Advanced Bank of Asia Ltd (ABA) has filed a second quarter report showing continued advances quarter-by-quarter and year-on-year, as it positions itself as the leading retail bank in the Kingdom.

The wholly Canadian owned firm, which shares the same brand look and feel of its parent company (National Bank of Canada) saw its Q2 2021 total income rise nearly 33 percent over Q2 2020 results.

ABA’s total second quarter income reached roughly $122,959,063. Net profit for Q2 2021 was recorded at $45,334,111. This represented a huge increase over Q2 2020’s $24,898,384.

The bank’s non-performing loan (NPL) ratio for the period barely moved, going from 0.7 percent at the end of the Q2 2020 reporting period to 0.78 percent for the second quarter of 2021, an impressive feat that perhaps says more about ABA borrowers than anything else given the bank’s strong commitment to support National Bank of Cambodia guidelines.

ABA assets grew to $6,966,977,458 from Q2 2020’s $6,081,603,605, up 14.1 percent as noted in the financial highlights page of its report.

The bank’s liabilities were also on the rise however, up 14.8 percent to $6,106,456,848.

Equity grew to $860,520,610 in Q2 2021, a 12.9 percent hike according to the company over 2020 second quarter results.

In his message to shareholders, Yves Jacquot, chairman of the board of directors of ABA, cited a number of the year’s developments and highlights.

Jacquot said that as an active member of the business community, ABA provided feasible contributions to people and businesses of Cambodia, noting that in April, the bank donated $1 million to support government efforts in stopping the spread of the COVID virus.

Jacquot also wrote that the bank continued distributing new loans to its customers because access to capital is vital for people and businesses not only in the growing economy but also in times of crisis. ABA has maintained participation in the SME Co-Financing Scheme 2020 (SCFS), an initiative of Cambodia’s government to provide affordable loans to small and medium enterprises.

Summing up ongoing plans, he added that ABA is continuing to implement its business strategy, focusing on digital finance products and productive loans to businesses in “real” sectors of the economy. He emphasised the continuous innovating of banking solutions and application of a robust risk-management culture strengthened by audit and compliance functions.

The USD to riels currency conversions listed in this article were based on yesterday’s exchange rates.

As such they will show a variance with currency conversions executed with exchange rates recorded on the dates cited in the report’s compiling.

• Tags: ABA, growth