Lending at Canadia Bank rose 5 percent, to US$405 million, in the first quarter, up from $385 million at the end of 2009.

Business loans have picked up since the last quarter of last year, after a steady decline in the first three quarters of 2009, Canadia Vice President Dieter Billmeier told the Post Thursday.

“The lending growth is not on a high curve, but [it is] consistent,” he said.

Loan demand picked up in agriculture, the service sector and tourism, while general buying and selling of homes increased, he said.

Meanwhile, the bank’s non-performing loan (NPL) rate improved, dropping 8 points, to 4 percent, from 2009’s last quarter.

“For this year, we consider the outlook for the whole of 2010 optimistic and see our loan portfolio growing from $430 [million] to $450 million of bankable loans,” Billmeier said.

“We are also optimistic that we can hold the non performing loan ratio for the whole of 2010 at 4 percent.”

Billmeier said deposits grew 18 percent in the first quarter, to around $655 million.

ACLEDA Bank saw better growth in lending than it did in deposits for the first quarter, posting an increase in loans of 8.8 percent, or $585.5 million, and an increase of deposits of 7 percent, to $736 million.

“We expected over 30 percent growth [in loans] for this year,” ACLEDA President In Channy said Thursday.

The bank is trying to manage deposit growth and high liquidity, and has already slashed 1.25 percent from its one-year deposit rate, he said. “What we want is to release more lending, to balance between loans and deposits.”

In order to improve its loan ratio, ACLEDA cut interest rates on three occasions, for a total 5 percent, on loans above $300,000, down to a rate of 10 percent for year-long loans and 12 percent for longer-term lending.

ACLEDA’s NPL rate hit 0.7 percent in the first quarter, down from 1.05 percent at the end of 2009. Net profit for the quarter was $4 million.

“It’s a lot of profit in the [first quarter],” In Channy said. “For the whole of last year, we earned a net profit of only $9.9 million. So based on the first-quarter results, we expect to see about 15 percent up in net profit this year over last year.”

New banks also saw better lending this quarter.

Angkor Capital Bank’s lending grew 15 percent, to $15 million, while deposits grew 20 percent, to $22 million.

“We are still new here, so we are constantly growing in both lending and deposits,” Angkor Capital General Manger Alex Ng said Sunday.

“But for lending, we see that the loan demand is still too weak, and we’re still quite careful about giving out loans.”

Ramesh Chandra Baliarsingh, chief executive of Bank of India, which launched in May 2009, said his bank had a limited period of operation last year, making quarterly comparisons less important.

Source: The Phnom Penh Post

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Chea Chanto, governor of the National Bank of Cambodia, was quoted by the Phnom Penh Post as saying that “Currently, banks in Cambodia dare not grant long-term (five- or 10-year) loans to businesses because they are worried about losing their money, and this is an impediment for entrepreneurs to expand businesses and-small-and-medium enterprises (SMEs),” adding that “the draft law on financial leases will enable businesses and SMEs in Cambodia to obtain a long-term source of capital from the banking and financial system with limited collateral.”

Stephen Higgins, CEO of ANZ Royal Bank, said that the banking structure in Cambodia leaves too much risk for banks to handle a large lease portfolio, reported the Cambodia Daily.

Chea Chanto explained that financial leases refer to the leases of assets and properties over the long term, between a lessor (a licensed bank or lease company) and a lessee (a developer, manufacturer or other customer). He added that financial leases could include properties such as machinery and all kinds of equipment, but excluded land and buildings, reported the Phnom Penh Post.

Jim Swander, an independent financial consultant, said that the new leasing law will not help as many small and medium enterprises as some might think, reported the daily.

“In some ways it’s a good move, but it isn’t going to help the people it was designed to help,” said he. He added that leases can be more risky for banks because leased items can be moved or stolen, unlike real estate, which is often used as collateral in loans.

Yim Sovann, Sam Rainsy Party parliamentarian, said he supported the law. “I appreciate the government for creating this law, as the country is suffering from the global financial crunch,” he said. “It will help develop Cambodia’s SMEs, which contribute about 65 percent to GDP and employ 85 percent of the entire workforce,” reported the phnom penh post.

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Bun Mony, chairman of lender Sathapana Limited and a board member of the Cambodian Microfinance Association (CMA), forecasts sector-wide employment growth could be as low as 5 percent this year, far lower than previous years.

He was speaking at a workshop for senior staff of the country’s 18 microfinance institutions (MFIs), and he told journalists that 10,000 people currently work in the sector.

“New direct labour recruitment has risen 30 percent each year in the last few years, but due to the [global economic] crisis, new recruitment is forecast to grow only 5 to 10 percent this year,” Bun Mony said.

