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Our Vision Our Mission Our Social GoalsSocial Goal 1Target clientsTargeted rural community clients are the rural village households (with repayment capacity) who reside in rural areas outside the urban areas of all provincialtowns (known as Krong), in addi-tion to all districts of Phnom Penh Municipality, the entire province of Preah Sihanouk, Kep, andPailin.
Micro-enterprise clients include enterprises with a total number of employees less than 11 and/or total assets valued at less than USD 50,000.
Social Goal 2
Meeting clients’ needsOur intention is to provide finan-cial services such as credits andsavings to meet our clients’ needsplus other financial services that might be permitted by regula-tion.
Social Goal 3
Create change for the target clientsOur third social goal is to improvethe living standard of rural people and contribute to sustainable economic development.
MFI Industry Leading, Biggest and Best Microfinance Institution
To improve the living standards of rural people and contribute to sustainable economic develop-ment by being a financially viable microfinance institution.
To provide sustainable access to financial services for rural com-munities and micro-enterprises.
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Social ResultsIndicators 2009 2010 2011 2012 2013
GovernanceNumber of board members 6 6 6 6 6
Loan ProductProductivity loan portfolio (USD) 55,122,287 88,207,146 124,387,538 169,765,445 283,421,473Social loan portfolio (USD) 8,965,741 16,745,625 26,852,143 45,092,149 95,651,955
Deposit ProductSavings balance (USD) 481,254 940,316 2,583,948 6,619,023 16,633,180Term deposit balance (USD) - - 4,591,168 50,592,730 121,986,224
Client OutreachNumber of borrowers in rural area - 106,309 114,409 120,028 174,211Number of borrowers in urban area - 6,563 10,718 14,118 22,695Number of borrowers as women 46,311 67,402 89,379 105,020 168,702Number of group borrowers 9,634 14,557 13,252 3,310 4,884Number of individual borrowers 78,311 98,315 111,875 124,637 183,030Number of borrowers as MSMEs - 38,279 61,809 105,867 184,885Number of new borrowers - 73,793 59,735 53,995 96,923
Portfolio Outreach by Lending MethodologyPercentage of group lending 4.05% 2.20% 1.56% 0.90% 1.12%Percentage of individual lending 95.95% 97.80% 98.44% 99.10% 98.88%Percentage of MSMEs lending - 39.01% 54.83% 77.72% 95.48%
Human Resource ManagementTotal staff 1,246 1,440 1,501 2,135 2,765Number of staff as women 279 292 332 586 795Number of management 11 56 56 62 64Number of management as women - 2 2 6 8Number of loan officers 572 702 745 953 1,166Number of staff trained 2,468 2,336 3,103 5,440 7,965Benefits Medical Program, Health and Accident Insurance, Maternity Benefit, etc.
Social Responsibility to ClientSmart Campaign’s Client Protection Application of all Client Protection Principles
Social Responsibility to Environment and SocialEnvironmental policy Environmental policy for clients and institution is in placeLibrary project - - Project study 2 buildings 6 buildingsStudent outreach in person - - - 2,046 4,496
Client Satisfaction and LoyaltyClient retention rate - 51.33% 60.10% 65.31% 79.37%
NetworkNumber of branch offices 116 142 161 167 173Number of ATMs available for services - - - 24 60
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Key Financial Performance Indicators
Key Financial Performance Indicators 2009USD
2010USD
2011USD
2012USD
2013USD
Productivity and EfficiencyOperating expense ratio 13.2% 12.0% 10.0% 9.1% 7.8%Average disbursed loan size 923 1,225 1,568 2,073 2,381Number of loans per loan officer 150 156 166 134 161Number of loan per staff member 66 72 78 60 68
ProfitabilityReturn on Assets 4.1% 3.7% 6.5% 5.7% 4.8%Return on Equity 27.6% 26.5% 45.7% 39.5% 38.9%
Coverage AreaProvince 17 24 24 24 24District 131 164 182 186 189Commune 1,256 1,398 1,453 1,499 1,548Village 8,098 9,396 10,265 10,874 12,107
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Cambodia Economic IndicatorsIndicators 2009 2010 2011 2012 2013p*
Gross Domestic Product (GDP)
Nominal GDP, bn USD 10.4 11.2 12.8 14.1 15.6
Real GDP % change 0.1 6.0 7.1 7.3 7.0
GDP per capita USD 744 795 897 945 1,024
Government Budget
Revenues (%GDP) 15.8 17.0 15.6 14.4 14.2
Expenditures (%GDP) 20.0 19.9 19.6 19.7 19.6
Government balance (%GDP) (6.0) (7.5) (7.4) (5.3) (5.4)
Foreign Trade and BoP, bn USD
Trade balance (1.5) (1.5) (1.4) (1.9) (2.1)
Exports 3.9 3.9 5.2 6.0 6.9
Imports 5.4 5.4 6.7 7.9 9.0
Foreign direct investment 0.51 0.76 1.33 1.41 1.45
Financial Market
Outstanding loans in the banking lending, bn USD 7.2 25.4 33.6 35 -Deposits in the banking system, bn USD 34.6 26.3 19.4 29 -
Domestic credit (%) 19.9 35.3 37.7 34.0 28.0
Short-term interest rate (% p.a.) 15.0 15.0 15.0 13.7 13.0
Exchange rate (Riel per Dollar) 4,169 4,053 4,039 3,995 3,995
(*): P = Projection, bn = Billion, BoP = Balance of payment
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Message from Chairman
“PRASAC continues to deliver on its vision to be bigger andbetter institution, thanks to strong leadership, a sound busi-ness model and a dedicated team of employees”The Cambodian Economic in 2013
Over the past decade, Cambodia has enjoyed significant economic growth, peace, political stability, security, social order and sustainable and equitable development. Cambodian economic growth was forecasted at 7% for 2013 with an inflation rate forecasted at 4.6% for 2013.
The garment and textile sector continues to dominate the economy. The manufacturing sector is expected to expand by 10.5% in 2013, while the
service sector is expected to grow by about 7% with strong growth in tourism and real estate activity. Agriculture is likely to grow by 4%, assuming favorable weather. Last year, the country’s GDP growth was recorded at 7.3% and GDP per capita was nearly USD 1,000. It is forecasted that GDP per capita will increase to USD 1,080 in 2013.
The economic base remains small and non-diversified. Growth is mainly driven by the garment sector,construction, agriculture, and tourism. The textile sector dominates manufacturing and accounts for about 80% of all exports. Tourism represents the second largest source of foreign exchange revenues though it is dominated by an increasing number of visitors heading to the single destination of Angkor Wat.
The Cambodian Financial Sector
Cambodia’s economy has experienced double digit growth for more than a decade, a fact closely connected to the financial sector. For 2013, Cambodia’s GDP growth has been between 7.2% and 7.5%. The Cambodian banking and financial sector, built from nothing, has been playing an important role in this economic development by giving people access to finance.
The bankers and economists of the Cambodian central bank, the National Bank of Cambodia (NBC), have recognized that the banking and financial sector has improved significantly, developing even more than other ASEAN members such as Laos and Myanmar. Cambodia’s open economic policy allows a free flow of capital with foreign investors able to own 100% of their Cambodian companies. This important condition is seen as a primary driver of growth, one lacking in other ASEAN members, that boosts access to finance for economic development.
The National Bank of Cambodia (NBC) has been playing effective and supportive roles as the regulatory and supervisory of the banking and MFIs. Furthermore, it oversees all operations of commercial banks, specialized banks and MFIs. Public confidence in the financial sector continues to improve led by the National Bank of Cambodia which has issued a number of Prakas and regulations designed to bring more order and better supervision to strengthen financial institutions.
Corporate Governance Best Practice
PRASAC continues to place a high priority on robust corporate governance best practice. Our shareholders are well served by the Board on matters that include corporate governance, risk management, strategy and talent mentorship.
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The View Ahead
During the last five years PRASAC was significantly affected by the Global Financial Crisis. Its consequences created substantial challenges in a highly competitive operational environment. However, the Board is confident that PRASAC’s leadership, strategy and employees will enable PRASAC to continue its high level of performance and excellent customer service. I would like to recognize the efforts of PRASAC’s employees across the whole of the PRASAC network. The remarkable commitment of our staff is a key contributor to our operational success.
Achievements in 2013
The sustained economic recovery and a return to financial sector stability in 2013 enabled PRASAC to achieve its best results ever. This included: (i) an after-tax profit of USD 16.8 million, (ii) Return on Equity (ROE) of 38.9%, (iii) Return on Assets (ROA) of 4.8%, (iv) maintenance of a very low Non Performing Loan (NPL) rate of 0.18%, (v) total assets of USD 452 million, (vi) total loan portfolio reaching USD 379 million with a total of 196,906 borrowers, (vii) balance of savings deposits amounting to USD 138 million with a total of 302,917 depositors, (viii) our office network expanding up to 173 offices and (ix) staff employment growing to a total of 2,765 persons.
PRASAC is a customer-focused company that is more accessible and strives to satisfy our customers’ needs in order to provide superior service to increase customer approval and loyalty. We provide equitable access to transparent, reliable and responsive banking products and services to all of its clients including micro-entrepreneurs, small and medium enterprises.
PRASAC maintains its position as a market leader in the Cambodian microfinance sector with strong management, state-of-the-art IT infrastructure, robust internal control, committed staff, good governance from Board members and very strong support from international shareholders.
PRASAC’s goals go beyond generating profit. The company conducts its microfinance business in a responsible manner, with the ultimate goal of enhancing its clients’ living standards and contributing to the country’s economic development, especially by spreading prosperity to rural areas. PRASAC has constructed six libraries for public primary schools in Prey Veng, Kampong Cham, Kampong Thom and Siem Reap.
On behalf of the Board of Directors of PRASAC MFI, I would like to thank PRASAC’s management and staff for their hard work and dedication to our customers. I also sincerely thank the Board of Directors, shareholders, customers, suppliers, the Royal Government of Cambodia (RGC) and especially the National Bank of Cambodia (NBC) for their continued support and advice. We look forward to continuing our strong relationship of trust in 2014.
Ranjit Michael Samuel Fernando Chairman of the Board
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Message from President & CEO
“We are pleased that our high performance, continued growth, and excellent customer service in 2013 has enhanced our position as market leader.”The past few years have been very challenging for PRASAC and the Cambodian banking and finance industry as a whole. PRASAC was proactive in taking several key steps to enhance its business model and better prepare for future development. We are committed to taking the necessary steps to ensure PRASAC’s long-term success and sustainability.
In 2013, PRASAC maintained its position as a market leader in the Cambodian microfinance sector with the largest branch network, strongest profitability,
and highest value loan portfolio quality and size. It thereby continued to prove itself to be a leading sustainable financial institution.
The Key Operational Highlights for 2013 Included:
2 Total assets at year-end of USD 452 million, a total growth of 80%
2 Total loan portfolio of USD 379 million, a growth of 76%
2 Total active borrowers of 196,906, a growth of 47% 2 A continued leading position in loan portfolio and loan quality with Non-Performing Loans of 0.18%
2 Total savings and deposits balance of USD 138 million with 302,917 depositors
2 After-tax net profit increased from USD 11.5 million in 2012 up to USD 16.8 million at the end of 2013, a growth of 46%
2 Return on Equity (RoE) equal to 38.93% and Return on Assets (RoA) equal to 4.8%
The shareholders of PRASAC are local and international investors from private and international development financial institutions. They draw on the valuable knowledge and leadership of representative Directors who have extensive experience in finance, banking, social development, and microfinance. It is enable an effective balance between commercial and social objectives.
Bigger, Better and Beyond
To build trust and public confidence, PRASAC will continue to provide (i) a great tradition of banking and credit services, (ii) the creation of real value in the real economy, (iii) the embracing of an extensive set of social values, (iv) an inclusive performance culture that attracts the best employees and enables clients to achieve their best, (v) effective risk management to ensure sustainability and (vi) a clearly defined business model with a primary focus on organic growth.
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PRASAC has positioned itself as a leading financial institution with strong infrastructure and a sustainable platform with which to offer financial services to both rural and urban clients. For instance, PRASAC has a nationwide office network covering all provinces through 173 offices, operating in more than 12,107villages (equal to 86% of total villages). More than 132 offices are online and offering real-time transactions, a total of 60 ATMs have been installed and total of 2,765 persons are currently employed.
PRASAC has partnered with various institutions within the financial education framework. As part of its social objectives, PRASAC has constructed 6 library buildings for public primary schools in Prey Veng, Kampong Cham, Kampong Thom and Siem Reap. The PRASAC program in community involvement and library construction is expected to help more than 4,500 pupils build their reading habits, have a better education and a brighter future.
Although PRASAC achieved excellent performance in 2013, there is still room for improvement in the provision of services to clients. In 2014 PRASAC has the following strategic priorities:
2 Diversification of products and services
2 Improvement of customer service
2 Strengthening of branch management and regional management
2 Standardization of branding and branch image
2 Improvement of risk management, internal control, and compliance
2 Greater evaluation of social and environmental impact
On behalf of PRASAC management, I would like to thank the management team and all staff for their effort and commitment, the Board of Directors for their support and advice, the Royal Government of Cambodia (RGC), regulatory bodies, the National Bank of Cambodia (NBC), local authorities for their con-tinued support of PRASAC, and especially the clients who give us their trust and confidence by using our products and services.
