The global economy in 2021 increased by 5.4 percent owing to the rebounding of the economy which supported by the economic recovery plan, vaccination campaign, restriction guideline from the Ministry of Health, and the community intervention to adapt to the “New Normal” era. As for Cambodia, the report from Asian Development Bank forecasts that the overall GDP growth is forecasted to rise by 5.3 percent in 2022.
The continuous growth of our performance results from the proactive actions we have been taking at a company level. 2021 utterly reshaped our perspective toward how we operate the business, build a relationship with clients, and take extra care of our health. Woori Bank, Cambodia (WBC) has been fortunate to take the opportunity in upgrading our core operation and business process to stay on top of the market.
Based on the 4th Quarter of 2021 report from Cambodia Microfinance Association, the total outstanding loan for the industry rise to US$14,514 million (7Banks, 5MDIs, 66MFIs, 9RCIs, and 7FLIs) grew by 4.24 percent compared to the 3rd Quarter. Simultaneously, the deposit amount has shown a slight increment by 1.49 percent from the previous period.
Even during this unprecedented situation, our company continues to take major steps toward being the top financial institution in Cambodia. As of December 2021, WBC has achieved US$43.4 million net profit while our ROA and ROE are 6.28% and 23.73% subsequently. This accomplishment is the fruitful outcome of our loan portfolio growth to US$929 million grew by 48.70 percent from 2020 along with our constant growth of deposit to US$214 million. Remarkable achievement we have obtained thus far is due to the talented and robust human capital that demonstrated strong commitment to bring in positive impact and results.
With such strong commitment, we were able achieve another major milestone by receiving commercial banking license from National Bank of Cambodia and Ministry of Commerce. By converting to a commercial bank, Woori Bank (Cambodia) will now be able to provide even more products and services while making banking more convenient than ever.
As a Board Chairman, I would like to deeply honor the regulators and local authorities for your unwavering support and infinite effort in fueling the industry and economy during this tough situation. My sincere thanks to Woori Bank of Korea and the shareholders for your confidence in our strategy and business direction. Significantly important, I would like to express my heartfelt appreciation toward our WBC management and staffs who relentlessly dedicate their effort to push the growth of our company. Deeply grateful for our loyal customers who demonstrate their perpetual support. I’m greatly entrusted and committed to delivering the best recommendation and guidance in building WBC to becoming the top financial institution in Cambodia.