Bun Mony said the sector had lent US$740 million to a million borrowers in 2008 – an increase of 61 percent on the previous year’s loan portfolio.

However, he expects growth in the industry’s lending will slow sharply this year to 10 to 20 percent, because cash-strapped foreign investors – who account for 80 percent of capital inflow – will invest less. For that reason, he said, companies would need to hire fewer employees.

CMA Chairman Hout Ieng Tong predicted graduates would face tougher competition for posts at MFIs.

“Normally when MFIs recruit staff, many university graduates apply for those posts,” he said. “Due to the crisis we have cut the number of new staff recruitments. Sometimes we recruit only 20 employees but have thousands of applications.”

Chea Phalarin, general manager of MFI Amret, agreed, saying that his company employs 810 employees – a rise of 50 percent on the previous year.

“However, the financial crisis means we plan to recruit only 30 percent new employees to expand our operations,” Chea Phalarin said.

He added that Amret’s loan book last year was up 80 percent, with $54 million lent to 230,000 customers. Yet Chea Phalarin predicted loan growth for his firm would slow to 40 percent this year.

(The original article si extracted from the Phnom Penh Post)

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Bun Mony, director of MCA, was quoted by the Cambodia Daily as saying that “most of my borrowers pay off their debts regularly, less than 1 percent has trouble with their payments.”

Payments are made by using the loan from one micro-lender to pay the next micro-lender till they no longer can have access to micro-loans from the MFIs. Over 1 million Cambodians have borrowed from over 100 organizations with over $440 million in outstanding micro-loans.

During the Global financial crisis, Cambodian farmers have hard time to repay loans on times. As a result, those will be faced with the confiscation of their properties such as farmland, and houses. Although, MFIs claim that they don’t seize properties for late payments, they are indeed part of the chain that pushes the poor off of their land.

It is expected that the late payment will be continuing to increase up to 1 or 2 percent.

Chan March, general manager of Credit Microfinance Institute, sad that his company has so far taken two clients to court because of late payments-one in Kompong Cham province and one in Kompong Chhnang- but in both cases, payments were made before a court-imposed deadline, and no land seizures were necessary. A third case, also in Kompong Cham, is currently before the court, reported the Cambodia Daily.

More than 20,000 borrowers, the majority of whom are women and are among the rural poor.

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Before Hungary issues loans, Cambodian government must first settle a $433,000 debt owed to Hungry since the 1980. And the agreement settling the debt will be signed May 27 at an Asean-European Union Summit.

Garamhegyi was quoted by the Phnom Penh Post as saying that “We want to focus on those areas in which Hungary has great expertise and advantages, and we have to negotiate those projects that Hungary can bring [to ensure] the most added value for Cambodia,” he added. “We hope to sign the agreement this year. The term of this type of loan is usually 25 or 30 years with a zero interest rate.”

He said that the $50 million in soft loans will focus on several areas, including infrastructure for water-related industries such as water purification, agriculture projects including fisheries and irrigation projects, reported The Cambodia Daily.

“If we can sign this agreement, it will open the possibility that Hungary will implement other financial programs and will pave the way for a US$100 million loan for research and development facilities,” said Garamhegyi quoted by The Phnom Penh Post.

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Hout Ieng Tong, chairman of the Cambodia Microfinance Association, said loans declined to US$438 million in 2008 from $470 million the previous year, speaking at the banking event Friday.

“The global financial crisis left microfinance institutions (MFIs) without enough funds from overseas and local lenders,” he said.

“Portfolio at risk is still very low – 0.67 percent, equivalent to $2.95 million,” he added.

Savings grow
Savings outstripped lending for the first time, however. Hout Ieng Tong said that a stagnant real estate market had encouraged more savings, with deposits reaching $492 million in 2008, up from $350 million in 2007.

“The increase is probably because people no longer want to invest in real estate,” he said.

Hout Ieng Tong said the number of borrowers hit one million last year from 970,152 in 2007, and depositors rose to 529,789 last year from 355,956 in 2007. Eighty-one percent of borrowers are women, he said.

“However, there is huge room to grow because the percentage of borrowers and depositors at MFIs is still relatively low – 10 percent of Cambodia’s population of around 14 million,” he said.

Neav Chanthana, deputy governor of the National Bank of Cambodia, said the MFI portfolio is sheltered from risk.

“Banks and microfinance institutions are growing despite the global financial crisis,” she said. “As you see, non-performing loans are very low – less than one percent – it is unbelievable. This shows how good our farmers are. Once they borrow the money, they work hard and are committed to repaying.”

Some institutions also saw increased lending despite the general downward trend. The general manager of Amret Microfinance Institution, Chea Phalarin, said its loan portfolio increased 80 percent in 2008 – to $54 million from around $30 million in 2007. “The global economic downturn has not affected the loans we offered last year,” he said, adding that growth was due to strong rural demand for micro businesses, especially in the agricultural sector. “Despite the global downturn, we expect to see 50 percent loan growth this year.”