The management team and staff are all strongly committed to offer better products and services to clients so that we can continue to grow together.
Sim SenacheertPresident and CEO
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TABLE OF CONTENTS
Message from Chairman 8
Message from President & CEO 10
Corporate Profile 13
Organizational Chart 15
Shareholders 16
Board of Directors 17
Committees of the Board 18
Executive Committee 20
Management Committee 20
Clienteles and Client Highlights 22
Financial Products 28
Financial Performance Highlights 31
Operational Performance Highlights 35
Staffing and Capacity Building 39
Marketing Activities and Event Highlights 40
Environmental and Social Protection Report 42
Implementing Internal Control 46
Audited Balance Sheet 48
Audited Income Statement 49
Audited Statement of Changes in Shareholders’
Equity 50
Audited Cash Flow Statement 51
Branch Office Network 52
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Corporate Profile
PRASAC started in 1995 with funding from the European Union as a development project. The credit component of the PRASAC project
was implemented by three ministries of the Royal Government of Cambodia (RGC). The project aimed at rehabilitating and supporting the agricultural sector in 6 provinces around Phnom Penh namely Kampong Cham, Kampong Chhnang, Kampong Speu, Takeo, Prey Veng, and Svay Rieng. The project concluded in December 2003.
To ensure access to financial services for rural communities and micro-enterprises the PRASAC project steering committee decided to transform its credit component into a licensed MFI. In March 2002, the transformation was started through the creation of the PRASAC Credit Association as a credit operator registered with the National Bank of Cambodia (NBC).
In 2003, a trust fund called the Cambodia RuralDevelopment Foundation (CRDF) and PRASAC Staff Company were established to facilitate the transformation. With two initial shareholders, PRASAC MFI Ltd. was established. It registered with the Ministry of Commerce (MoC) as a private limited liability company in August 2004. In November 2004 it received its license from the NBC to provide financial services to rural communities and micro-enterprises.
To finalize the transformation PRASAC began to identify investors in 2005 and negotiate with them in order to replace its temporary shareholdersnamely CRDF. In 2007, PRASAC completed its transformation by replacing CRDF with five new shareholders such as BIO (Belgian Investment Company for Developing Countries), DCG (DragonCapital Group), FMO (Netherlands Development Finance Company), LOLC (Lanka Orix Leasing Company Ltd), and Oikocredit. PRASAC received a permanent license from the NBC in December 2007.
PRASAC engages primarily in the provision of microfinance services to the rural population of Cambodia through its headquarters in Phnom
Penh and various provincial and district offices. The Ministry of Commerce and the National Bank of Cambodia certified the amended memorandum and articles of association for shareholder changeson 14 October 2008 and 6 November 2008 respec-tively.
In order to meet requirements and serve as a platform for future growth and diversification, PRASAC adopted Oracle FLEXCUBE Universal Banking as its core banking system to ease banking transactions, build a competitive advantage, help us better serve targeted customers across Cambodia, and effectively manage the information system. On 27 August 2010, PRASAC obtained from the National Bank of Cambodia a microfinance deposit taking institution (MDI) license to allow the head office to receive deposits.
With both a permanent license to conduct microfinance and a MDI license, PRASAC is now focusing on strengthening its operations and processes to take on a larger role in the country’s financial development by providing financial services to rural communities and micro-enterprises.
In July 2011, PRASAC was rated by a reputable international rating agency, Planet Rating, which specializes in rating microfinance businesses aroundthe globe. PRASAC was graded “A-” with a “stable” outlook. The previous rating was “BBB+” by Microfinanza Rating in July 2009.
In 2012 PRASAC increased its registered capitalfrom KHR 15.4 billion to KHR 80 billion after Oikocredit divested. The shares of Oikocredit were distributed among the existing five shareholders. The Belgium Investment Company for Developing Countries, the Dragon Capital Group, the Netherlands Development Finance Company, and the Lanka Orix Leasing Company hold 22.25% each, and PRASAC Staff Company holds 11%. PRASAC is a leading MFI in Cambodia with the largest branch network, profitability, and loan portfolio as well as sustainablegrowth. In 2012 it achieved another milestone by becoming the first MFI to have ATMs, foreign exchange, money transfer, and payroll services
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in Cambodia. It also opened a new eco-friendly head office.
Presently, PRASAC is still standing as the leading microfinance institution in Cambodia with the largestbranch network, greatest number of Automatic Teller Machines (ATMs) plus convenient services
to clients in making cash transactions like utility payments, mobile phone top-up and money trans-fer. PRASAC is also a well-known institution in terms of loan portfolio and profitability in addition to being a vital contributor to the sustainable growth of the Cambodian economy.
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Organizational Chart
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ShareholdersThe registered share capital of the company since 2012 is KHR 80 billion (eighty billion Khmer Riels) distributed among the five shareholders: BIO, Dragon Capital Group, Netherlands Development Finance Company, Lanka Orix Leasing Company, and PRASAC Staff Company. Details of the shareholders are as follows:
Lanka ORIX Leasing Company PLC was incorporated in 1980 as the pioneering leasing company in Sri Lanka by a consortiumled by ORIX Corporation Japan. Today, it is aleading conglomerate operating in eight sectors:financial services, agriculture, plantation, leisure, construction, renewable energy, tradingand manufacturing. With over 106 companiesunder management, LOLC is truly positioned as the number one conglomerate to facilitate the growth economy of Sri Lanka.
BIO is a member of EDFI, the Association ofEuropean Development Finance Institutions.BIO participates in European Financing Partners/EFP, a co-financing facility established by 10 of the EDFI members. Its purpose is to facilitate the financing of private sector projects in the African, Caribbean, and Pacific states in collaboration with the European InvestmentBank.
The Netherlands Development Finance Company (FMO) supports the private sector in developing countries and emerging markets in Asia, Africa, Latin America, and Central and Eastern Europe. It does this with loans, participation, guarantees, and other investment promotion activities.
Dragon Capital Group (DCG) is an integrated investment group centered around the emerging financial markets of frontier Asia, notably Vietnam. The firm is known both for its position in asset management, private equity, capital markets and microfinance.
PRASAC Staff Company (PS Co.) was established under the law and general provisions of the Kingdomof Cambodia and has the following objectives: to make equity investments in PRASAC MFI Ltd. and to manage the investments in accordance with high ethical and professional standards, transparency and good governance. The company may engage in other capital and asset management, investment, and trading as well as financial or other activities and services which relate directly or indirectly to the above objectives or similar purposes, and are characteristic of the development of the company’s operations.
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Board of Directors
Mr. Ranjit Michael Samuel Fernando ChairmanMr. Joseph J. Hoess MemberMr. Hanco Halbertsma MemberMr. Ishara C. Nanayakkara MemberMr. Oum Sam Oeun MemberMr. Phai Touch Member
PRASAC Board of Directors is composite of 6 (six) professional persons from different expertise and experience.
PRASAC Board Meeting
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Committees of the BoardAudit CommitteeThe Audit Committee is established and appointed by the Board of Directors, and consists of directors, Mr. Ranjit Fernando (Chairman), Mr. Phai Touch, Mr. Joseph Hoess, Mr. Ishara Nanayakkara, and Mr. Ouk Saroeung (Internal Audit Department Manager).
The duties of the committee are to:
2 Review the internal and external audit findings and recommendations
2 Confirm the integrity of financial statements and accuracy of financial transactions
2 Ensure compliance with the laws, regulations, internal policies and procedures
2 Safeguard the company assets
2 Review the internal control system and risk management strategy of PRASAC
2 Provide recommendations for implementation.
In 2013, there were three meetings that resulted in the following outcomes:
2 Reviewed and approved annual internal audit plan
2 Reviewed and approved IT MIS Audit Policy manual
2 Reviewed the external audit report
2 Reviewed quarterly progress and compared to planned levels
2 Reviewed branch full-scope audit report
2 Reviewed IT MIS full-scope audit report
2 Reviewed significant audit findings and recommendations, together with management response and action taken
2 Reviewed and discussed fraud cases that occurred in the organization
2 Reviewed compliance with laws, regulations and internal guidelines
2 Reviewed the proposal of loans written-off
2 Reviewed the annual internal audit report
2 Reviewed internal auditor reports and their recommendations for improved performance.
Risk Committee The Risk Committee is appointed by the Board of Directors to assist the Board of Directors in discharging its responsibilities for risk management. The members are Mr. Joseph J. Hoess (Chairman), Mr. Hanco Halbertsma, Mr. Ranjit Fernando, Mr. Sim Senacheert and Mr. Pho Nimol. The committee’s responsibilities are: to define the types of risk that commonly confront PRASAC’s business; to provide a format for PRASAC to use in identifying and categorizing risks; to establish a framework for the formulation of PRASAC’s risk strategy including the development and implementation of the corresponding risk management plan; and to designate how PRASAC’s risk management plan should be monitored and the results reported.
The following is a summary of activities taken by the Risk Committee during 2013:
2 Updated and amended the credit policy.
2 Reviewed and evaluated the situation before and after the Cambodian election.
2 Reviewed significant events in terms of operational risk, credit risk, market risk, and other significant risks such as political issues.
2 Reviewed activities of the risk department’s project with Frankfurt School in developing and enhancing the risk department’s ability to manage risk when PRASAC transforms into a bank.
2 Reviewed the risk tools for analyzing credit risk.
Remuneration CommitteeThe role of this committee is to evaluate the performance of top management and to determine its remuneration. The committee is composed of Mr. Hanco Halbertsma (Chairman), Mr. Ishara Nanayakkara, and Mr. Sou Vanthan, Senior Vice-President and Human Resources Head.
Below is the summary of remuneration committee’s activities in 2013:
2 Approved the salary increment for the annual salary
2 Approved a package incentive for all staff
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Executive Committee
Management CommitteeAsset & Liability Committee
The Asset & Liability Committee (ALCO) met 11 (eleven) times on a monthly basis. The main activities in 2013 were:
2 Approved “first” Asset and Liability Management (ALM) Policy including key risk limits on Open Currency Position, Interest Rate Risk and Liquidity.
2 Endorsed net new fund of USD 96 million including syndication of USD 60.50 million and
subordinated debt of USD 15 million.
2 Proposed to shift functional currency from Khmer riel to US dollar and follow international accounting standards.
2 Approved to differentiate interbank offer rate for financial institution clients.
2 Approved counterparty limit on overnight balance, short term investment and foreign exchage settlement.
Mr. Sim Senacheert President & CEOMr. Oum Sam Oeun Executive Vice-President and Chief Operations OfficerMr. Oum Sophan Executive Vice-President and Chief Financial OfficerMr. Sou Vanthan Senior Vice-President and Human Resources Management HeadMr. Neang Sokhim Senior Vice-President and Business Management HeadMr. Say Sony Senior Vice-President and Product Management Head
Credit CommitteeIn 2013, the credit committee upgraded the structure/work flow based on recommendations of an expert. The aim was to strengthen the loan quality and provide faster service to clients. Client growth rate was approximately 47% in 2013, growing from 134,146 in 2012 to 196,906 loan clients with portfolio growth of about 76%. The rich experience and competency of the credit committee in both branches and head office allows PRASAC to deeply analyse its client situation and maintain good loan quality. The non-performing loan (NPL) rate of 0.20% in 2012 and 0.18% in 2013 means that PRASAC can be classified as the leading microfinance institution in Cambodia in terms of loan portfolio quality.
The small loan size is still the main area for PRASAC to grow in terms of total portfolio, client numbers and reduced exposure size. In 2012 the average loan outstanding per client was USD 1,600 and in 2013, it was USD 1,900.
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Banking Services CommitteeThe purpose of the Banking Services Committee is to provide oversight of banking services, support and develop PRASAC’s new banking services to generate fees and provide economic benefits to PRASAC’s clients.
The main activities in 2013 were:
2 The committee reviewed and nominated new members with SVP & Product Management Head as Chairman and other members such as Products Manager, Risk Manager, Treasury Manag er, IT Manager, Finance Manager, Marketing and communications Manager, Banking Services Manager and Sales Manager, Core Banking Manager.
2 The committee reviewed and updated banking service policies and procedures based on an examination of best practices in the market.
2 Designed banking services included Maybank Money Express (MME), Local Money Transfer (LMT), Foreign Exchange (FX), Payroll Service, ATMs, Mobile Phone Top Up and Utility Payment Service. Those services are more accessible, more flexible, easier to handle, liquid, profitable, attractive, and secure.
2 Trained relevant staff in the policies and procedures for the new banking services.
2 Oversaw the above policies and procedures to ensure they are properly implemented and followed.
2 Monitored the activities undertaken and the progress made toward the goals set out in the action plan as well as developed a product launch and implementation checklist.
2 Submitted pricing structures associated to banking services to EXCOM for consideration and approval.
2 Reported to EXCOM on banking business development issues, initiatives and plans.
2 Completed the annual review including a recommendation for preparation of a multi-year banking services business development strategic plan (“the Plan”) with annual goals and associated supporting documents.
PRASAC Annual Workshop 2013
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Clienteles and Client Highlights
According to the vision and mission statements, PRASAC is targeting rural village households, small farmers, and micro, small and medium entrepreneurs who have income-generating activi-ties and debt repayment capacity. In addition to this, PRASAC also serves any institutions or non-
government organisations that prefer to use PRASAC for savings and deposits, money transfer, payroll and so on. PRASAC is also targeting micro, small, and medium enterprises to offer individual business loans for investment and working capital purposes.
