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Cambodia: Consumer credit performance strong in second quarter
Consumer credit performance showed a strong improvement as both the number of loan accounts and loan balance recorded growth across the regions.
The latest report of Credit Bureau Cambodia showed that in the second quarter, Consumer Credit Applications decreased compared to the previous quarter, in terms of the number of applications. Loan quality as measured by a 30+ DPD ratio declined slightly as the rate rose across the region.
Overall consumer credit applications decreased by 11 percent. The fall was reported in personal finance applications decreasing 11 percent from the previous quarter. Credit card applications increased rapidly by 23 percent, while mortgage applications decreased 16 percent, according to the report.
The total number of loan accounts saw a moderate increase of 3.41 percent, bringing it to around 1.43 million accounts.
Outstanding balance grew by 4.28 percent to reach $13.03 billion by the end of the second quarter, the report said.
For Consumer Credit Quality, 30+DPD as a ratio of the total balance moderately increased to 2.47 percent. The majority of credit customers remained committed to a single financial institution and held only a single account.
In the second quarter of 2022, the number of consumers attempting to acquire credit in three different forms – personal finance, credit card, or mortgage decreased overall at the rate of 11 percent. The fall was found in a mortgage applications, which fell by 16 percent with the largest fall being 28 percent in the coastal regions, the report said.
Moreover, the number of customers who held credit accounts with only one financial institution remained high at 71.72 percent. The remaining share of 28.28 percent represented those having relationships with multiple financial institutions.
Source: https://www.khmertimeskh.com/501125021/consumer-credit-performance-strong-in-second-quarter/