Dear Valued Customer,

On a global scale, 2023 was perceived as another year of heightened difficulties. Despite the US economy showed signs of resilience in certain areas, the world faced even greater challenges as it was recovering from the COVID-19 pandemic. These included the persistent conflict in the Middle East and Ukraine which exacerbated geopolitical tensions and elevated energy and food prices, the real estate crisis in China together with its decline in domestic consumption, and the on-going rise of interest rates resulting from central banks' efforts to contain inflation through the tighten monetary policy.

In spite of the global economic stagnation, Cambodia's economy grew by approximately 5.5% in 2023, an increase from the 5.3% recorded in 2022. This outcome is primarily attributable to the expansion of the tourism sector, the acceleration of exports of non-garment travel goods and footwear (GTF) products, and the rise in domestic consumption. Nevertheless, according to the National Bank of Cambodia, this accomplishment remained insufficient in comparison to the previous projection of 6% growth due to the decrease in the export of manufactured goods and garments, a sluggish construction and real estate industry, and difficulties in the agricultural sector

The Cambodian banking and financial industry remain strong and resilient, serving as the primary forces in supporting economic activity. However, the weakening of some sectors resulted in a slowing of credit growth in 2023, approximately 4.8%, which was the lowest rate in the last two decades, while non-performing credit in the banking sector increased to 5.4% due to the end of the credit restructuring.

Even during these unprecedented times, Shinhan Bank Cambodia., Plc. (SBC) continued to take major steps forward. As of December 2023, the bank’s total gross loan outstanding reached to USD 702 Million, an increase from last year balance recorded USD 691 Million. The customer deposit balance also increased by USD 92 Million, representing a 19% growth from 2022. All of this growth was a reflection of the trust and confidence shown by our loyal customers. Therefore, in 2023 we contributed additional capital of USD 100 Million bringing our total equity balance to USD 265 Million. In addition, we have created a new competitive product named "Simple Loan" and established a real-time overseas remittance transfer to simplify and eliminate complications. To take our customers comfort to the next level, we had enhanced our SoL Mobile App UI/UX to version 3.0 and adding numerous utility payment functions. Concurrently, we relocated our Olympic Branch to the Chaom Chau Branch in the Pur Senchey district and opened a new branch in the Russey Keo district so that our customers could access the bank's services in their preferable location; this brings the total number of branches to 15.

As part of Corporate Social Responsibility, SBC continuously sought to provide a helping hand to those whom we can support through our scholarships provided for RUPP and CKCC students for Korean language and computer science programs, the “Shinhan Computer Class” project educated and donated computers to young children in Raonjena Children’s Choir, and the wise financial education project for over 40 housewives provided for societal development.

As a foreign bank in Cambodia, reliability and trustworthiness are what keep us here today. We are forever grateful for the customer support and trust that we have received for the past 16 years. On behalf of SBC and SBC members, we are proud to contribute as guidance and knowledge necessary to empower individuals and individual businesses to manage their finances effectively. “We believe finance should be more friendly, secure, and creative.”

I would like to thank you for your continuing trust and support for Shinhan Bank Cambodia, and I look forward to what we will achieve together in the year ahead.

In this 2024, we promise to go “beyond Good”, and seek for “Great”. Let’s together share SBC’s great story.

Great Cambodia! Great Shinhan! Great Story!

Thank you

Shinhan Bank (Cambodia) PLC.
President & Chief Executive Officer
Mr. Park Hee Jin