Village households constitute nearly 90% of all households located in rural areas. The majority of the clients are involved in rice production and farming and have diversified income generating activities such as trading, services, transport and consumption activities. The cash income determines the debt capacity of a household for taking out a loan.
The large majority of micro-enterprises are family businesses where family members help in the running of the business. They are mainly located in or nearby market centres such as district or provincial centres with some in rural villages. They mostly have less than 10 employees, the majority of which are usually family members.
Small enterprises are also mainly located in or nearby market centres still relatively have few employees usually from 10 to less than 50 persons.
This type of enterprise is always almost based in or nearby market centres of district or provincial centres. They hire or own the charter and usually have 50 to 100 employees.
This category includes legal institutions from private sectors, non-government organizations, and government agencies.
Village Households
Micro-Enterprises
Small enterprises
Medium enterprises
Institutions
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Client Highlights
Kang Savoeun, a Local Business Owner in a Remote Area of Phnom Penh
Savoeun runs a small business that provides a rental service for dining tables and halls for weddings and other events. Her husband, Sou Dara is a chef who is earning wages from time to time by making food for wedding receptions. Savoeun also has a small grocery store that allows her to make additional earnings at home.
The couple had a proper business but they did not earn as much as they expected since they couldnot afford enough modern equipment for a wedding rental service. They did not have many customers even during peak wedding season.
Following a recommendation from relatives she applied for the first loan of USD 10,000 from PRASAC to buy some new dining tables for rental and a truck for transporting these and other cooking tools. With a strong commitment in seeking more customers with new equipment, Savoeun and her husband were able to increase demand and dramatically boost their income level.
“I am very happy that my business has grown very fast in the last few years. I have a truck for transportation and more equipment for supplying my clients. Currently, I can provide up to 3 to 4 events to my clients within the same day; and I also earn higher income than before. PRASAC really helps me for both business growth and good livings standard. Next, I plan to borrow bigger loan amount to purchase one more truck for the transportation and equipment to expand my business,” she said.
Ms. Kang Savoeun, Local business owner
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Ngun Hong’s poultry farm isgrowing. Nowadays, he has 3 chickbreeds which are worth at leastUSD 20,000 each; and can bare at least 10,000 eggs regularlybringing him a daily income of USD 1,000 from their wholesaleto Phnom Penh markets. Through this dramatic increase in earn-ings, the family living condition has improved significantly.
Ngun Hong said, “It’s not easy to start a business and need to work hard to make it run well. However, we would not only be able to run it smoothly but we also received good financial solu-tions as our impact today. I wish I could expand my farm bigger and raising more poultry; so that I can supply more eggs according to the market driven as well as bring more benefits for my beau-tiful family.”
Ngun Hong, 35, is a poultry raiser living with his wife, Try Lyta, who was previously working for CP Com-pany which specializes in raising animals. After gaining this experience, she quit her job and started a business in poultry raising.
To run the poultry farm, the couple faces some challenges because they lack financial resources, especially capital investment. Ngun Hong approached PRASAC to request their first loan of USD 30,000 which they used it for building the farm hall, buying chicks and feeds. Through the technical skill of his wife and enough raising tools and feeds, the business has provided good productivity outcomes that have enabled them to pay-off the loan within a short period. In addition, Ngun Hong has also requested anoth-er loan from PRASAC of USD 50,000 to expand the business following the growth from the previous loan.
Yun Ngun Hong, a Poultry Raiser in Kandal
Mr. Yun Ngun Hong, Poultry Raiser
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Mrs. Cheat Yi, 52, is living in the Rolea Phaear district of Kampong Chhnang. She is a loyal client of PRASAC who was granted her first loan in 2000, at a time when the credit service was apart of PRASAC’s initial project.She has now used PRASAC’ loans for 10 cycles. Everyday, Cheat Yiand her husband Sok Khel benefit from these income generatingactivities that help them to support their five children.
“I’ve been trust PRASAC as my business partner who help me and my family so far in dealing with all financial constraints and generating more revenues. I never thought of considering using any loan of other MFIs or banks, because I am very happy with PRASAC’s friendly service with low interest rate,” Cheat Yi said.
In 2000, Cheat Yi started using a PRASAC loan with an amount of KHR 1,500,000 to buy bamboo and other raw materials for the production of bamboo baskets and then supplied them to local markets. She used a second loan of USD 2,000 in the next year to buy more tools and also hired more people to support her business. Following growth of her business, Cheat Yi was able to pay back the loan and requested a loan twice as big each year. At the moment she is taking the tenth loan cycle and believes she can make even more profit from this investment.
It is interesting to look back at Cheat Yi’s living standards at the time of her first loan where she only had a bicycle for carrying baskets to the markets. Now she not only owns the local hand-made bamboo products but is also a local product trader in the village. This means that she is collecting all the products from her neighbouring villagers and selling the wholesale products in bigger quantities. As a result, she has built her new house and can afford to send her children to receive higher education at university. Cheat Yi is not only helping her family but is also creating jobs for villagers and providing them with additional income to enable better community economic development.
Cheat Yi, Basket Producer in Kampong Chhnang
Ms. Cheat Yi, Basket producer
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Leng Sopheap, the Owner of a Local Restaurant in Kampong Speu
The improvement of the facilities combined with the hard work of the couple and their impressive cooking skill has meant more interest from her clients. The increase in daily income not only brought better living conditions for their family but also enabled them to pay back the loan before the maturity date. Since then Sopheap has received the next loan of USD 7,000 from PRASAC to expand her business.
Sopheap is very happy with what she has right now. She said, “Before we only had a small shelf storing of the cooked food and that was not supportive enough for our daily spending.
Not like now, I have a big land to
Sopheap, 45, and her husband, Mr. Kit Krach, live in Krong Chbamorn, Kampong Speu and are teachers at a secondary school. Besides their salary from teaching, the couple has also tried to sell instantly cooked food at Por Peh Phnum resort. However, the income generation from teaching is still too little to support the family.
Sopheap and her husband thought of approaching a bank for a loan to improve their food business in the local tourist area. However, due to extensive requirements and documents requests, they missed the opportunity to fulfil their dream. They were then introduced to the flexible credit procedure and good service of PRASAC and were offered a loan of USD 2,000 with monthly interest and principal repayments every month. They used this to build a meal hall, buy equipment and add a wider variety of food options for tourists.
run my restaurant and get sufficient incomes for my family. In addition, my children can also pursue their study at university with no worry. I hope to see them with having good education and job. And we would like to thank PRASAC for giving a hand to us to see the growth while we were ignored and almost hopeless. My husband and I wish to keep exploring the possible to improve our business and we always take PRASAC as our financial partner.”
Ms. Leng Sopheap, Owner of a local restaurant
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Phat Sarath, Dried Fish Seller in Siem Reap
Mrs. Sarath and her husband Chhuon Pich live with their three children in krong Siem Reap, Siem Reap. The couple earns income from making dried fish and prahoc (fermented fish). The fish are bought from fisherman along the Tonle Sap River. The family was living with just enough to support their daily ex-penses.
While finding a way to increase their profit, they used to approach the local money lenders and other MFIs. However, due to document requirements and higher interest rates, they decided to approach PRASAC for a loan of USD 6,500. This money helped them to collect fish from fisherman in bulk quantities and then sell the final product of dried fish and prahoc to the wholesale market in larger quantities. By doing so, they earned even more profit and as a result paid off the loan before the maturity date. Following the growth of the business, Sarath then requested the next loans accordingly.
Currently, Sarath is a wholesale trader of the dried fish product in Siem Reap. She earns three times as much as she was before receiving the loan. She now has a big plot of land and a new motorbike and is able to afford to send her three children to school and university. Sarath also plans to expand her trading business further which would be enable her to earn even more profit.
“We were lucky that we made the right decision in getting the right loan from PRASAC as it has reallybrought us the improvement of our business with less complicated process compared to others and especially low interest rate and excellent service. We are grateful for this financial support otherwise we would not be able to have as today,” said Sarath.
Ms. Phat Sarath, Dried fish seller
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Financial ProductsCredit Products
Group LoansPRASAC grants group loans to low income households in both rural and urban areas. The majority of clients are involved in rice production, other farming activities and diversified income generating activities such as trading and service business activities. The group loan size is up to USD 2,500 or the equivalent in Khmer Riel and Thai Baht, with flexible repayment modes and terms of up to 24 months. The annual interest rate is from 31.2% to 39%.
Micro LoansMicro loans are offered to micro enterprises with the large majority of them family-owned businesses operated mainly by family members and usually located in market centres or nearby districts or provincial centres with less than 10 employees. The clients’ business activities include trade, agriculture, production, and other legitimateincome generation activities. The loan size is up to USD 1,500 or the equivalent value in Khmer Riel and Thai Baht. Annual interestrates range from 28.8% to 39% with loan termsup to 48 months and flexible repayment modes.
SME LoansSME loans are offered to small and medium enterprise clients whose business activities are in agribusiness, trade, manufacturing and services sectors, usually having 10 to 100 employees with assets of USD 50,000 to USD 500,000. They often operate businesses in the provincial cities and the capital Phnom Penh.
The loan size is up to USD 100,000 or the equivalent value in Khmer Riel and Thai Baht. Annual interest rates range from 14.4% to 27.6% with loan terms up to 48 months and flexible repayment modes.
Personal Consumption LoanPPRASAC provides personal consumption loans to clients to purchase personal consumption materialsor for personal expenses, including furniture, equipment, wedding receptions, or buying othermaterials. The loan is up to USD 50,000 or the equivalent value in Khmer Riel or Thai Baht, with loan terms up to 48 months and flexible repayment modes. The annual interest rate is from 16.8% to 32.4%.
Education LoanPRASAC offers loans to students who need money topay for the annual school fee. The loan is designed with the goal of social development as its annual interest rate is just 14%. The loan size is USD 500 with a term of 12 months and no collateral required.
Emergency LoanPRASAC offers loans to clients who have suffered from natural disasters and fires to restore the client’sbusiness activities. The annual interest rate is 24%with a loan size of USD 500 and a term of 12 months.
Home Improvement LoanTo improve clients’ lifestyles, PRASAC developed loans to be used to improve and decorate their existing houses. A client can borrow up to USD 50,000 or the equivalent value in Khmer Riel and Thai Baht. The loan term is up to 48 months with flexible repayment modes and an annual interest rate from 16.8% to 32.4%.
Motor LoanPRASAC has developed loans for clients to buy motorbikes. The client can take a loan of up to USD 2,500 with a term of up to 36 months, flexible repayment modes, and annual interest rates ranging from 21.6% to 32.4%.
Bio-Gas LoanIn collaboration with the National Biodigester Program (NBP) and in light of the need to reduce poverty and protect the environment, PRASAC has developed bio-gas loans for people in rural areas who can collect animal waste and use it to produce
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Savings AccountsPRASAC makes significant efforts to mobilizedeposits to broaden outreach and diversify its banking products. PRASAC deposits caterto all segments of the population but especially the poor. The minimum opening balance is low at USD 1 and minimum maintenance balance is also USD 1. The interest rate for savings accounts is 2.5% per annum for Khmer Riel and 2% per annum for US dollar or Thai Baht. Withdrawal is convenient; depositors can make any withdrawal at PRASAC offices during working hours or from ATM which is available 24/7. Payments or transfers can be made directly from savings accounts.
Unfixed Deposit AccountsUnfixed deposit accounts are offered in response to the needs of those clients looking for higher interest rates on their savings balances. The minimum opening balance is low at USD 100 and minimum maintenance balance is the same, USD 100. The interest rate for savings accounts is 4% per annum for Khmer Riel and Thai Baht and 3% per annum for US dollar. Withdraw-al is convenient; depositors can make any withdrawal at PRASAC offices during working hours or from ATM within 24/7. Payments or transfers can be made directly from savings
bio-gas. The loan is up to USD 1,000 for up to 24 months, with the annual interest rate of 14.4% and flexible repayment modes.
Invoice DiscountingPRASAC developed invoice discounting in the form of short-term borrowing. It is used to increase clients’ working capital and cash flow. It allows clients to withdraw money against sale invoices before their customers have paid. The maximum amount is available up to 70% of sales invoices USD 50,000. The loan term is up to 90 days; and the annual interest rate is from 24% to 30%.
accounts or unfixed deposit accounts.
Retirement AccountsRetirement accounts are offered to corporate client (legal entities) for preparing pension and retirementfunds for their employees. The accounts can be opened in Khmer riel or US Dollar with an interest rate of 7% per annum for US Dollar and 8.5% per annum for Khmer Riel. All the funds will be trans-ferred from the savings account of the employer into savings accounts of employees as per terms and conditions agreed by both employer and employ-ees.
Term Deposit AccountsPRASAC provides attractive interest rates for term deposit accounts. This is an optimum investment for the clients, having high security and return. The interest rate is fixed for the whole term of the deposit. Interest is calculated daily and it can be paid monthly or at maturity. The minimum deposit is USD 50. Renewal of term deposit accounts can be made automatically or on pre-notification.
