MFI

PRASAC Microfinance Announces Asset Portfolio of $4.3 billion

Cambodia’s largest MFI reveals 19.47% growth in Q4 2021, with equity swelling to $2.6 million despite the economy being ravaged by Covid-19.
PRASAC on Mao Tse Toung Boulevevard. Picture: Kiripost
PRASAC on Mao Tse Toung Boulevevard. Picture: Kiripost

Cambodia’s largest microfinance institute has reported a 19.47% growth in Q4 of 2021 in total assets to $4.3 billion.

In a disclosure released by Cambodia Securities Exchange (CSX) on February 16, PRASAC Microfinance Institution’s deposit balance also increased to $2.6 million and the gross loan portfolio amounted to $3.7 billion.

Shareholder’s equity also grew to hit $674 million, while registered capital was $300 million during the reporting period.

Wholly owned by South Korea’s KB Kookmin Bank, PRASAC earned total revenue of about 555,968 million riels. This marks an increase of 13.32% compared to the same period in 2020.

Net interest income increased from 270,330 million riels to 311,509 million riels, while gross loan portfolio increased 24.67%.

“Although Cambodia’s economy was affected by the Covid-19 outbreak for the whole year of 2020, and continues to the fourth quarter 2021, PRASAC is still managed and operating in a good profitability,” Kwi Sang JUN, PRASAC’s Chairman, said in the disclosure.

Total gross loans were 15,270,812 million riels in 2021, 12,249,042 million riels in 2020 and 10,164,918 million riels in 2019.

Total deposits sat at 10,654,376 million riels in 2021, 8,542,691 million riels in 2020 and 7,480,692 million riels in 2019.

The disclosure comes as DBD Engineering Plc. informed the public that it will postpone the release of its Q4 report 2021 to March 1.

“The reason for this delay due to the fact that DBD is preparing required documents to object the result of Comprehensive Tax Audit for the period 2017 to 2019 and Limited Tax Audit for the period January 1, 2020, to March 31, 2021 with the General Department of Taxation,” DBD said.