ABA Bank has once again affirmed its position as the leading commercial bank in Cambodia, reporting strong audited financial results for 2024. The bank's performance across key indicators highlights its continued role as a major driver of the country's financial stability and economic development.
Steady growth in deposits and lending
Customer confidence in ABA remains high, with deposits surging by 20% year-on-year to $11 billion. This growth, bolstered by continuous technological upgrades, has fortified the bank's financial foundation and allowed it to offer increasingly competitive loan products.
Despite a challenging economic climate, ABA's gross loan portfolio grew by 10% to $8.6 billion, primarily driven by financing for small and medium enterprises (SMEs) and corporate clients. This lending expansion supports financial inclusion efforts, providing broader access to capital for businesses and individuals nationwide.
Capital boosts future investments
A significant development in 2024 was a $220 million capital injection from National Bank of Canada, ABA's shareholder. This contribution brought the bank's total shareholders' equity to $2.3 billion, which experienced a 30% increase year-on-year. The fresh capital is expected to accelerate ABA's investment in digital banking technologies and infrastructure while bolstering its resilience in a dynamic financial environment.
Assets continue upward trend
Reflecting the effectiveness of ABA's operational strategies, total assets grew to $13.8 billion, marking a 20% year-on-year increase. The bank attributes this growth to efficient management practices and well-timed strategic investments, allowing it to maintain a diversified and stable asset portfolio.
Net profit grows with efficiency
The bank's profitability increased in 2024, with net profit reaching $299.6 million. This milestone reflects enhanced cost controls and stronger interest income generation, reinforcing the bank's long-term commitment to value creation for shareholders and stakeholders.
ABA's responsible tax practices
ABA Bank continues to play a pivotal role in supporting Cambodia's fiscal sustainability. In 2024, it contributed $90 million in income tax payments to the state budget, up from $70 million in the previous year. Since 2009, the bank has paid approximately $456 million in taxes, demonstrating a consistent commitment to national development.
In recognition of its transparent and responsible tax practices, ABA has received the "GOLD" Certificate of Tax Compliance from the General Department of Taxation four consecutive times.
Expanding digital reach
In 2024, ABA Bank introduced several enhancements to its widely used ABA Mobile app. New features, including FacePass Secure and In-App Chat, were launched to provide users with enhanced security and convenience. These innovations are part of the bank's broader push to ensure a seamless, secure, and user-friendly digital banking experience.
With user numbers up 33% and transactions surging 67% compared to 2023, ABA Mobile has firmly established itself as a game-changer in banking, delivering faster, safer, and more convenient financial services straight to users' fingertips.
Furthermore, the bank enhanced its ABA Business online banking platform. It offers advanced features like staff and management payroll, utility, tax and customs duties payments, and seamless integration with third-party ERP systems. These developments underscore ABA's commitment to providing comprehensive digital solutions for individual and corporate clients.
Additionally, ABA has continued promoting the use of Khmer Riel across its digital platforms. This includes facilitating instant KHR account openings and deposit and withdrawal services in the local currency - supporting national monetary policies and broader financial inclusion goals.
Physical footprint expansion
The bank's physical network also grew during the year, with ABA now operating 99 branches, 46 ABA 24/7 self-banking spots, and over 1,700 self-banking machines across the country. This extensive footprint ensures that both urban and rural customers have access to essential banking services. The consistent effort to provide convenient and reliable banking strengthens ABA's presence, reinforcing its role as a trusted financial partner for individuals and businesses of all sizes.
Looking ahead
2024 has been a prominent year for ABA Bank, marked by strong financial performance and exceptional achievements. The bank's strategic initiatives, robust asset management, and steadfast effort in digital innovation have driven success and fortified its position as the market leader.
Aligned with the Cambodian government's Pentagonal Strategy, ABA remains dedicated to contributing to national economic growth and enhancing the well-being of Cambodians. As ABA moves forward, it remains committed to empowering communities, supporting Cambodia's economic trajectory, and setting new standards in the banking industry.
About ABA Bank
ABA Bank is Cambodia's largest commercial bank by assets, deposits, loans, and profitability, according to the Annual Supervision Report 2021-2023 of the National Bank of Cambodia.
The Bank's wide-reaching footprint covers 101 branches, 46 self-banking spots, 1,800+ self-banking machines, and advanced online and mobile banking platforms, providing more than 4.5 million customers with the convenience of modern financial services.
ABA Bank is a subsidiary of National Bank of Canada – one of the largest banks in Canada, with around $334 billion in assets as of 31 January 2025 and a vast network of correspondent banks worldwide.
