Phnom Penh Commercial Bank (PPCBank), the grandson of JB Financial Group, recorded the highest net profit of 20.7 billion won among Korean banks operating in Cambodia.
PPCBank's 2019 net profit reached 20.7 billion won, up 40.5 percent from 14.7 billion won a year earlier, the highest-ever performance since its launch.
In the past three years, the number of commercial banks in the country has increased by nearly 10. Under such circumstances, it surpassed 20 billion won in net profit in the face of intensifying competition, becoming the top player among Korean banks in Cambodia.
In addition, its total assets rose 21.8 percent on-year to 1.7 trillion won in 2019, becoming the first Korean bank to break through the 1 trillion won in assets.
Total loans increased 24.1 percent from 604 billion won to 749.3 billion won, while total lending increased from 704.5 billion won to 810.5 billion won. Profitability also increased steadily, with interest income rising 31.4 percent on-year to 40.6 billion won last year.
Considering Cambodia's characteristics, the bank operates a "foreign-only window" at its major branches. In addition to deploying Chinese and Japanese employees to allow native-speaking counseling, the company also operates a "gold club" to provide differentiated PB services to high-value asset managers.
Above all, unlike the closed atmosphere of local bank branches, it introduced the concept of design management and strengthened its brand image with an interior that increases accessibility and convenience and enhances customer's emotional satisfaction, such as comfort and trust.
In the digital financial services sector, it succeeded in developing its own core banking IT system "Apsara" last year for the first time in Cambodia and has the technological capability to computerize the entire process, including consulting on loan services and follow-up management.
In addition, it signed a business agreement last year to provide $30 million in loans to small and medium-sized Cambodian companies over the next five years with the International Finance Corporation (IFC) under the World Bank, which supports developing countries, expanding financial support for small and medium-sized Cambodian companies and setting the stage for sustainable growth.