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| The Phnom Penh Commercial Bank head branch in Phnom Penh, Cambodia / Courtesy of JB Financial Group |
By Jhoo Dong-chan
JB Financial Group said Phnom Penh Commercial Bank (PPCBank), the group's subsidiary bank in Cambodia, posted over a 10 billion won ($8.17 million) net profit in the first half of 2019.
It was the first time for a Korean bank to post above the 10 billion won net profit in the country.
Jeonbuk Bank, the group's banking unit in Korea, acquired a 50 percent stake in PPCBank three years ago, citing the country's high growth potential in finance.
PPCBank posted a 3 billion won net profit in the second half of 2016, and has since displayed a steady growth in earnings.
Along with its surging earnings, PPCBank's asset has also grown rapidly over the past three years. The bank's assets totaled 944.8 billion won as of the end of June, up 20.4 percent from a year ago.
The bank granted a total of 686.7 billion won worth of loans as of the end of June, up 32.5 percent from the same period last year's figure of 518.3 billion won.
"The bank has continuously demonstrated its strong growth despite the country's heated competition in the sector," said a JB Financial Group official.
"PPCBank has strengthened its customer network and digital service to expand its presence in the market. We will do our best to extend its earnings streak in the future."
As of the end of July, PPCBank is operating 19 branches across the country with 300 employees.
In June, the bank signed an MOU with the International Finance Corp., an international financial institution under the World Bank Group, to jointly offer $300 million worth of loans to Cambodia's small- and medium-sized enterprises for the next five years.