Interest rates range from 24 to 36 percent per year, according to the industry.
Mom Vanny, from MFI Cambodia Health Committee Ltd, said Sunday its loans were $4 million in 2008, up from $3 million in 2007.

“Early this year, we suspended loans to customers due to the crisis,” he said. But, he continued, “This year we plan to increase loans by 50 percent and will set up two more operational offices.”

“In 2009, we will require external financing of around $4 million,” he said, “But due to the crisis, we expect to get only $2 million.”

Source: The Phnom Penh Post

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The agreement, to be signed by KRX chairman and CEO Lee Jung-hwan and Finance Minister Keat Chhon, sets out requirements for both parties and contains penalty clauses, although Inpyo Lee declined to say what they were. He also refused to list the requirements, but said that the capital contribution was a key one.

He added that the exchange was on track for a December launch, provided the three state companies slated to be listed prior to opening complete preparations on time.

Some observers have warned that the timing of the initiative could create problems as Cambodia faces reduced economic growth, increased unemployment and the threat of increased nonperforming loans.

“I think that currently, the environment is not good enough to proceed with the stock market in Cambodia,” said economist Kang Chandararot, president of the Cambodia Institute for Development Study.

He said that to rush prematurely into establishing an exchange risked losing investor confidence “because the risks will be higher for participants”.

Nguon Meng Tech, director general of the Cambodia Chamber of Commerce, urged the government to postpone launching the exchange until 2012, saying that not enough Cambodian investors understood how a bourse works.

“Most Cambodian business old hands have little knowledge about a stock exchange. So, how can they throw money at it?” he said.

Keat Chhon acknowledged Thursday that while the government “cannot set an official date for the establishment of the stock market. We will put our efforts into achieving a [December] target”.

“The global financial crisis, of course, impacts the stock market,” he said. “But we won’t abandon our plans to establish an exchange due to the crisis.”

Lee said he expected institutional investors and foreigners to be the main source of liquidity in the early stages of the exchange. Investment and retail banks had expressed interest as institutional investors ,he said, although there had been no formal agreements signed.

He confirmed the exchange would initially use the US dollar but could also introduce riels at a later date depending on demand.

Foreigners would be able to invest in the exchange and foreign companies would be able to list, he said.

Lee also said the launch would not be affected by the global downturn, as he anticipated it would be “three or four years” until the exchange was operating at full capacity, by which stage the financial crisis would likely be over.

He anticipated that about 30 companies would be listed by the time the exchange was operating “normally”.

KRX, the world’s No 3 derivatives exchange, became the sole bourse operator in South Korea in 2005 after it absorbed the Korea Futures Exchange and the junior Kosdaq market.

(The original article is extracted from The Phnom Penh Post)

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Increase in loans is important for agriculture sector

Increasing agricultural loans is in a bid to cushion the country from the global economic slowdown. Loans will provide extra money to expand the agricultural sector and help with the development of the economy.

Microfinance contributes significantly to Cambodia’s development since it is used primarily to support Small and Medium Enterprises (SME) as well as the agricultural sector. Although limited, credit for small farmers and for large entrepreneurs in agriculture exists and is available, mostly from microfinance institutions and specialized banks. Besides borrowing money from banks or micro-credit, Cambodian people are still depending on family, friends or individual lenders who charge high interest rates than banks.

In Channy, president of ACLEDA bank, said that he will increase agricultural lending to US$114 million next year, more than double the $56.4 million ACLEDA has loaned so far in 2008, The Phnom Penh Post reported.

Yang Sang Koma, president of the Center for the Study and Development of Cambodian Agriculture, said that “the credit that is currently available to Cambodian farmers is too restrictive. To help the agricultural sector grow, interest rate for loan to Cambodian farmers need to be lower and maturity period longer,” The Economic Today reported.

“The bank has issued $22 million in loans to support the agricultural sector, principally short-term loans at eight percent interest to farmers, Son Koun Thor, president of the government-owned Rural Development Bank, quoted by the Phnom Penh Post.

The government budget for agricultural in 2009 was small compared to other ministries and did not allocate sufficient resource to provincial level authorities for implementation of agricultural program, said Yang Sang Koma, quoted by the Cambodia Daily as saying.

Low interest loan targets individual farmers and farming association

Lending loans with low interest rate for agriculture sector is affordable for farmers. Prime Minister Hun Sen recommended the Ministry of Finance to encourage commercial banks to use the loans to boost national economic growth.