Domestic TransferClients who have or do not have savings accounts with PRASAC can transfer funds to other recipientswho have or do not have savings accounts with PRASAC. Inter-bank transfer is made available for the corresponding banks in Cambodia. Clients can transfer funds at any office counter or using ATM networks throughout the country. With an increasing office network in Cambodia, the domestic fund transfer provides PRASAC with a competitive advantage and offers clients convenience and security.
Foreign ExchangePRASAC’s foreign exchange service is established to provide clients with currency conversion with competitive exchange rates. Our foreign exchange service is offered to the general public, after the NBC granted PRASAC foreign exchange license in 2012. The service is available in three currencies: Cambodian riel, US Dollar, and Thai Baht.
Automatic Teller Machines (Atm)PRASAC introduced an ATM service in the second half of 2012. This service provides convenience for
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our clients since they can perform transactions by themselves. PRASAC ATMs are available around the clock in all provinces and cities and at our offices and outdoors. Recently, we have installed 60 ATMs in Cambodia.
Clients can withdraw cash, check balances, change their PIN, pay bills, top up phone credit and transfer cash (to accountholders and non-accountholders). Clients receive ATM cards and access to ATMs for free. Cash transfers are also free. Cash withdrawals and transfers are free up to USD 1,000 for VIP Cards and USD 2,000 for VIP Plus Cards.
Payroll ServiceThe payroll service is designed to help corporate clients (legal entities) in preparing payroll for their employees. This allows employers to pay salaries directly into employees’ accounts and provides security, confidentiality, efficiency, and productivity for both employers and employees.
Maybank Money ExpressNow clients can transfer money from a number of countries to districts in all provinces and cities in Cambodia through PRASAC network and the Maybank Money Express service. In collaboration with May-bank, PRASAC, in late 2012, introduced the service to meet the clients’ needs; especially Cambodians who are working at abroad send money to their families in Cambodia. In just a few minutes, money transferred from abroad can be withdrawn at PRASAC’s office with more than 100 offices in all provinces and cities.
Bank ConfirmationPRASAC provides a bank confirmation service to clients having accounts with PRASAC. Clients can request this service at any branch of PRASAC to confirm their account balance and how long the account has been with PRASAC. This confirmation will provide the clients with more trust from their business partners or third parties. Thus, their business’s activities can be expanded more smoothly.
Annual Report 201331
Description 2004USD
2005USD
2006USD
2007USD
2008USD
2009USD
2010USD
2011USD
2012USD
2013USD
Assets
Cash and Banks 722,471 1,198,826 2,813,587 2,745,719 858,340 5,032,741 5,808,799 2,443,699 31,321,060 65,408,161
Net Loan Portfolio 7,799,973 10,794,520 21,668,864 32,988,090 57,950,558 62,730,901 102,474,768 148,842,567 211,508,052 373,141,585
Net Fixed Assets 63,717 185,759 379,020 349,168 394,586 1,683,465 1,781,903 1,764,760 4,155,405 4,922,762
Other Assets 418,544 508,990 1,262,080 935,655 1,569,376 1,439,206 2,163,907 2,935,911 4,589,124 8,420,743
Total Assets 9,004,705 12,688,095 26,123,551 37,018,632 60,772,860 70,886,313 112,229,377 155,986,937 251,573,641 451,893,251
Liabilities
Customers' Deposits 196,437 382,183 240,797 253,721 62,453 481,254 184,931 5,971,296 57,211,753 138,619,404
Liabilities - 2,650,000 12,179,643 20,197,147 38,464,375 45,981,472 81,969,664 107,667,264 139,382,048 220,278,314
Other Liabilities 208,398 595,222 3,820,615 1,912,666 2,606,213 2,521,925 4,155,060 7,648,652 8,628,231 14,760,577
Total Liabilities 404,835 3,627,405 16,241,055 22,363,534 41,133,041 48,984,651 86,309,655 121,287,212 205,222,032 373,658,295
Shareholders’ Equity
Registered Capital - 60,577 61,637 1,350,987 3,774,320 3,694,651 3,800,395 3,813,568 19,685,067 19,685,067
Reserves - - - - 559,392 1,251,241 2,202,031 3,126,594 3,809,529 4,698,399
Retained Earnings 3,130,227 598,205 1,271,877 1,898,271 4,118,266 6,004,084 8,652,165 16,455,384 11,428,333 27,422,810
Subordinated Debts 5,469,643 8,401,908 8,548,982 11,405,840 11,187,841 10,951,686 11,265,131 11,304,179 11,428,680 26,428,680
Total Shareholders’ Equity 8,599,870 9,060,690 9,882,496 14,655,098 19,639,819 21,901,662 25,919,722 34,699,725 46,351,609 78,234,956
Total Liabilities and Shareholders’ Equity 9,004,705 12,688,095 26,123,551 37,018,632 60,772,860 70,886,313 112,229,377 155,986,937 251,573,641 451,893,251
Income and Expenses
Interest & Fee Income 2,231,013 3,250,687 5,201,364 8,813,864 13,712,294 16,244,162 20,795,742 32,031,065 42,947,603 68,263,414
Interest & Fee Expenses - (85,223) (588,918) (1,366,992) (2,627,908) (3,826,438) (5,292,039) (7,733,980) (11,234,883) (20,778,383)
Operating Expenses (1,544,837) (2,286,193) (3,643,278) (4,834,313) (7,133,942) (8,131,017) (10,157,799) (12,825,550) (16,568,689) (23,132,695)
Net Non-Operating Expenses (159,459) (131,515) (129,842) (219,532) (206,746) (758,528) (1,028,018) (597,966) (685,307) (3,203,980)
Income Tax Expenses - (149,551) (169,962) (494,939) (928,030) (851,781) (926,668) (2,201,409) (2,931,343) (4,265,009)
Net Profit After Tax 526,717 598,205 669,364 1,898,088 2,815,668 2,676,398 3,391,218 8,690,160 11,527,381 16,883,347
Profitability Ratio
Return on Assets (RoA) 5.8% 5.5% 3.4% 6.0% 5.8% 4.1% 3.7% 6.5% 5.7% 4.8%
Return on Equity (RoE) 16.8% 31.6% 67.2% 82.8% 48.1% 27.6% 26.5% 45.7% 39.5% 38.9%
Yield on Portfolio 26.5% 33.3% 31.4% 31.7% 29.7% 26.4% 24.6% 25.0% 23.5% 23.0%
Financial Performance Highlights
Annual Report 201332
Description 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Exchange rate 4,032 4,127 4,056 4,003 4,081 4,169 4,053 4,039 3,995 3,995
Gross Loan Portfolio (USD) 8,430,680 11,108,415 22,045,426 33,548,580 58,905,772 64,088,028 104,952,771 151,239,681 214,857,594 379,073,429
Loan Loss Reserves (USD) (630,707) (313,895) (376,562) (560,490) (955,214) (1,357,127) (2,478,003) (2,397,114) (3,349,542) (5,931,844)
Net Loan Portfolio (USD) 7,799,973 10,794,520 21,668,864 32,988,090 57,950,558 62,730,901 102,474,768 148,842,567 211,508,052 373,141,585
Number of Credit Officers 198 246 327 370 535 544 667 703 953 1,166
Portfolio per Credit Officer (USD) 42,579 45,156 67,417 90,672 110,104 117,809 157,350 215,135 225,454 325,106
Number of Active Clients 73,002 82,545 94,264 94,555 100,116 87,945 112,872 125,127 134,146 196,906
Active Clients per Credit Officer 369 336 288 256 187 162 169 178 141 169
Portfolio at Risk 5.55% 0.51% 0.24% 0.22% 0.23% 1.66% 1.02% 0.14% 0.20% 0.18%
Productivity and Efficiency
Portfolio Quality (Million USD)400
350
300
250
200
150
100
50
02004 20092005 20102006 20112007 20122008 2013
0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%1.8%2.0%
11
105
151
54
215
379
8
6422 34
Gross Loan Portfolio Portfolio at risk
Credit Officer Productivity
350,000
300,000
250,000
200,000
150,000
100,000
50,000
-2004 20092005 20102006 20112007 20122008 2013
050100150200250300350400
42,579 45,15667,417
90,672 110,104
157,350
215,135 225,454
325,106
Portfolio per Credit Officer Active Client per Credit Officer
As of December 2013, the gross loan portfolio has massively increased from USD 215 million in 2012 to USD 379 million in 2013. Portfolio at risk 30 days has fallen down from 0.20% in 2012 to 0.18% in 2013. This shows a great sign that PRASAC has a big increase in gross loan portfo-lio while portfolio at risk has decreased.
The number of active loan clients has significantly increased at PRASAC to 196,906 in 2013 while there were only 134,146 clients in 2012. Also, the number of credit officers has increased which is consistent with the increase of portfolio per credit officer from USD 225,454 in 2012 to USD 325,106 in 2013. This shows that credit officers have performed better in 2013 comparing to 2012.
117,809
Annual Report 201333
Description 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Yield on Portfolio 34.2% 33.3% 31.4% 31.7% 29.7% 26.4% 24.6% 25.0% 23.5% 23.0%
Financial Expense Ratio 0.5% 0.8% 3.5% 4.4% 5.4% 6.9% 6.2% 5.9% 5.7% 6.2%
Operating Expense Ratio 17.2% 22.6% 19.6% 15.9% 14.7% 12.4% 11.1% 9.6% 8.1% 6.6%
Administrative Expense Ratio 6.2% 7.2% 6.3% 5.5% 5.4% 3.6% 3.8% 3.0% 2.7% 2.5%
Return on Assets (RoA) 5.6% 5.5% 3.4% 6.0% 5.8% 4.1% 3.7% 6.5% 5.7% 4.8%
Return on Equity (RoE) 13.2% 12.9% 67.2% 82.8% 48.1% 27.6% 26.5% 45.7% 39.5% 38.9%
Profitability
Yield on portfolio has been in declining trend over the past years. However, PRASAC is able to maintain the small downward trend during these few years. The gradual decline is largely due to market competition and corporate segment penetration.
Financial expense ratio has slightly increased from 5.7% in 2012 to 6.2% in 2013 due to expansion of operation. It doesn’t show a big con-cern to PRASAC.
Yield on Portfolio
35
30
25
20
15
10
5
-2004 20092005 20102006 20112007 20122008 2013
11
34.2%
8 22 34
33.3%31.4% 31.7% 29.7%
26.4%24.6% 25.0% 23.3%
23.0%
Financial Expense Ratio
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
-2004 20092005 20102006 20112007 20122008 2013
22 340.8%0.5%
4.4%
3.5%
5.4%
6.9%6.2%
5.9%5.7%
6.2%
Annual Report 201334
Operating expense ratio has been going down over the past years and it still has gone down to 6.6% in 2013. This shows that PRASAC has remarkably achieved efficiency of assets utilization to support earning asset growth.
Administrative expense has decreased from 2.7% in 2012 to 2.5% in 2013. Even though it is just a slight decrease, it is still a good sign for PRASAC.
Operating Expense Ratio Administrative Expense Ratio
25.0%
22.5%
20.0%
17.5%
15.0%
12.5%
10%
7.5%
5.0%
2.5%
-
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
-2004 20042009 20092005 20052010 20102006 20062011 20112007 20072012 20122008 20082013 2013
11
17.2%6.2%
7.2%
22.6%
8 22 34 34
12.4%11.1%
9.6%8.1%
2.7% 2.5%6.6%
15.9%14.7%
6.3%
5.5% 5.4%
3.6% 3.8%3.0%
19.6%
Return on assets has decreased from 5.7% in 2012 to 4.8% in 2013. This is mainly due to the fact that PRASAC has increased its total assets from USD 252 million in 2012 to USD 452 million in 2013 and changed its earning asset structure in order to meet MDI and creditor compli-ant requirements.
Return on Assets (RoA)
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
-2004 20092005 20102006 20112007 20122008 2013
5.6% 5.5%
4.1%3.7%
5.7%
6.5%
4.8%
6.0% 5.8%
3.4%
Return on equity has also decreased from 39.5% in 2012 to 38.9% in 2013 which is due to the increase in average equity in 2013 and limited leverage.
Return on Equity (RoE)
2004 20092005 20102006 20112007 20122008 2013
13.2% 12.9%
27.6% 26.5%
39.5%45.7%
38.9%
82.8%
48.1%
67.2%
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Operational Performance HighlightsLoan Portfolio and Quality
Operating Area and Branch Network
At the end of 2013, PRASAC’s loan portfolio reached USD 379,073,429, an increase of 76.43% compared to previous year. The portfolio at risk (PAR) ratio was 0.18%, a decrease of 0.02% compared to previous year.
During 2013 PRASAC expanded to other 3 districts, 49 communes and 1,233 villages. As the result at the end of 2013, PRASAC operated in 24 provinces, 189 districts, 1,548 communes and 12,107 villages.
