PHNOM PENH, Jan. 30 (Xinhua) -- Cambodia's banking system recorded a 4.8 percent credit growth in 2023, the slowest-ever growth in the last two decades, said a National Bank of Cambodia (NBC) report released on Tuesday.
The Southeast Asian country's banking system comprises 58 commercial banks, nine specialized banks, and 87 microfinance institutions.
The report said credit growth in the banking system reached 57.6 billion U.S. dollars last year, up only 4.8 percent from a year earlier.
"The single-digit credit growth was the slowest pace in the last two decades due to a slow recovery in some sectors," NBC Governor Chea Serey said in the report.
According to the report, lending to hotels and restaurants rose only 0.6 percent, to wholesales increased 4.8 percent, to home purchases rose 6.4 percent, to real estate rose 16.9 percent and to construction rose 13.9 percent.
Non-performing loan (NPL) at the banking sector and the microfinance sector last year was 5.4 percent and 6.7 percent, respectively, the report said, adding that the NPL rates were still at a controllable level.
"The banking system has played an active role in supporting key economic sectors, although the pace of credit growth has slowed down," the report said.
Customers' deposits in the banking system increased by 13.1 percent to 47.9 billion dollars last year, the report said, adding that the current assets in the banking system rose to 84.3 billion dollars last year, a year-on-year increase of 8.6 percent. ■
