Thailand
Cambodia: Consumer loan demand rebounds 38 percent in third quarter, CBC says
There has been a surge in demand for consumer credit, according to Credit Bureau Cambodia (CBC), with a 38 percent rise in applications for mortgages, credit cards and personal finance in the third quarter of the year.
Applications for home loans rose by 39 percent, with 38 percent increases in personal finance and credit card applications compared with the previous quarter.
“The consumer credit market in this quarter saw significant improvement, showing relatively higher demand, after the slowdown in the previous quarter”, said CBC Chief Executive Officer Oeur Sothearoath.
Consumer credit applications fell 34 percent in the second quarter of the year, with Coronavirus lockdowns limiting travel and spending for much of the period.
The value of applications rose 45 percent in the July-September quarter, after falling 38 percent in the previous three months.
The number of personal loan accounts crept up by 1.65 percent, bringing the total to 1.32 million accounts. Eight out of ten accounts were for personal finance loans with mortgage accounts making up just over one in ten and credit counts a little lower. The majority of customers held only one account with a single financial institution.
The quality of loans improved slightly, with just 2.56 percent of the total being more than 30 days overdue (30+ DPD), compared with 2.57 percent in the second quarter. That was mainly driven by a large drop in overdue loans in the region covering Kampot, Kep, Preah Sihanouk and Koh Kong provinces, although they rose in other parts of the country. Overdue credit card payments were the biggest contributor to 30+ DPD at 5.17 percent of the total.
CBC provides credit information and analysis to banks, microfinance institutions and other lenders in Cambodia, allowing them to manage credit risk. It was launched in 2021 with the support of the National Bank of Cambodia, the Association of Banks of Cambodia, the Cambodian Microfinance Association and the International Finance Corporation.
Source: https://www.khmertimeskh.com/50963864/consumer-loan-demand-rebounds-38-percent-in-third-quarter-cbc-says/