Loans can be disbursed in Khmer Riel, US Dollar and Thai Baht. Clients can access PRASAC loan products through group loans and/or individual loans. Individual loans represent 98.88% of the total portfolio. Group loans portfolio increased by 118.68% during the year while individual loans increased by 76.05% or
Description 2009 2010 2011 2012 2013
Number of Province 21 24 24 24 24
Number of District 131 164 182 186 189
Number of Commune 1,256 1,398 1,453 1,499 1,548
Number of Village 8,098 9,396 10,265 10,874 12,107
Loan Portfolio
Description 2009 2010 2011 2012 2013Change
(Amount)Change
(%)
Total loan 64,088,028 104,952,771 151,239,681 214,857,594 379,073,429 164,215,835 76.43
Group loan 1,635,038 2,313,006 2,357,981 1,932,893 4,226,836 2,293,943 118.68
Individual loan 62,452,990 102,639,765 148,881,700 212,924,701 374,846,594 161,921,893 76.05
Loan in KHR 25,802,205 28,891,512 38,142,748 42,876,997 41,949,899 (927,098) (2.16)
Loan in USD 38,285,824 75,960,401 109,788,864 165,707,651 325,323,675 159,616,023 96.32
Loan in THB - 100,859 3,308,068 6,272,946 11,799,856 5,526,910 88.11
1.80%
1.60%
1.40%
1.20%
1.00%
0.80%
0.60%
0.40%
0.20%
0.00%2009 2010 2011 2012 2013
400,000,000
350,000,000
300,000,000
250,000,000
200,000,000
150,000,000
100,000,000
50,000,000
0
151,239,681
214,857,594
379,073,4291.66%
0.14%
1.02%
0.20%0.18%
Total Loan Portfolio (USD) PAR Ratio (30 days)
104,952,77164,088,028
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Borrowers
Loan Disbursement
At the end of 2013, the number of active borrowers was 196,906, an increase of 46.78% over the previ-ous year. Group loan borrowers increased by 45.92%, and individual loan borrowers increased by 46.85%. Women borrowers increased by 60.92% while total number of male borrowers decreased by 2.97%.
In 2013, PRASAC disbursed loans totalling USD 441,617,045, an increase of 71.20% over the previous year. The number of loans was 184,883, an increase of 49.14%. The average disbursed loan size was USD 2,389.
500,000,000
400,000,000
300,000,000
200,000,000
100,000,000
0
250,000
200,000
150,000
100,000
50,000
02009 2010 2011 2012 2013
184,883
441,617,045
88,735
123,970114,834
Total Disbursed Amount (USD) Total Number of Loans Disbursed
112,429,346 199,097,850 257,954,76183,068,716
126,996
Description 2009 2010 2011 2012 2013Change
(Amount)Change
(%)
Total borrowers 87,945 112,872 125,127 134,146 196,906 62,760 46.78
Borrowers as group 9,634 14,557 13,252 9,509 13,876 4,367 45.92
Borrowers as individual 78,311 98,315 111,875 124,637 183,030 58,393 46.85
Borrowers as woman 46,311 67,402 89,379 104,476 168,118 63,642 60.92
Borrowers as man 41,634 45,470 35,748 29,670 28,788 (882) (2.97)
USD 161.9 million. Loans in Khmer Riel decreased by 2.16%, while loans in US Dollars increased by 96.32% and loans in Thai Baht increased by 88.11%.
Loan Portfolio Quality
At the end of 2013, the portfolio at risk ratio was 0.18% and the repayment ratio 99.68%. The high quality of the loan portfolio was due to good monitoring from all staff levels, well-trained staff especially credit officers, well-established credit policy and procedures, and clear loan recovery policy. In addition, the FLEXCUBE system can provide fast and accurate data and information for staff to monitor, follow up and analyse loans.
PAR in USD 2009 2010 2011 2012 2013Change
(Amount)Change
(%)
PAR Amount (30 days) 1,064,195 1,067,394 211,380 426,806 671,111 244,304 57.24
Principle Past Due 720,442 982,561 180,985 264,846 392,360 127,513 48.15
PAR Ratio (30 days) 1.66% 1.02% 0.14% 0.20% 0.18% (0.02%) (10.00)
Repayment Ratio 97.45% 96.48% 99.67% 99.67% 99.68% 0.01% 0.01
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Deposit Highlights
A deposit product was launched on February 14, 2011, in 24 offices, and then increased to 128 offices by December 2013. As of December 2013, the number of depositors was 302,917, an increase of 231% over the previous year. The deposit balance was USD 138,619,404 an increase of 142% compared to previous year.
400.000
350.000
300.000
250.000
200.000
150.000
100.000
50.000
0
160.000.000
140.000.000
120.000.000
100.000.000
80.000.000
60.000.000
40.000.000
20.000.000
02011 2012 2013
138,619,404
302,917
57,211,753
131,920
8.260
Deposit Balance (USD) Number of Depositer
5.971,296
Annual Report 201338
PRASAC and FMO: Loan Agreement the Syndicated Loan Market with Amount of USD 60.5 Million
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Staffing and Capacity BuildingStaff Training and Development
Internships and Volunteers
As of 2013, PRASAC has 2,765 employees, all with a strong commitment to provide excellent loan and banking services to all clients for sustainable growth and the achievement of PRASAC’s goals. Every year staff capacity building and staff development are necessary tools for PRASAC to achieve client growth and contribute to the PRASAC transformation plan.
To ensure accurate, fast, professional and friendly service, internal training was delivered including orientation/new staff training programs and refresher training. In 2013 a total of 29 orientations/new staff training programs were organized in addition to 102 refresher courses that were conducted on the institution’s policy, procedures, products and sale techniques to all professional staff several times per year.
In order to enable institutional growth and transformation, 311 professional and technical staff were sent out for local and overseas training/seminars.
In short, with PRASAC committed to be a commercial bank, the staff capacity building and development activities for 2014 will be prioritized to positively change the staff mind-set and increase the improvement of customer services, internal control, policies/service knowledge; and succession planning.
For the entire year of 2013, PRASAC held many activities related to corporate social responsibility. Among those activities, internships and volunteers were a great opportunity for students to learn about microfinance. Internship students learned about the microfinance sector and PRASAC’s operations through writing a project paper. Volunteer students were selected to assist each department’s tasks and work with PRASAC’s staff directly to gain more knowledge, earn new skills and improve their attitude so they are well prepared to be professional employees.
During 2013, twenty groups of students wrote a project paper on PRASAC. In addition, 41 studentswere given volunteer positions in various departments at the Head Office.
Opening the Orientation Course to New Recruits
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Marketing Activities and Event HighlightsEnsuring products and services met clients’ demands
Customer Service Improvement
Effective Communication
The key function of the marketing department is to ensure the complete satisfaction of customers with both products and services. Products are geared toward customers’ needs through market surveys or feasibility studies to ensure the right products are targeted and tailored to the right customers. There is also a strong connection between the marketing department and the product development department to come up with good products and banking services. The marketing department is also involved in pilot-testing products and roll-out, as well as monitoring and evaluation to ensure that product development is effective and responsive to the market.
Many promotional activities and campaigns were implemented and communicated through mass media to ensure the all related information and promotional messages effectively reached the target markets. At the same time, PRASAC also communicates to the public directly through both branches and head officelevels. All branch managers often conduct visits to build good relationships with clients including loan follow up, improvement of client businesses, and other financial solutions. All staff especially the front-line staff are well trained with technical support in Customer Service and Marketing and Communications while ensuring one language communication is made and delivered to clients consistently. In addition, PRASAC builds a strong image with high standards at every potential operational area to build client loyalty. Business partnership promotion has also been developed with PRASAC ATM cardholders receiving a special discount for their daily spending activities at business partners on top of the other PRASAC benefits offered.
Following the delivery of tailor-made products and services, the Marketing and Communications Department also conducts client satisfaction survey regularly. The marketing department has developed a customer service excellence standard and call center to ensure that all complaints and inquiries through suggestion boxes, telephone and in person, are responded to promptly.
Customer service was a top priority in 2013 with PRASAC establishing:
2 Customer service excellence standards including customer service guidelines, customer feedback guidelines, and personal grooming and office arrangement guidelines.
2 Call center has to answer customer inquiries, handle customer complaints via telephone and other social networks (email, Skype, Yahoo messenger and so on) plus suggestion boxes. Call center also supports clients with two functions offered 24/7 namely ATM blocking and wrong PIN reset.
2 Daily complaints log and call center reporting
2 Dashboard report including three channels of complaint from branches, call center, direct complaint and suggestion boxes
2 Call center voice announcements in both Khmer and English
2 Training on service excellence to all new staff (Client Advisors, Tellers, Credit Officers), and delivery of refresh training to front line staff (Client Advisors, Tellers and Chief Tellers) plus branch visits for coaching on real practice for excellence customer service.
2 Development of Frequently Asked Questions (FAQs) to support front-line staff.
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MARCH2013
PRASAC upgrades its ATM services to not only for daily cash withdrawal but also other ATM services such as multi currency transactions, across account transfer and access for Non-ATM Card clients to withdraw the money from the fund transfer with our newly introduced Cash by Code function.
JUNE2013
PRASAC makes its debut in the syndicated loan market with a USD 60.5 million facility. The transaction is reported to be the single largest ever microfinance syndicated facility worldwide.
SEPTEMBER2013
PRASAC brings more convenient services to clients through the new innovative electricity bill payment and mobile phone top up with its ATMs. Through these services, clients do not spend much time queuing for paying bills or going to phone shops to top up their phone balance.
SEPTEMBER2013
PRASAC granted pricing transparency award from the international non-governmental organization MFTransparency which is awarded as a recognition to Cambodian microfinance institutions that are implementing transparent pricing. This is prestigious for the MFI in distinguishing itself from the rest of competitors to gain attention from local and international investors and especially providing evidence of the strong implementation of client protection principles.
NOVEMBER 2013
PRASAC jointly hosted the delegates from different countries such as Bangladesh, Thailand and India for the forum of APRACA (Asia Pacific Rural Agricultural Credit Association) to learn and share experience on how microfinance can extend its services and products to further contribute to agricultural and rural development.
DECEMBER 2013
PRASAC involved in the study of the bank conversion process to ready itself for another big milestone achievement in the MFI’s history in the near future.
APRIL2013
PRASAC reaches the top ranking for loan and savings portfolio in the Cambodian microfinance industry.
JUNE2013
PRASAC achieves another milestone by receiving “The Outstanding Innovative Microfinance Product Award 2013” from International Data Group (IDG). The award is honour the valu-able roles of the banks and MFIs in Cambodia with outstanding performance by committing to good governance, professionalism, transparency and an undiluted focus on its mission by pioneering innovative products and services particularly in banking and finance sector.
Event Highlights
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Environmental and Social Protection ReportPRASAC is a leading microfinance institution which originated from the joint development project between Royal Government of Cambodia and European Union with a mission to provide sustainable access to financial services for rural communities and micro-enterprises.
PRASAC is strongly committed to contributing to sustainable economic development through achieving its double bottom-line. This includes ensuring that viable financial returns occur alongside environmental, social and community protection.
On top of participating in social and environmental protection, PRASAC develops its strategy and implementation of operations based on the Universal Standard of Social Performance Management (USSPM) and Smart Campaign’s 7 Client Protection Principles (CPP).
Prasac E&S Vision and MissionPRASAC intends to promote growth, both of the company and society, by clearly and carefully screeningclients against the E&S exclusion list, while ensuring that it is in line with the applicable Cambodian environmental legislative requirements and international best practices.
PRASAC will educate its customers and the community in evaluating the environmental and social impact and in mitigation and management of those risks. Monitoring will be done regularly to ensure effectiveness of this policy.
Key Indicators of Prasac Social and Environmental ProtectionPRASAC ensures effective social and environmental management practices in all its activities with a special focus on the following:
Environmental Protection
2 Compliance with laws and regulations
2 Healthy workplace
2 Electricity and water usage
2 Office material consumption
2 Workplace communications
Social and Community Protection
2 Equal employment opportunity, no discrimination
2 Employee’s organization
2 Retrenchment
2 Staff grievance mechanism
2 Child labour
2 Forced labour
2 Occupational health and safety
2 Customer service
2 Client complaint resolution
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Environment ProtectionPRASAC has developed its Environmental and Social Protection policy to accelerate the implementation within each department. All steps in the loan process are built-in with the prohibition of giving credit to any clients who fall in the sectors of exclusion list. PRASAC has also assigned one staff member to be in charge of the participation and design of Environmental and Social (E&S) training, coaching and monitoring and to measure the performance of environmental and social activities.
Below is the PRASAC’s E&S exclusion list:
2 Production or activities involving harmful or exploitative forms of forced labor/harmful child labor.
2 Production or trade in any product or activity deemed illegal under host country laws or regulations or international conventions and agreements.
2 Production or trade in weapons and munitions.
2 Production or trade in alcoholic beverages (excluding beer and wine).
2 Production or trade in tobacco.
2 Gambling, casinos and equivalent enterprises.
2 Trade in wildlife or wildlife products regulated under CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora).
2 Production or trade in radioactive materials.
2 Production or trade in or use of unbounded asbestos fibers.
2 Purchase of logging equipment for use in primary tropical moist forest.
2 Commercial logging operations for use in primary tropical moist forest.
2 Production or trade in wood or other forestry products from unmanaged forests.
2 Production or trade in products containing PCBs.
2 Production or trade in pharmaceuticals subject to international phase outs or bans.
2 Production or trade in pesticides/herbicides subject to international phase outs or bans.
2 Production or trade in ozone depleting substances subject to international phase out.
2 Production, trade, storage, or transport of significant volumes of hazardous chemicals, or commercial scale uage of hazardous chemicals.
2 Drift net fishing in the marine environment using nets in excess of 2.5 km. in length.
2 Production or activities that impinge on the lands owned, or claimed under adjudication, by indigenous peoples, without full documented consent of such people.
