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Credit applications up in first quarter – CBC

Chhut Bunthoeun / Khmer Times Share:
A branch of ABA Bank in Phnom Penh. KT/Chor Sokunthea

The number of consumer credit applications saw a substantial increase in the first quarter of the year, the Credit Bureau Cambodia (CBC) said in its latest report published last week.

CBC’s Consumer Credit Index Q1 showed that the number of consumer credit applications rose by about 11.5 percent compared to the previous quarter, driven mostly by personal loans and mortgage applications.

CBC noted that credit performance has recovered after a slump in the last quarter of 2018.

About 81 percent of all loans were personal loans. Mortgage loans represented 12 percent while credit card loans accounted for 7 percent.

CBC claimed that this ratio was not much different from the previous quarter and that similar levels of growth were seen across the Kingdom. In addition, it said that total consumer credit outstanding balance reached $6.70 billion, equal to almost 30 percent of total outstanding balance of individual loans in the market.

Say Sony, senior vice president of Prasac Micro Finance Institution, told Khmer Times yesterday that loans at his institution grew by about 13 percent quarter-on-quarter, reaching about $2,224 million. 57 percent were business loan and the rest were personal loans.

“Business loans keep growing in the second quarter because the rains have begun,” he said.

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