While the country’s growth slowed marginally to 6.8%, it enjoyed a robust expansion in the tourism industry and higher exports in the electric machinery equipment & auto parts which underscores their growth in their manufacturing value chain. With continued economic buoyancy, we have ended 2017 on stronger footings with a higher capital base enabling us to achieve solid business results on all fronts. Consequently and with greater economies of scale & simplicity of operations, we are able to better serve our clients.
I, therefore, am pleased to report that the Bank’s loan book grew from US$83million to US$103 million. The bank’s net income grew by 26% from US$3,395,000 for the year 2016 to US$4,281,000 for the year 2017. The robust performance was achieved without sacrificing credit quality as seen by our low 0.07% classified loan ratio. As per the National Bank of Cambodia guidelines, we have made adequate provisions for our classified loans. As always, our strong operating performance was made possible only with well-executed and timely processing of loans arising from the dedication of our hard working staff. Great team work is and always will be a core value of our Bank.
During the year, the bank continues to grow in a steady and prudent manner, carefully balancing risk against profits and liquidity, whilst serving the community. DGB Specialized Bank acknowledges that for its business success, the quality, dedication and commitment of its staff is paramount.
In 2017, the following activities and training were conducted:
In January 2018, the bank was fully acquired by Daegu Bank, a leading commercial bank & flagship company of the DGB Financial Group in Korea. Accordingly, the name of the bank has been changed to DGB Specialized Bank. I believe that 2018 will be an even better year for the bank with the presence of our strong new shareholder in the commercial banking business. We will not only continue to achieve sustainable growth, but also complete some major technological initiatives to usher in a brighter future for the bank. I also appreciate all of the great work done this year, which is because of the staff and management, and because we know we can do so much more for clients than anyone else, I have such great confidence in our future. Together we can and will reach new heights in achieving both our short and long term goals.
Finally, I would like to thank our Board of Directors for their tireless efforts in guiding the bank’s strategies, and I am grateful to our regulatory authorities, esteemed shareholders, and valued customers for their continued support.