2 Businesses involved in the production, processing or distribution of illegal drugs
2 Pornography or the provision of products or services of a substantially similar nature.
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Decription 2009 2010 2011 2012 2013
Employees
Number of total staff 1,246 1,440 1,501 2,135 2,765
Number of staff as women 279 292 332 586 795
Staff Capacity Building
Number of new recruit trained 394 312 246 832 893
Number of refresher training participant 2,468 1,490 2,670 3,924 6,761
Number of intern 33 groups 35 groups 27 groups 13 groups 20 groups
Number of volunteer 6 25 31 32 41
Corporate Social Responsibility
Number of library - - Project study 2 buildings 6 buildings
Student outreach - - - 2,046 4,496
Loan Outreach
Number of bio-gas loan 1,122 1,193 1,454 1,288 741
Number of housing loan 3,389 5,680 8,134 11,137 22,049
Number of SME financed - 2,414 3,836 5,925 12,943
With the slogan “Growing Together”, PRASAC has built a culture of fair treatment for all types of staff, clients and communities as the whole. The PRASAC environmental and social protection policy is clearly stated and implemented towards clients, employees, communities and concerned stakeholders. PRASAC Human Resources policy puts in place 100% transparency for both internal and external parties.
PRASAC has developed its educational loan product with the purpose of giving more chances for students to finish their undergraduate degrees. At the same time, PRASAC provides house improvement loans to help clients to fulfil family needs.
With a clear direction, PRASAC together with its partner, the National Biodigester Program (NBP), work in promoting environmental protection, sanitation and social well-being.
The library project was launched in 2011 with and aims to promote a reading culture among pupils, students and contribute to the rectangular strategy of the Royal Government of Cambodia (RGC) to achieve the Cambodia Millennium Development Goals. As of 2013, PRASAC already built up to 6 librariesand has handed them over to the schools for use. On top of this, PRASAC with its partner Room to Read still provides coaching to the school in managing the library. Aside from the library project, PRASAC contributes to the schools by giving stationery to students.
Beyond these activities, PRASAC has established a football team to participate in the development of Cambodian sport. The PRASAC football team always joins the initiative of the Cambodia Microfinance Association (CMA) by competing in matches of the CMA football cup.
Utility Consumption (USD) 2009 2010 2011 2012 2013
Energy
Electricity and water in average per staff 93 119 124 125 165
Fuel in average per staff 359 372 360 284 261
Social and Community Protection
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Inau
gura
tion
of L
ibra
ry B
uild
ing,
initi
ated
by
NBC
and
fund
ed b
y PR
ASAC
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Implementing Internal ControlInternal control is fundamental to successful day-to-day operation, and it assists the institutionin achieving its business objectives. Weak or ineffective internal control has caused losses in many finan-cial institutions and contributed to the failure of others.
PRASAC has established a strong internal control system to safeguard assets, public deposits, and customer service improvements, to guard against intentional or unintentional errors, and to ensure staff adherence to policies and guidelines.
PRASAC’s policies and procedures are embedded in the internal control system to prevent risk. Proper segregation of duty and dual control means one staff member cannot process a whole transaction. Every staff member takes responsibility to follow and apply the internal control policies. At the same time, they have to communicate upward any problems of non-compliance or policy violations.
Top management, with strong support from department managers, has overall responsibility for managing PRASAC’s internal control risks. Regional Managers, Branch Managers and staff have primary responsibility to implement internal controls and manage the risk occurring during day to day operations. The Risk Department is supported by the Board Risk Committee in developing a risk policy and overseeing the effectiveness of PRASAC’s risk management framework. The Internal Audit Department is supported by the Board Audit Committee in providing independent assurance on the effectiveness of internal control systems in addition to providing consulting services to improve the internal control systems.
To build effective internal controls, the Internal Audit Department was established in 2001 with clear roles and responsibilities for the independent evaluation and improvement of the internal control system. Currently the department has 29 professional staff who are strongly supported by the Board Audit Committee. An Internal Auditor is located in each branch to regularly review the quality of loan portfolios, quality of customer service, cash management, and general branch expenses.
In 2013, internal auditors conducted client home visits of up to 15% of total loan accounts to assess the quality of outstanding loans and to confirm that loan disbursement complies with the prescribed policy and Client Protection Principles and Universal Standard of Social Performance Management. Furthermore, it evaluated that branches were performing their tasks well and internal controls were in place. The audit results and annual achievement of PRASAC showed that loans complied with the policies and were good quality.
With PRASAC planning to transform into a bank many businesses activities will need to be in place. To strongly manage the risk inherent in banking activities, PRASAC has appointed an expert highly experienced in risk management to advise, coach and train to establish policies, procedures and tools for analyzing and managing risk. for analysing and managing risk.
The following are risk areas where improvements will be implemented:
2 Credit risk: Establish a new credit risk tool to analyse portfolio quality and manage exposure.
2 Operational risk: Establish an operational risk management framework including tools and reporting.
2 Market risk: Revise ALCO policy and improve coaching on ALCO tools.
Risk Management
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2 Working with expert to enhance risk management department.
2 Working with expert to establish operational risk management framework for a bank.
2 Establishing security structure and policy for a bank.
2 Establishing whistle blowing policy/procedure for a bank.
2 Working with expert to create credit risk tools to analyse portfolio management.
2 Monitor political situation and initiate risk mitigation planning.
2 Review and revise current credit conditions.
Highlights of Risk Management Activities:
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Audited Balance Sheet 2013 2012
USD KHR’000 USD KHR’000
Assets
Cash on hand 21,327,744 85,204,337 3,269,290 13,060,814
Balances with the Central Bank 23,221,811 92,771,135 21,548,504 86,086,273
Deposits with banks 20,858,606 83,330,131 6,503,266 25,980,548
Loans and advances to customers 373,141,585 1,490,700,632 211,508,052 844,974,668
Other assets 7,916,560 31,626,657 4,334,918 17,317,997
Intangible assets 1,209,715 4,832,811 1,295,762 5,176,569
Property and equipment 3,713,048 14,833,626 2,859,643 11,424,273
Deferred tax assets 504,182 2,014,207 254,201 1,015,533
Total Assets 451,893,251 1,805,313,536 251,573,636 1,005,036,675
Liabilities and Shareholders’ Equity
Liabilities
Deposits from banks and microfinance institutions 9,500,606 37,954,921 5,911,985 23,618,380
Deposits from customers 129,118,798 515,829,598 51,299,768 204,942,573
Borrowings 235,278,314 939,936,864 139,382,048 556,831,282
Other liabilities 9,050,790 36,157,906 4,813,441 19,229,692
Current income tax liabilities 3,861,933 15,428,422 2,465,405 9,849,293
Severance pay obligation 1,847,855 7,382,181 1,349,381 5,390,777
Total liabilities 388,658,296 1,552,689,892 205,222,028 819,861,997
Shareholders’ Equity
Share capital 19,685,067 78,641,843 19,685,067 78,641,843
Reserves 4,698,399 18,770,098 3,809,529 15,219,068
Subordinated debts 11,428,679 45,657,577 11,428,679 45,657,577
Retained earnings 27,422,810 109,554,126 11,428,333 45,656,190
Total shareholders’ equity 63,234,955 252,623,644 46,351,608 185,174,678
Total liabilities and shareholders’ equity 451,893,251 1,805,313,536 251,573,636 1,005,036,675
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Audited Income Statement2013 2012
USD KHR’000 USD KHR’000
Interest income 68,115,016 272,119,489 42,397,028 169,376,127
Interest expense (20,778,382) (83,009,636) (11,092,869) (44,316,012)
Net interest income 47,336,634 189,109,853 31,304,159 125,060,115
Fee and commission expenses (912,807) (3,646,664) (438,259) (1,750,845)
Other operating income 728,202 2,909,167 1,070,566 4,276,911
Personnel expenses (14,296,893) (57,116,088) (10,788,513) (43,100,109)
Depreciation and amortization (1,314,858) (5,252,858) (600,868) (2,400,468)
General and administrative expenses (7,648,705) (30,556,576) (5,023,441) (20,068,646)
Operating income 23,891,573 95,446,834 15,523,644 62,016,958
Provision for bad and doubtful loans (2,822,706) (11,276,710) (1,064,919) (4,254,351)
Grant income 79,489 317,559 - -
Profit before income tax 21,148,356 84,487,683 14,458,725 57,762,607
Income tax expense (4,265,009) (17,038,711) (2,931,344) (11,710,719)
Profit for the year 16,883,347 67,448,972 11,527,381 46,051,888
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Audited Statement of Changes inShareholders’ Equity
Share capital Subordinateddebts
Reserves Retainedearnings
Total
USD USD USD USD USD
Year ended 31 December 2012
Balance as at 1 January 2012 3,813,568 11,304,179 3,126,595 16,455,385 34,699,727
Converted into capital 15,871,499 - - (15,871,499) -
Profit for the year - - - 11,527,381 11,527,381
Transferred to reserves - 124,500 682,934 (682,934) 124,500
Balance as at 31 December 2012 19,685,067 11,428,679 3,809,529 11,428,333 46,351,608
Equivalent in KHR’000 78,641,843 45,657,577 15,219,068 45,656,190 185,174,678
Year ended 31 December 2013
Balance as at 1 January 2013 19,685,067 11,428,679 3,809,529 11,428,333 46,351,608
Profit for the year - - - 16,883,347 16,883,347
Transferred to reserves - - 888,870 (888,870) -
Balance as at 31 December 2013 19,685,067 11,428,679 4,698,399 27,422,810 63,234,955
Equivalent in KHR’000 78,641,843 45,657,577 18,770,098 109,554,126 252,623,644
50
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Audited Cash Flow Statement 2013 2012
USD KHR’000 USD KHR’000Cash flows from operating activitiesProfit before income tax 21,148,356 84,487,683 14,458,725 57,762,607Adjustments for:
Depreciation 1,156,411 4,619,862 490,409 1,959,184Amortization 158,447 632,996 110,459 441,284Provision for bad and doubtful loans 2,822,706 11,276,710 1,064,919 4,254,351
Net interest income (47,336,634) (189,109,853) (31,304,159) (125,060,115)Gain on disposal of property & equipment (13,426) (53,637) (11,868) (47,413)Unrealised exchange loss on subordinated debts - - 124,500 497,378
(22,064,140) (88,146,239) (15,067,015) (60,192,724)Changes in:Loans to customers (164,456,239) (657,002,675) (63,730,403) (254,602,960)Statutory capital deposit - - (1,621,146) (6,476,478)Reserve requirement (6,478,266) (25,880,673) (3,638,698) (14,536,599)Other assets (1,705,288) (6,812,626) (1,111,762) (4,441,489)Deposits from banks and microfinance institutions 3,588,621 14,336,541 3,811,782 15,228,069Deposits from customers 77,819,030 310,887,025 46,224,854 184,668,292Overdraft - - (1,956,653) (7,816,829)Severance pay obligation 498,474 1,991,404 (86,105) (343,989)Other liabilities 1,640,753 6,554,808 437,268 1,746,886Cash used in operations (111,157,055) (444,072,435) (36,737,878) (146,767,821)Interest income received 66,238,662 264,623,455 41,797,769 166,982,087Interest expense paid (18,181,786) (72,636,235) (9,763,584) (39,005,518)Income tax paid (3,118,462) (12,458,256) (2,388,757) (9,543,084)Cash used in operating activities (66,218,641) (264,543,471) (7,092,450) (28,334,336)
