Message from CEO

The COVID-19 pandemic has quickly impacted all our lives, from the way we work and travel to how we interact with one another on a daily basis. The global health crisis that we are now living in is a time of uncertainty and volatility.

Like many companies, we suspended our staff travel and postponed large events and meetings. At Head Office, we moved some staff to other branch offices around Phnom Penh to increase social distancing and strictly implemented COVID-19 prevention guidelines issued by the Ministry of Health.

For the safety of our staff and customers, we strongly encourage clients and staff to do financial transactions through ATM, mobile banking, and internet banking. If a client needs to visit us in person, we assured that everyone follows the COVID-19 prevention guidance of the Ministry of Health to keep everyone safe. All branches are operating as normal, but we need our visitors, clients, and staff to follow social distancing and office entrance protocols (hand washing, temperature checks, mask wearing and scanning of QR Code of Ministry of Health.

2020 was extremely challenging for many of our customers, the economy, and the Cambodian community at large – initially due to the coronavirus pandemic and more recently due to flash flooding. We have been determined to provide financial relief to households, keep working capital and credit flowing for businesses, deliver performance for our shareholders, and facilitate economic activity and financial stability more broadly.

Our people and PRASAC’s leadership team have done an extraordinary job and responded quickly and effectively of COVID-19 pandemic – by meeting customer needs and supporting the delivery of the Government’s stimulus initiatives. This has included helping small and medium sized businesses with loan restructuring and in accessing the funds of the Government’s SME Co-Financing Scheme.

Our 2020 results demonstrate that our strategies continue to deliver success in the hardest situation of the novel coronavirus SAR-CoV2 pandemic. Here are some notes on key operational highlights:

  • Total assets at year-end were USD 3.61 billion, growing 16.71% compared with the end of 2019.
  • Total gross loan portfolios were USD 3.03 billion increased by 21.17% with the total of 442 thousand clients.
  • PRASAC’s Non-Performing Loan (NPL) was at 0.99%.
  • The deposits outstanding balance reached USD 2.06 billion with the total of 627 thousand depositors.
  • After-tax net profit increased by 5.14% to USD 108.82 million from USD 103.50 million in 2019.
  • Return on Equity (RoE) was 23.43% and Return on Assets (RoA) was 3.24%.
  • Office network covering 25 provinces and cities through 182 outlets, 141 ATMs, operating in more than 14,022 villages, equal to 86% of total villages, with a total of 9,042 staff.

Over the last five years, PRASAC has doubled its business size, client base and number of employees. We have learned a lot from the challenges of the past several years and these lessons have helped PRASAC successfully navigate a stormy 2020, demonstrating our ability to adapt with speed in response to the global pandemic and becoming a resilient strong and stable institution for long term.

We have learned a lot from the challenges of the past several years and these lessons have helped PRASAC successfully navigate a stormy 2020, demonstrating our ability to adapt with speed in response to the global pandemic and becoming a resilient, strong and stable institution for more than 25 years of sustainable growth.

PRASAC still continues to invest in its business, IT infrastructure, people, and branding to deliver customer-centric experiences and help those clients we serve to have confidence in their financial future. We also maintain a strong risk management culture and focus on operational excellence while fostering our unique and inclusive culture to bring out the best in our clients and stakeholders.

For all businesses and people, 2020 was a very tough year. However, we are confident that our strategy, hard work and commitment to people will secure meaningful progress over the coming years.

On behalf of PRASAC Management, I would like to thank the management team and staff for their efforts and commitment, the Board of Directors for their support and advice, and the Royal Government of Cambodia, regulatory bodies, the National Bank of Cambodia, and local authorities, who always support us.

Sim Senacheert
President and CEO