ABA Bank, Cambodia's largest commercial bank1, has again demonstrated its exceptional performance and commitment to excellence by securing three distinguished titles at the Euromoney Awards for Excellence 2024.
The accolade marks the eleventh consecutive year that Euromoney has named ABA the Best Bank in Cambodia.
Strong financial performance and expanding reach
ABA's commitment to consistent growth is evident across all aspects of its business. The bank achieved impressive financial metrics in 2023, solidifying its dominant position in Cambodia's banking sector. Total assets grew by 27%, reaching $11.5 billion by the end of 2023. Customer deposits mirrored this growth, increasing by 26% to $9.2 billion, while gross loans climbed to $7.9 billion, reflecting a healthy 21% increase since the previous year-end.
Beyond financial results, ABA demonstrably expanded its physical footprint. By the end of 2023, the bank served its customers via 95 branches and 45 ABA 24/7 self-banking spots, showcasing substantial market reach. Notably, ABA's focus on groundbreaking digital solutions underscores its commitment to staying ahead of Cambodia's rapidly evolving financial environment.
Leading in the digital banking landscape
The flagship ABA Mobile application has strengthened its position as Cambodia's most popular mobile banking solution. In 2023, the app's user base expanded by 30% year over year, reaching 3.1 million users, reflecting the bank's enhancements to its services and features.
Over the year, ABA Mobile received significant enhancements. A key factor was the user-centric approach in ABA Mobile 5.0's revamped interface. This update offered a customizable and intuitive experience with enhanced security features and accessibility adjustments like font size control and theme changes. The data-free access initiative for specific mobile operators removes data charges for essential banking services, promoting financial inclusion and propelling user adoption. The bank also introduced seamless cross-border QR payments to Thailand in 2023, allowing ABA customers to scan Thai QR codes with their ABA Mobile.
Additionally, the bank significantly expanded its KHQR payment merchant network by a remarkable 43%. The ABA Merchant app continues to receive enhancements, including a new analytics feature that allows merchants to easily access and analyze transaction data, optimizing operational efficiency and customer engagement. These advancements solidify ABA's position as a digital payments leader and enhance convenience for its customers.
Building a sustainable future through corporate responsibility
The Euromoney panel recognized ABA's commitment to corporate responsibility, which reflects its dedication to giving back to the local communities and contributing to their welfare. The bank's significant social impact initiatives include education, financial literacy, and youth empowerment nationwide. These initiatives showcase the Bank’s dedication to positively contributing to Cambodian society.
ABA provided $20,000 in support to Kampong Ro district school in Svay Rieng through building renovations and establishing a computer lab to improve the school's infrastructure.
Additionally, the bank committed $300,000 over three years to the AMT Association, which supports Cambodian students via scholarships, educational programs, and financial assistance schemes.
The Bank also expanded the third phase of its Financial Literacy Program to bring vital financial knowledge to distant rural areas in Ratanakiri province. The classes reach out to 500 participants in communities of several districts and remote villages.
Understanding the importance of youth empowerment, ABA partnered with the Cambodian Children’s Fund to improve the lives of disadvantaged children through empowerment, awareness, and education development by offering internships and employment opportunities, scholarships, monetary support for school infrastructure, and volunteer programs.
The three recognitions from the Euromoney magazine testify to ABA's unwavering dedication to its customers, innovation, and social responsibility. The bank's commitment to these values paves the way for a bright future, empowering individuals and businesses to thrive further.
1 ABA Bank is the largest commercial bank in Cambodia by total assets, gross loans, customer deposits, and profitability based on the National Bank of Cambodia’s National Supervision Report 2021-2023.
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