Economic Institute of Cambodia’s “the Cambodia Economic Report 2008” reported that “Interest rates on loans in Cambodian riels (CR) remained stable during the first half of 2008, varying between 19 percent and 22.46 percent in June depending on the length of the loan compared to from 19.01 percent to 22.26 percent in March.”

Microfinance entities reported an increase in credit volume and customers in the first semester of 2008. Micro Finance Institutions (MFIs) and Rural Credit Operators provided a total of CR 851 billion in credit and the number of borrowers reached about 672,725 people, which is a 25 percent increase over the second semester of 2007. MFIs and Rural Credit Operators received close to CR 23 billion in deposits from about 166,588 people, which is a 17 percent increase over the figure registered at the end of 2007, the report read.

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The Singaporean commercial bank VIP, located along Monivong Boulevard in Phnom Penh, was shutting its door before offering any loans or receiving any deposits. The closure was because that the bank could not meet the government’s reserve requirement, local media reported.

VIP bank opened its operation in August and closed in December 2008. National Bank of Cambodia’s Director General, Tal Nai Im, told the Cambodia Daily that VIP bank’s commercial banking license was canceled in November when the bank volunteered to liquidate itself.

The government’s central bank appointed Morrison Kak & Associes to determine if the bank owns any outstanding rent, utility costs or other fees.

Kak Key, managing partner of auditor Morrison Kak & Associes, said that “his firm was appointed by the NBC in early December to conduct an audit of VIP bank,” adding that the bank’s audit would begin Jan 05 to March 2009. He added that the auditor will review all payables and receivables and publicize the bank’s closure in local newspapers, reported the Cambodia Daily.

“When everything’s done, we give a report to the National Bank of Cambodia that says everything is okey. And they erase VIP from their list of commercial bank,” said he.

Tough competition in the local market and the economic slowdown also played a role in the closure of VIP. Bankers said that the closure of VIP bank is not a sign of turmoil banks in Cambodian financial industry.

In Channy, president and chief executive officer of ACLEDA Bank, said Sunday that the tripling of registered capital requirements was not a serious concern because the NBC has given commercial banks until 2010 to comply, reported the Phnom Penh Post.

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New SMS based-mobile phone payments services, WING, which is ANZ’s new branchless banking service, will enable rural Cambodians to make low-cost person-to-person payments and transfers directly from their mobile phone, and reducing the risks associated with handling large amounts of cash.

Before transferring money, subscribers have to open virtual bank accounts on their cell phones without going to banks. In order to deposit money into their accounts, subscribers just visit any of WING’s 70 agents – typically phone retail shops – of which 60 are located in Phnom Penh and 10 are in Kompong Speu, Takeo and Kandal provinces.

While approaching the WING shops, a customer just dials the WING service number and types codes or commands into their cell phone depending on whether the desire is to deposit or withdraw funds. And then, retailers either dole out or collect the cash, and in turn make a profit from transaction fees.

During WING’s launch on Tuesday, Mike Smith, ANZ’s CEO, said that “WING will help improve people’s livelihoods and reduce poverty by increasing their access to banking services,” he added that mobile banking – also known as M-Banking or SMS Banking – has already taken root across the developing world, and Citibank introduced a similar system in the United States in mid-2007.

Money transfer to non-WING customers incur a $1 fee, while transfer to WING customers incur at most a fee of 1 percent of the transaction value. By the way, there is no minimum transaction, but the maximum is $1,000 in any one day.

Meanwhile, the mobile phone payments services have proven successful across developing countries, such in Philippines in 2005, South Africa, Kenya and Latin America.

National Bank of Cambodia’s deputy governor Neav Chanthana, lauded the ability of mobile banking to provide financial services to those without access to standard bank accounts, according to the Cambodia Daily.

“WING provides our population, no matter where they work in Cambodia, the ability to stay financially linked to their families faster and cheaper than ever before,” said he.

WING is currently only functional on Telekom Malaysia International’s 015 and 016 prefixes, WING Managing Director Bran Jones said, he added that the service should be available within three to six months through all mobile providers.

So Ponnary, executive vice-president and chief operating officer of ACLEDA Bank, agreed the technology was well suited to the Cambodian context and added that ACLEDA was hoping to launch its own mobile payments system by the end of 2009, quoted by the Phnom Penh Post.

ANZ Royal Bank is an international standards bank, which is established by Australia and New Zealand Banking Group Limited (ANZ), a global corporation with over 170 years of international banking experience and one of the top 50 banks in the world, and the Royal Group of Cambodia, one of Cambodia’s largest corporations. ANZ holds 55% of total shares on issue and Royal Group holds 45%. Banking service offered included Access transaction account, Savings Account, Business Account, Term Deposits, Cash Management Account, Telegraphic Transfer, Home Loans, Business Loans, Trade and Payment, and Markets products, ATMs and Credit cards.

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