Cambodia’s banking, financial institutions experience slow credit growth in 2024: central bank
Cambodia’s banking, financial institutions experience slow credit growth in 2024: central bank
Cambodia’s banking and financial institutions recorded slow credit growth in 2024 mainly due to sluggish recovery of the construction and real estate sectors, according to the annual report of the National Bank of Cambodia (NBC) on Wednesday.
Outstanding loans rose by 3 percent year-on-year to $59.9 billion by the end of 2024, while customers’ deposits increased by 16.3 percent to $57 billion, the report said.
It added that non-performing loans (NPLs) at the banks and the microfinance institutions were at 7.9 percent and 9 percent, respectively.
The report said the current assets in the kingdom’s banking and financial system rose to $91.1 billion by 2024, a year-on-year increase of 7 percent.
NBC Governor Chea Serey said lending at the kingdom’s banking and financial institutions grew at a slower pace last year due to the slow recovery of sectors such as construction and real estate, tourism, and wholesale and retail.
On the deposit side, she said the banking and financial institutions recorded fast growth of 16.3 percent last year, reflecting that “the banking system is resilient with strong confidence from the public.”
The report said that Cambodia has 59 commercial banks, nine specialised banks, 85 microfinance institutions, and 114 rural credit institutions, with 23.3 million deposit accounts and 4 million credit accounts.
The Southeast Asian nation has also registered approximately 30 million e-wallet accounts as of last year, the report said.
