The leap of economic recovery has been seen globally, included the Kingdom of Cambodia as we can see through the continued demand in major industries. Maintaining the dynamic status as a key player in 2021, Woori Bank, Cambodia (WBC) still demonstrates incredible performance among peers owing to the strong support from all key stakeholders.
In 2021, WBC delivered an impeccable growth of 49.99% in Total Assets by reaching U$1,149 million. Furthermore, we saw our net profit rises to U$39 million for the full year, up 52.69% from U$26 million the year before. Our loan portfolio saw a growth of 48.70% from U$624 million the year before, equating to U$929 million. Our deposits grew healthily to U$ 214 million in 2021, an increase of 75.03% from U$122 million in 2020.
To accommodate with such growth, WBC employs more than 3700 hardworking staffs while prioritizing their professional and personal growth through various staff capacity building activities.
Another key priority for WBC is financial inclusions and we demonstrated this by further expanding our branches to 138 while becoming a member of Real-time Fund Transfer (RFT) and Bakong 2.0 managed by the National Bank of Cambodia (NBC) which enables the clients to do real-time fund transfers between participating members. Furthermore, WBC expanded our products and services by adding Standing Order, SOBOROS Deposit, Planned Saving, Special Hybrid Loan and Payroll.
With our clients in mind, we applied and officially received approvals from NBC and Ministry of Commerce (MOC) to upgrade our operations to a commercial bank hence the name change from WBF to WBC. With this new operating license, WBC will be able to provide more innovative products and services than ever.
While WBC’s business growth is undeniable, corporate social responsibilities will always remain integral to our operations. community and environment. This was demonstrated by our donation of more than US$1.5 Million to build a healthcare center at Santuk District, Kampong Thom Province. Furthermore, we also contributed to buying masks, alcohol spray, and eco-bags for Cambodians who work in Korea and local Cambodian workers through the Ministry of Labor and Vocational Training.
I would like to express my sincere gratitude toward our regulators for your invaluable guidance and endless support. Seemingly important, I would like to thank our Shareholders and Board of directors for your confidence and trust in our business roadmap. To our staffs and managements, thank you for your robust commitment and dedication. Lastly, I would like to thank our clients for your loyalty and trust in us. I look forward to welcoming all of you to the new chapter that is Woori Bank (Cambodia).
Chief Executive Officer