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Lending by Cambodia’s Banks Rises; Deposits Grow in Q1: Central Bank

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PHNOM PENH, (Khmer Times) – Lending by Cambodia’s commercial banks rose by 6 percent, while deposits grew by 10 percent in the first quarter of this year, a National Bank of Cambodia (NBC)’s report said Tuesday.
 
The report said the country’s 34 commercial banks had lent a total of 7.87 billion U.S. Dollars’ worth of loans to customers by the end of March this year, up 6 percent from 7.4 billion U.S. Dollars at the end of last year.
 
Meanwhile, the banks had received deposits equivalent to 8.5 billion U.S. Dollars, up 10 percent from 7.74 billion U.S. Dollars at the end of last year.
 
Speaking at the opening of a Maybank’s new branch in Kandal province on Tuesday, Mr. Kim Vada, head of NBC’s Banking Supervision Department, said the rate of non-performing loans, or bad loans, at the commercial banks was only 2.59 percent for the first quarter of this year.
 
“Good and positive results in the banking sector are thanks to the country’s political stability and favorable business environment,” he said.
 
The Southeast Asian nation has a population of about 14.8 million. Its banking sector has been serving approximately 1.6 million borrowers and 1.9 million depositors, according to NBC.
 
The National Bank of Cambodia is charged with strengthening the banking system and protecting public interests. The Banking Supervision Department has the duty of supervising and monitoring banking and financial institutions’ compliance with prudential regulations through reviewing financial statements to detect any illegal transactions.
 

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