient management and ability to generate sustainable returns.
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, emphasising their dedication to furthering the growth and development of Cambodia.
With its unwavering focus on innovation, customer service, technology and stability, ABA is well-positioned to capitalise on emerging opportunities and drive Cambodia's economic growth. Being the largest commercial bank, ABA actively backs the endeavours of the Royal Government of Cambodia aimed at further socio-economic development.
This unwavering commitment encompasses a range of initiatives, including the Pentagonal Strategy, with ABA firmly aligning its support with the government's strategic goals.