Cash flows from investing activitiesPurchases of property and equipment (2,047,500) (8,179,763) (2,490,161) (9,948,193)Purchases of intangible assets (65,960) (263,510) (513,633) (2,051,964)Proceeds from sales of property and equipment 50,351 201,152 23,968 95,752Cash used in investing activities (2,063,109) (8,242,121) (2,979,826) (11,904,405)
Cash flows from financing activitiesProceeds from borrowings 140,483,293 561,230,756 86,697,115 346,354,974Repayments of borrowings (44,587,027) (178,125,173) (53,007,503) (211,764,974)Cash from financing activities 95,896,266 383,105,583 33,689,612 134,590,000Net increase in cash and cash equivalents 27,614,516 110,319,991 23,617,336 94,351,259Cash and cash equivalents at the beginning of the year 25,303,486 101,087,427 1,686,150 6,736,168Cash and cash equivalents at the end of the year 52,918,002 211,407,418 25,303,486 101,087,427
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Branch Office Network
Description Year 2013
Regional Office 8
Branch Office 173
Province 24
District 189
Commune 1,548
Village 12,107
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HEAD OFFICE BRANCHBuilding 212, St. 271, Sangkat Tuol Tumpung 2, Khan Chamkarmon, Phnom Penh023 220 [email protected]
TUOL KOUK BRANCHNo.150G2, St.289, Group 13, Sangkat Boeng Kak Ti Muoy, Khan Tuol Kouk, Phnom Penh023 6364 026/015 698 [email protected]
PREK LEAP BRANCHNo. 268D, National Road No.6A, Group 8, Phum 3, Sangkat Chrouy Changvar, Khan Ruessei Kaev, Phnom Penh023 4567 101/015 222 [email protected]
STEUNG MEANCHEY BRANCHNo. 101, street Veng Sreng, Phum Damnak Thum Bei, Sangkart Steung Meanchey, Khan Meanchey, Phnom Penh023 6406 282/016 690 [email protected]
DANGKAO BRANCHNo. A08,A09 St. 217, Phum Sambour, Sangkart Dangkor, Khan Dangkao, Phnom Penh015 797 151/015 222 [email protected]
PHSAR DAEUM THKOV BRANCHNo. 457, St. 271, Phum 1, Sangkart Phsar Daeum Thkov, Khan Chamkar Mon, Phnom Penh023 6905 871/015 697 [email protected]
BAK TOUK BRANCHSt.169, Phum12, Sangkat Veal Vong, Khan Prampir Makara, Phnom Penh016 450 [email protected]
PHSAR DEPO BRANCH#132EEo, St. 215 ,Village 6, Sangkat Veal vong , Khan 7 Ma-kara, phnom penh023 455 23 26/01 5 222 [email protected]
CHAOM CHAO BRANCHNo. 94, National road4, Phum Prey Pring Khang Cheung, Sangkat Chaom Chau, Khan Por Sen Chey, Phnom Penh023 4567 104/016 690 [email protected]
MONIVONG BRANCHNo.406, Monivong.Blvd, Phum 1, Sangkat Boeng Kengkang 1, Khan Chamkarmon, Phnom Penh023 455 5788/015 532 [email protected]
PHSAR KANDAL #96, St. 13, 14 village, Sangkat Phsar Kandal1, Khan Daun Penh, Phnom Penh023 4567 100/016 201 [email protected]
CHBAR AMPOV BRANCHNational Road No.1, No. 28, Phum Daeum Ampil, Sangkat Chbar Ampov, Khan Meanchey, Phnom Penh023 4552 327/016 985 [email protected]
POCHEN TONG BRANCHNo. 28Eo, St. Sahakporn Russy , Phum Paprak Choeung, Sangkat Kakab, Khan Posen Chey, Phnom Penh023 6364 023/016 200 [email protected]
PHSAR HENGLY BRANCHSt. 271, Phum 11, Sangkat Teuk La ak Ti Bei, Khan Tuol Kouk, Phnom Penh023 4567 103/016 201 753 [email protected]
PREAK PNOV BRANCHNational Road No.5,K andal village, Sangkat Preak Pnov, Khan Sen Sok , Phonm Penh016 201 [email protected]
KANDAL BRANCHNo.234, National Road No.2, Krapeu Ha village, Sangkat Preaek Ruessei, Krong Ta Khmau, Kandal 024 6777 773/015 697 [email protected]
ANGK SNUOL BRANCHNational Road No.4, Svay Chrum village, Baek Chan commune, Angk Snuol district Kandal 024 6901 783/015 698 [email protected]
SAANG BRANCHSt. 21, Preaek Run village, Preaek Koy commune, Saang district, Kandal 024 6777 774/015 697 [email protected]
PREK KHLOUK BRANCHSt. 110, Prek Balat Cheung village, Trauy Sla commune, Sang district, Kandal 024 637 0007/016 201 611
KOAH THOM BRANCHKampong Svay Kraom village, Preaek Thmei commune, Kaoh Thum district, Kandal 024 6 505 749/015 697 [email protected]
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KAMPONG KONG BRANCHKampong Kong village, Kampong Kong commune, Koah Thom district, Kandal 024 6 505 748 / 016 201 627
KANDAL STEUNG BRANCHSvay Minh village, Bakou commune, Kandal Steung district, Kandal 024 6777 778/015 697 [email protected]
KIEN SVAY BRANCH Korkir village, Korkir commune, Kien Svay district, Kandal 024 6777 775/015 697 [email protected]
MUK KAMPUL BRANCHNational Road No.6, Kraom village, Preaek Anhchanh com-mune, Mukh Kampul district, Kandal024 655 5552/015 698 [email protected]
ROKAR KAONG BRANCHRokar Kaong viilage, Rokar Kaong Muoy commune, Mukh Kampul district, Kandal 016 201 736 / 024 6366 029
LEUK DAEK BRANCHNational Road No. 1, Ampil Teuk village, Kampong Phnom commune, Leuk Daek district, Kandal 024 6777 779/015 697 [email protected]
SAMRAONG THUM BRANCHNational Road No. 1, St. 21, Steung village, Samraong Thum commune, Kien Svay distric, Kandal 016 201 665
SAMPOV POUN BRANCHKaoh Tiev Ka village, Sampov Pun commune, Kaoh Thum district, Kandal 024 6777 770/015 697 [email protected]
CHHEU TEAL BRANCHChheu el Village, Chheutel Commune, Kien Svay District, Kandal Province 016 201 669
PREK AMBEL BRANCHSt. 21, Traeuy Troeng village, Prek Ambel commune, Sang district, Kandal 016 201 [email protected]
PREK TAKOV BRANCHLeu village, Svay Chrum commune, Khsach Kandal distric, Kandal 016 690 [email protected]
LVEA EM BRANCHTeuk Khelang village, Teuk Khleang commune, Lvea Aem district, Kandal 016 492 [email protected]
KAMPONG CHAM BRANCHNational Road No.7, Group10, Phum 4, Sangkat Veal Vong, Krong Kampong Cham, Kampong Cham042 6333 000/015 697 [email protected]
PREY CHHOR BRANCHPrey Totoeng village, Chrey Vien commune, Prey Chhor, district, Kampong Cham042 6483 456/015 697 [email protected]
STEUNG TRANG BRANCHBoeng Daeng village, Preak Kak commune, Steung Trang district, Kampong Cham042 6333 222 / 015 697 [email protected]
KANG MEAS BRANCHPeam Chi Kang village, Peam Chi Kang commune, Kang Meas district, Kampong Cham 042 6415 511/015 697 [email protected]
THLOK CHROV BRANCHTholk Chrov village, Khchao commune, Kang Meas district, Kampong Cham 016 201 350 / 017 448 [email protected]
KROUCH CHHMAR BRANCHTi Pram Muoy village, Svay Khlaing commune, Krouch Chh-mar distict, Kampong Cham 016 201 [email protected]
SUONG BRANCHCheung Lang village, Sangkat Suong, Krong Suong, Kampong Cham042 6500 006 / 015 698 [email protected]
PONHEA KRAEK BRANCHPor Srok village, Kaong Kang commune, Ponhea Kraek district, Kampong Cham province 042 6500 004/015 698 [email protected]
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MEMOT BRANCHMemot Phsar village, Memot commune, Memot district, Kampong Cham 042 6623 888/015 698 [email protected]
DAMBAE BRANCHSanh Chey Sen village, Dam Bae commune, Dam Bae district, Kampong Cham 016 202 [email protected]
CHONG CHEACH BRANCHCheach Thom village, Chong Cheach commune, Dam Bae district, Kampong Cham 016 202 282/088 5588007
TRAPEANG RUESSEI BRANCHTrapeang Ruessei viillage, Roka Porpram commune, Tbong Khmum district, Kampong Cham 042644 4765/016 201 [email protected]
KOAH SOTIN BRANCHPhsar Thmei village, Peam Pra thnuoh commune, Kaoh Sou-tin district, Kampong Cham province 042 6500 007/015 698 [email protected]
SREY SANTOR BRANCHSan Tey village, Prek Pour commune, Srey Santhor district, Kampong Cham 042 6316 016/015 697 [email protected]
OU RAING OV BRANCHLekh Bei village, Ampil Ta Pok commune, Ou Reang Ov dis-trict, Kampong Cham l 042 6500 005/015 698 [email protected]
BATHEAY BRANCHPhav village, Phav commune, Batheay district, Kampong Cham 042 6908 235/015 698 [email protected]
CHAMKAR LEU BRANCHThnal Baek Kaeut village, Svay Teab commune, Chamkar Leu district, Kampong Cham 042 6333 444/015 697 [email protected]
CHEUNG PREY BRANCHGroup7, Bana village, Soutip commune, Cheung Prey district, Kampong Cham 042 6363 664/015 697 [email protected]
KAMPONG CHHNANG BRANCHNational Road No.5, Srae Pring village, Sangkat Kampong Chhnang, Krong Kampong Chhnang, Kampong Chhnang 026 6333 040/015 697 [email protected]
KAMPONG LENG BRANCHKeng Tasok village, Kampong Hav commune, Kampong Laeng district, Kg Chhnang 026 66 00004 / 016 201 378
KAMPONG TRALACH BRANCHDaeum Popel village, Thma Edth commune, Kampong Tralach district, Kampong Chhnang 026 6363 026/015 697 [email protected]
BORIBOR BRANCHPonley village, Ponley commune, Baribor district, Kampong Chhnang 026 6333 041/015 697 [email protected]
TEUK PHOS BRANCHSrae Ta Chey village, Akphivoadth commune, Teuk Phos district, Kampong Chhnang 016 690 [email protected]
PREY KRI BRANCHPreykri Tboung village, Prey Kri commune, Chol Kiri district, Kampong Chhnang 016 201 311
KAMPONG SPEU BRANCHNational Road No.4, Krang Pol Tep village, Sangkat Roka Thum, Krong Chbar Mon, Kampong Speu 025 6333 041/015 697 [email protected]
KONG PISEI BRANCHTram Khnar village, Snam Krapeu commune, Kong Pisei district, Kg Speu 025 6333 042/015 697 [email protected]
OUDONG BRANCHBat Doeng village, Khsem Khsant commune, Odong district, Kampong Speu 025 6390 043/015 697 [email protected]
PHNOM SROUCH BRANCHPhsar Trapeang Kraloengvillage, Kiri Voan commune, Phnum Sruoch district, Kampong Speu 025 6900 147/016 200 [email protected]
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BASETH BRANCHPrahmlop Village Pearimeanchey Commune Baseth District Kampong Speu 025 6903 249/015 697 [email protected]
SAMRAONG TONG BRANCHTrapeang Ampil village, Trapeang Kong commune, Samraong Tong district, Kampong Speu 025 6305 055/016 200 [email protected]
THPONG BRANCHMonourom village, Monourom commune, Thpong district, Kampong Speu 025 66 66 156/016 690 [email protected]
THNAL BAT BRANCHKranhoung village, Pour Angkrang commune, Baseth district, Kampong Speu 025 6363 914/016 201 [email protected]
TRAENG TRAYUENG BRANCHTi 5 village, Traeng Trayueng commune, Phnom Srouch district, Kampong Speu 016 201 [email protected]
KRAING CHEK BRANCHKraing Chongruk village, Kraing Chek commune, Oudong district, Kampong Speu 016 200 [email protected]
PONHEALEU BRANCHNational Road No. 5, Odong Village, Veang Chas Commune, Odong District, Kampong Speu 025 6666 685/015 698 [email protected]
KAMPONG THOM BRANCHNational Road No.6, Achar Leak village, Sangkat Achar Leak , Krong Stueng Saen, Kampong Thom 062 6511 [email protected]
STOUNG BRANCHLeap Tong village, Kampong Chen Tboung commune, Stoung district, Kampong Thom 062 699 9909 /016 201 [email protected]
KAMPONG THMAR BRANCHPrey Ta Trav village, Ballangk commune, Baray district, Kampong Thom 062 6900 789/015 698 [email protected]
KRAVAR BRANCHSlakaet village, Kroh Var commune, Baray district, Kampong Thom 016 201 530
SANTUK BRANCHPram Pir Makra village, Taing Krasaing commune, Santuk district, Kampong Thom 015 201 537
RUMLONG BRANCHOtumpor village, Sralao commune, Baray district, Kampong Thom 016 200 [email protected]
SANDAN BRANCHTeuk Mneang village, Sandan commune, Sandan district, Kampong Thom 016 200 [email protected]
PRASAT SAMBOR BRANCHKampong Chheuteal village, Sambo commune, Prasat Sambo district, Kampong Thom 097 6222 600/016 201 031
KAMPOT BRANCHNo.21, National Road No.3, Kampong Bay Khang Tboung village, Sangkat Kampong Bay, Krong Kampot, Kampot 033 6399 072/015 697 [email protected]
BANTEAY MEAS BRANCHPrey Krala Khang Lech village, Tuk Meas Khang Lech com-mune, Banteay Meas district, Kampot 033 6399 071/015 697 [email protected]
