Cambodia sustained an average real growth rate of 7.7% between 1998 and 2019, making it one of the fastest-growing economies in the world, on the back of flourishing manufacturing and tourism sectors. However, the onset of Covid-19 led to a contraction in gross domestic product (GDP) of 3.1% last year.
During the boom years, Canadia Bank overtook Acleda Bank as the largest bank in the country by total assets in 2018. Despite the pandemic, total assets at Canadia Bank rose 7.1% in 2020 to $7bn, from $6.5bn in 2019, according to The Banker Database.
Acleda Bank, which remains the largest bank in the country by Tier 1 capital, saw total assets increase 5% to $6.5bn, from $6.2bn in 2019.
The stellar growth of the Cambodian economy can also be seen in the growth in total assets of Advanced Bank of Asia, which has seen total assets increase more than 440% over the past five years to $6.1bn in 2020.
As the country continues to grapple with the fallout from Covid-19, the Asian Development Bank forecasts GDP to rise 1.9% this year.
Trends identified using The Banker Database, an online database providing comprehensive financial data and insight for 4000 of the world's leading banks in 190 countries. Contact us.
