Lee Yong Man

The year 2019 has been an eventful one and I take pleasure to share with all our stakeholders the progress achieved by DGB Specialized Bank Plc. In this report, I will touch on the key highlights arising from more than a decade of growth for our bank, Cambodia and the global economy.

The bank has once again chalked up a spectacular net income growth of 57.9% from USD6,426,258 (in FY 2018) to USD10,149,393 (in FY 2019) on the back of the Bank’s total assets of USD142 million (in FY 2018) to USD205 million (in FY2019) a 44.3% annual asset growth. This is remarkable and in line with the Bank’s business plan and targets.

The business strategies and plans of our Bank have been made possible from the contribution of its dedicated, well trained and committed human resources. The quality of human resource is very important to achieve the desired outcome of any financial institution and more so in the light of continuing intense competition in the banking industry where service quality and standards are paramount. In this respect, DGB Specialized Bank remains focused in building its growing human resource asset by providing them with a solid foundation based on high value training programs and workshops. This will enable every individual in the bank to be equipped with the necessary skills and experience to do their job and meet their daily challenges. It is not surprising therefore that the quality of the employees of the Bank is already well recognized by the market.

In 2019, the following activities and training were conducted:

  • All new staff undergo a mandatory minimum 5 days training;
  • Various in house training courses at a branch level;
  • External banking courses;
  • Local workshop in Siem Reap Province for managers;
  • Overseas workshop in Taiwan in May 2019 which was attended by 103 staff and 14 Family members.

We enter 2020 with strength and momentum after a decade of transformative change. Our capital, liquidity and capacity to serve clients are excellent, and we are delivering strong earnings. Our services are best in class, and we continue to improve them. Our team gets stronger every day, as we continue to invest heavily to make sure we are the best place to work.

However, the start of the year 2020 is also marred by the advent of the COVID 19 pandemic that has shocked the world and many economies will experience economic recession this year for certain. Cambodia will also have its fair share of economic pain like many other ASEAN countries. The current circumstances therefore require our Bank to be more prudent and take necessary steps to strengthen our risk management activities to avoid spiking of problem loans but also to help customers genuinely affected by this pandemic through appropriate debt restructuring exercise.

Notwithstanding the current COVID pandemic, to support Bank’s future business growth, management of the Bank has also decided to change our Core Banking System which is expected to be completed in February 2021. A Task Force Team was set up to look into the implementation of the new Core Banking System, which will provide a more stable and efficient platform for the Bank to improve its delivery channels, provide new products and services including mobile banking and credit cards.

For and on behalf of DGB management, I would like to express my sincere thanks to our customers for their continued to support and confidence in the Bank. Concurrently, I would like to take this opportunity to express my deep appreciation to our dedicated Board of Directors, management and staff for their invaluable contribution and hard work which has led to the good performance of the Bank.

Finally, I am also grateful to the National Bank of Cambodia for their continuous guidance and support.

Sincerely yours,

Lee Yong Man, CEO