Oul Dethsokhom

FY2020 was a tumultuous year triggered by the lethal Novel Coronavirus (“Covid-19”). Virtually no any business and country in the world are immune to this deadly virus that has claimed a couple of million lives and infected more than hundred million people globally.

For DGB, Cambodia, however, FY2020 was the year that made our lingering dreams come true. Upon investing efforts and funds to build up the commercial bank project for one year and a half, DGB was finally granted an approval, converting from DGB Specialized Bank Plc into a fully-fledged commercial bank, named DGB Bank Plc on 30 September 2020 by National Bank of Cambodia (“NBC”). Meanwhile, the new core banking, developed to support the commercial bank business, coined “Rumduol” was greenlighted to use by NBC in March 2021. These two milestones could have not been achieved unless there had been relentless endurance and efforts from our internal and connected stakeholders.

In spite of pervasiveness of the destructive Covid-19 in whole 2020, the bank’s asset grew by 47%, to US$298.11 million from US$202.23 million in 2019. The total outstanding loan by the end of year increased by 26%, to US$ 241.55 million from US$191.51 million in 2019. In addition to eight branches in Phnom Penh, we started to open the first provincial branch, located in Ta Khmau Town, Kandal Province. The bank’s staff has been also increased to 649 from 509 in 2019 and many more recruitments FY 2021 is planned to secure smoothness of commercial banking operations.

In line with Cambodian government’s announcement requesting the financial institutions’ cooperation to moderate loan clients impacted by the pandemic, the bank has undertaken many loan restructures for clients whose cash flows are being temporarily hard hit by the pandemic. Also we have promoted SME businesses through SME Co-financing initiated by government-led SME Bank. For risk management implementation during the outbreak of Covid-19, all new loan booking and loan restructuring conducts have been firmly enhanced and strictly implemented respectively to attain the quality credit of the bank. Through these prudent manners, the non-performance loan rate of 2020 was contained to 0.31%.  Once again, our strong operating performance and commercial bank license were made possible only with the well-executed and timely processing of loans, the diligent and close follow-up problem loans, and most importantly the dedication of our hardworking staff. These actions have led to the development of great team work & cooperation by all our staff and shareholders alike.

Having become the full-service bank, we have set demanding targets to grow portfolio of assets up to US$371 million, loan up to US$302 million and deposit up to US$20 million while managing the non-performance loan percentage not exceeding 1% by the end of 2021. In respect with a five-year digital banking roadmap, we are going to introduce ATM to the branches, rolling out Mobile Banking apps, developing credit card products, many other new products as well as digitalizing operational manual flows. We will strive to continue serving our customers with not only the best products in the market but with competitive pricing and the speediest service. Only then we can be assured of the highest level of customer satisfaction.

Finally, we would like to thank our Board of Directors for their tireless efforts in guiding the bank’s strategies, and we are grateful to our regulatory authorities, esteemed shareholders, and valued customers for their continued support.

Sincerely yours,

Oul Dethsokhom, CEO