CEO’s Message 2016:

 

Lee Yong Man

          2016 was a year marked globally by sluggish growth and rising uncertainty on trade. Against this background, we remain optimistic for 2017 as Cambodia remains a fast-growing developing country with plenty of room for economic progress.The Cambodian economy grew 7.2% in 2016, fuelled by higher exports, construction and an
expansionary fiscal policy resulting in higher government spending. While the microfinance sector is showing signs of decelerating growth, the banking sector remains robust with credit growth at 27%. At Cam Capital Specialized Bank Plc, we continue to evolve by striving to better understand our customers’ needs and priorities. This allows us to consistently deliver the high quality of services and products that our customers expect. Building on our strengths, we continue targeting the Personal Financial Services and Small and Medium Enterprises markets to fuel our expansion and growth.I am pleased to report that the Bank’s net income grew by 76% to US$3,395,000 for the year 2016 from US$1,928,000 for the year 2015. The Bank’s total assets grew by 34% to US$86 million for the year 2016 from US$64 million for the year 2015. The strong performance was achieved without sacrificing credit quality as seen with our low 0.1% classified loan ratio. As per the National Bank of Cambodia guidelines, we have made adequate provisions for the various classified loans.

As always, our strong operating performance was made possible only with the well-executed and timely processing of loans. More importantly, this is attributable to the dedication of our hard working staff. Great team work is and always will be a core value of our Bank. We remain thankful to our shareholders for their continued support and commitment, as demonstrated by their increase in shareholder loans from US$40 million to US$50 million, as well as the increase in equity capital from US$8 million to US$20 million in 2016. Going forward, we remain committed to achieve sustainable and stable business growth with respectable profits; in order to create long term shareholder value. Our staff remains our greatest asset and we continue to improve, upgrade and deepen our staff’s technical knowledge and business skills. We also strive to secure and retain the best talent in the industry, by offering them good career prospects, as well as a conducive workplace that they can be proud of. In 2016, the following activities and training were conducted:
        • Various in-house training courses and English language classes for all staff
        • External banking courses for 25 staff
        • Family Day Party in October 2016 attended by 247 staff members and 148 staff family members

I believe that 2017 will be an even better year for the Bank. We will not only continue to achieve sustainable growth, but also complete some major technological initiatives to usher in a brighter future for the Bank. I trust that the Bank will reach new heights in achieving both its short-term and long-term goals. In conclusion, I like to personally thank our regulatory authorities, shareholders, board of directors and senior management for their continued faith on my leadership and their support, commitment and guidance over the years. Without their support, I would not have been able to lead the Bank into making this exciting journey. The sum effect of the above
has enabled Cam Capital to have another stellar year in 2016 with new highs for asset growth, earnings and income. I remain strongly motivated to do even better for 2017.

Sincerely yours,

Lee Yong Man, CEO

 

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