CHHOUK BRANCHSat Pong village, Satr Pong commune, Chhuk district, Kampot 033 6399 073/015 697 [email protected]
CHUMKIRI BRANCHTrapaingveng village, Trapaingraing commune, Chumkiri district, Kampot 016 201 290
KAMPONG TRACH BRANCHKampong Trach Ti Mouy village, Kampong Trach Khang Khaeut commune, Kampong Trach district, Kampot 033 6399 075/015 697 [email protected]
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ANGKOR CHEY BRANCHPou village, Phnum Kong commune, Angkor Chey district, Kampot 033 6363 076/015 697 [email protected]
ANGKOR CHEY BRANCHPou village, Phnum Kong commune, Angkor Chey district, Kampot 033 6363 076/015 697 [email protected]
BANTEAY MEANCHEY BRANCHNational Road No.5, Korothan village, Sangkat Ou Ambel, Krong Serei Saophoan, Banteay Meanchey 054 6966 668/015 698 [email protected]
POI PET BRANCHKilou Lekh Buon village, Sangkat Phsar Kandal, Krong Poi Pet, Banteay Meanchey 054 63000 89/015 698 [email protected]
OU CHROV BRANCHYeang Thmei village, Kob commune, Ou Chrov district, Ban-teay Meanchey 016 200 783/054 63 63 [email protected]
PREAHNETR PREAH BRANCHChob village, Chob Vari commune, Preah Netr Preah district, Banteay Meanchey 054 6333 088/015 698 [email protected]
THMAR PUOK BRANCHKasen village, Thmar Puok commune, Thmar Puok district, Banteay Meanchey 054 6300 090/015 698 [email protected]
SVAY CHEK BRANCH stoeng village, Rolous commune, Svay Chek district, Banteay Meanchey 016 200 845
MONGKOL BOREI BRANCHChamkar Tadok village, Russei Kraok commune, Mongkul Borey district, Banteay Meanchey 016 200 [email protected]
MALAI BRANCHThmei Village, Malai Commune, Malai District, Banteay Meanchey 016 200 [email protected]
PHNOM SROK BRANCHSrah Chik village, Srah Chik commune, Phnom Srok district, Banteay Meanchey 016 200 [email protected]
BATTAMBANG BRANCHNational Road No.5, Rumchek Pram village, Sangkat Rotan-ak, Krong Battambang, Battambang 053 6985 985/015 698 [email protected]
MOUNG RUESSEI BRANCHPor Pir village, Kear commune, Moung Ruessei district, Bat-tambang 053 6669 669/015 698 [email protected]
KOH KRALOR BRANCHToul Balaing village, Koas Krolor commune, Koas Krolor district, Battambang 016 201 866
BAVEL BRANCHBavel Muoy village, Bavel commune, Bavel district, Battambang 053 66 60 022/016 200 256 [email protected]
PHNOM PROEK BRANCHPhnom Touch village, Pech Chenda commune, Phnom Proek district, Battambang 053 6668 844/015 698 [email protected]
BANANN BRANCHSnoeng Lech village Snoeng commune Banan district,Battambang 053 6668 833/015 698 [email protected]
SAMLOUT BRANCHOu Sngout village, Ta Sanh commune, Samlout district, Battambang 016 201 140
THMAR KOL BRANCHKak sekam village,Ta Poung commune, Thmar koul district, Battambang 016 201 [email protected]
SAMPOV LOUN BRANCHTrapeang Bralit village, Santepheap commune, Sampov Loun district, Battambang 016 201 [email protected]
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KAMREANG BRANCHOu Da Leu village, Boeng Raing commune, Kamreang district, Battambong 012 990 118
KOH KONG BRANCHSt.48, Phum Ti Muoy, Sangkat Smach Mean Chey, Krong Khemarak Phoumin, Koh Kong 035 6333 095/015 698 [email protected]
SRE AMBEL BRANCHTrapeang village, Srae Ambel commune, Srae Ambel district, Koh Kong 035 6333 096/015 698 [email protected]
ANDONG TEUK BRANCHAndong Teuk village, Andong Teuk commune, Botom Sakor district, Koh Kong 016 201 708
KRATIE BRANCH St. Preah Soramarith, Voat village, Sangkat Kracheh, Krong Kracheh, Kratie 072 6364 067/015 698 [email protected]
SAMBO BRANCH Kaeng Prasat village, Sambo commune, Sambo district, Kratie 016 201 686
CHHLONG BRANCHChrouy Thma Kraom village, Chhloung commune, Chhloung district, Kratie 072 63 68 168/015 698 [email protected]
PREK PRASAB BRANCH Preaek Prasab Kandal village, Preaek Prasab commune, Pre-aek Prasab district, Kratie 072 6586 555/015 698 [email protected]
SNOUL BRANCHKbal Snuol village, Snuol commune, Snuol district, Kratie 097 886 77 11 / 16 690 [email protected]
MONDOLKIRI BRANCHSt.79, Mean Leaph village, Sangkat Sokh Dom, Krong Saen Monourom, Mondul Kiri 073 6368 099/015 698 [email protected]
KEO SEIMA BRANCHOu Am village, Sre Khtum commune, Keo Seima district, Mondolkiri 015 222 044 / 096 616 56 [email protected]
OUDOR MEANCHEY BRANCHDoun Kaen village, Sangkat Samraong, Krong Samraong, Oddar Meanchey 065 6333 339/015 698 [email protected]
ANLONG VENG BRANCH Ou Chenhchien village, Anlong Veaeng commune, Anlong Veaeng district, Oddar Meanchey 065 6377 779/015 69 88 [email protected]
TRAPAING PRASAT BRANCHTrapaing Prasat village, Trapaing Prasat commune, Trapaing Prasat district, Oddor Meanchey 065 6666 609/016 201 956
PAILIN BRANCHBar Din Niev village, Pailin commune, Pailin City, Pailin 055 6234 567/015 698 623 [email protected]
RATANAKIRI BRANCHStreet 78, 7 Makara village, Sangkat Labansiek, Krong Ban Lung, Ratanak Kiri 075 6364 098/015 698 [email protected]
BAKEO BRANCHTi Muoy village, Laminh commune, Bakeo district, Ratanakiri 010 550 416
STEUNG TRAENG BRANCH Thma Leat vil., Sang. Srah Ruessei, Krong Stueng Traeng, Stung Treng 074 6364 097/015 698 [email protected]
PREY VENG BRANCHNational RoadNo.11, Phum Lek Buon, SangKat Kampong Leav, Krong Prey Veng, Prey Veng 043 6666 223/015 697 [email protected]
SITHOR KANDAL BRANCHPrek Sandaek village, Prek Chang Kran commune, Sithor Kandal district, Prey Veng 043 6636 677/016 201 [email protected]
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PEAM RO BRANCHPhum Buon, Preaek Khsay commune, Peam Ro district, Prey Veng 043 6352 052/015 697 [email protected]
PEAM CHOR BRANCH Bang Ek village, Svay Plos commune, Peam Chor district, Prey Veng 016 201 803
KAMCHAY MEA BRANCHChour Ti Muoy village, Kranhung commune, Kamchay Mear district, Prey Veng 043 6556 000/015 697 [email protected]
KANHCHRIECH BRANCHPrasre Mukh village, Kanh Chriech commune, Kanhchriech district, Prey Veng 016 201 [email protected]
BAPHNOM BRANCH Chheu Kach village, Chheu Kach commune, Baphnom district, Prey Veng 043 6666221/015 697 [email protected]
KOR ANDDOEUK BRANCH Porn Vaut village, Prasat Commune, Kampong Trabaek. district, Prey Veng 043 6540 540/015 697 [email protected]
KAMPONG TRABAEK BRANCHKampong Trabaek village, Kampong Trabaek commune, Kampong Trabaek district, Prey Veng 016 201 826
PREAH SDACH BRANCHKrasang Tong village, Angkor Reach commune, Preah Sdach district, Prey Veng 043 6666 936 /015 697 [email protected]
TAHUY BRANCHTahuy village, Kg Prasat commune, Peam Chor district, Prey Veng 016 201 835
PEARAING BRANCH Snay Pul village,Roka commune, Pea Reang district,Prey Veng 043 6666 053/015 698 [email protected]
MESANG BRANCHVaing village, Chi Phoch commune, Mesang district, Prey Veng 0436666542/015640140/[email protected]
SVAY ANTOR BRANCHSvay Antor Pir village, Svay Antor commune, Svay Antor district, Prey Veng 016 202 [email protected]
KAMPONG POPIL BRANCH Kapong Popil village, Kampong Popil commune, Pearaing district, Prey Veng 016 201 [email protected]
SVAY RIENG BRANCHNational Road No.1, Kien Sang village, Sangkat Svay Rieng, Krong Svay Rieng, Svay Rieng 044 6450 333/016 200 [email protected]
SVAY TEAP BRANCHPrasoutr Ti Pir village, Kandieng Reay commune, Svay Teab district, Svay Rieng 016 202 154
RUMDUOL BRANCHChak village, Kampong Chak commune, Rumduol district, Svay Rieng 016 202 157
CHANTREA BRANCHKompout Chrouk village, Sangkat Prey Ang Khuhn, Krong Bavet, Svay Rieng 044 6901 327/015 697 [email protected]
KAMPONG ROU BRANCH Svay A Nat village, Nhor commune, Kampong Rou district, Svay Rieng 016 202 241
ROMEAS HEK BRANCHKampong Trach village, Kampong Trach commune, Romeas Haek district, Svay Rieng 044 6901 996/015 697 [email protected]
CHANTREI BRANCHChantrei village, Chantrei commune, Romeas Haek district, Svay Rieng 016 201 779
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SVAY CHRUM BRANCHThlok village, Kraol Kou commune, Svay Chrum district, Svay Rieng 015 697 [email protected]
TASUOS BRANCHTa Por village, Ta Suos commune, Svay Chrum district,Svay Rieng 016 202 215
KRONG BAVET BRANCHBavet Kandal village, Sangkat Bavet, Krong Bavet, Svay Rieng 016 202 [email protected]
TAKEO BRANCHNo.172, National Road No. 2 and St. 21, Thnal Baek village, Sangkat Roka Krau, Krong Doun Kaev, Takeo 032 6666 031/015 697 [email protected]
PREY KABAS BRANCH Prey Lvea keut village, Prey Lvea commune, Prey Kabbas district, Takeo 032 6666 036/ 015 697 [email protected]
TRAING BRANCH Kampong Chrey village, Smaong commune, Treang district, Takeo 032 6666 033/015 697 [email protected]
KIRIVONG BRANCHKampong village, Preah Bat Choan Chum commune, Kiri Vong district, Takeo 032 6666 035/015 697 [email protected]
PHSAR KIRI BRANCHDei Kraham village, Prey Romdeng commune, Kirivong dis-trict, Takeo 016 201 859
BATY BRANCHRoad National 2, Seiha village, Chambak commune, Bati district, Takeo 032 6666 037/015 697 [email protected]
TRAMKORK BRANCHAngk Tasaom village, Angk Tasaom commune, Tram Kak district, Takeo 032 6666 038/015 698 [email protected]
KOAH ANDAET BRANCHChambak Aem village, Romenh commune, Kaoh Andaet district, Takeo 032 6333 139/ 015 697 [email protected]
SAMRAONG BRANCHPrey Toteung village, Samraong commune, Samraong district, Takeo 016 690 [email protected],kh
ANGKOR BOREI BRANCH Kampong Loung village, Angkor Borei commune, Angkor Borei district, Takeo 032 63 444 00/016 200 [email protected]
PREAH SIHANUK BRANCHNo.77, St. Mitpheap Ou1, Group39, Phum Muoy, Sangkat Buon, Krong Preah Sihanouk, Preah Sihanouk 034 6366 658/015 698 [email protected]
STEUNG HAV BRANCHPir village, Ou Treh commune, Steung Hav district, Preah Sihanouk 016 201 713
PREY NOP BRANCHNatioal Road4, Boeng Veng village, Sangkat Veal Renh, Prey Nop district, Preah Sihanouk 034 6399 074/015 697 [email protected]
PURSAT BRANCHNational Road No.5, Thnal Bambaek village, Sangkat Roleab, Krong Pursat, Pursat 052 6333 111/015 698 [email protected]
KANDEANG BRANCH Boeung Kranh village, Svay Luong commune, Kandeang district, Pursat 016 201 875
KRAKOR BRANCHPhsar village, Anlong Thnot commune, Krakor district, Pursat 052 6666 389/016 201 [email protected]
CHHEUR TOM BRANCHKapas village, Chher Tom commune, Krakor district, Pursat 016 201 885
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BAKAN BRANCHKhnach Romeas village, Boeng Khnar commune, Bakan district, Pursat 052 6300 083/015 698 [email protected]
KRAVANH BRANCHKrouch Chhmar village, Leach commune, Phnum Kravanh district, Pursat 052 6333 080/015 698 [email protected]
TALOUR BRANCHTalou village, Talou commune, Bakan district, Pursat 052 6333 629 / 016 201 904 [email protected]
SIEM REAP BRANCHBanteay Chas village, SangKat Slor Kram, Krong Siem Reap, Siem Reap 063 67 5 3300 /015 698 [email protected]
KRALANH BRANCH Kampong Thkov Muoy village, Kampong Thkov commune, Kralanh district, Siem Reap 063 6383 777/015 698 [email protected]
PUOK BRANCHKouk Thmei Village, Puok commune, Puok district, Siem Reap 063 6911 911/015 698 [email protected]
SOUTR NIKOM BRANCHDam Daek Thmei village, Dam Daek commune, Soutr Nikom district, Siem Reap 063 6664 999/ 015 698 [email protected]
CHI KRAENG BRANCHKampong Kdei, Pir village, Kampong Kdei commune, Chi Kraeng district, Siem Reap 012 719 026/016 201 952
SREY SNAM BRANCHChroy Neang Nguon village, Chroy Neang Nguon commune, Srey Snam district, Siem Reap 016 201 [email protected]
SVAY DANGKUM BRANCHGroup3, Vihear Chen village, SangKat Svay Dankum, Krong Siem Reap, Siem Reap 016 201 [email protected]
PREAH VIHEAR BRANCHAndoung Pou village, Sangkat Kampong Pranak, Krong Preah Vihear, Preah Vihear 064 6305 987/015 698 [email protected]
KOULEN BRANCHKoulen Tbong village, Koulen Tbong commune, Koulen dis-trict, Preah Vihear 016 201 [email protected]
