Financial InformationAudited Financial Reports

Audited Financial Reports

To declare that our financial statements comply with applicable International Financial Standard and give a true and fair view of the bank's financial position and its performance, we have appointed external auditors to conduct auditing of our bank's statements.

Income Statement

Consolidated Income Statement for the year ended December 31, 2011

Balance Sheet

Consolidated Balance Sheet as at December 31, 2011

Message from Mr. IN Channy, President and CEO

"We owe our record results to our continued investment in staff training and diversification of the bank's business and operational infrastructure during the adverse economic conditions prevailing in the last years of the decade. This placed us in a favourable position to exploit the returning prosperity in 2011 to extend our reach to our customers in all corners of the country. In particular the growth of our highly successful mobile banking service, ACLEDA Unity, has enabled us to access the previously unbanked and to become the leading financial services provider amongst the paddy growers and farmers in the remote rural areas."

Operational Performance (ACLEDA Bank Plc. unconsolidated)

ACLEDA Bank Plc's total assets grew to US$1,486.7 million, a 28.1% increase over 2010, and net interest income rose 31.3% to US$116.5 million whilst after-tax profits increased 86.6% to US$49.4 million. This record result was achieved through focusing on four key areas:

• Tight management of our portfolio quality reducing the NPL ratio to 0.17% in 2011 from 0.43% in 2010.
• More efficient management of the balance sheet and the maintenance of ratios at the optimal level particularly Loans to Deposit.
• Careful cost control reducing the ‘Operating Expenses to Gross Operating Revenues’ ratio from 52.9% to 45.1%.
• Growth of the fee based income by 33.4% from US$19.0 million to US$25.3 million in 2011.

Strategic Priorities for 2012

We continue to build and broaden our network and bank infrastructure to reach the customers in all corners and to provide convenience and security for their savings.

• We will continue to upgrade our Information Technology System by fully migrating it to Oracle which will build a strong foundation and broaden the platform to connect all branches and offices online allowing our nationwide customers to undertake their transactions and enjoy greater access to the bank's services.
• Establish 18 new branches and offices to deepen our penetration of the market and offer neighbourhood services and convenience to new locations.
• Install new ATMs with the latest technology offering an enhanced range of services such as cash deposits and extend the utility bill payment facility.
• Upgrade ACLEDA Unity to provide more mobile services ('The Bank in Your Pocket') and increase the number of platformson which it will run to expand the potential customer base especially in the unbanked rural areas.
• Launch an internet banking service so that our corporate customers can initiate their transaction from their workplaces.
• Launch a VISA Credit Card as the payment service of choices for our customers.
• Develop strategic partnership with reputable counterparties in activities that are synergistic with the bank's core business to diversify the income stream and to gain both skills and experience and to lay the ground for further investment opportunities.

It's therefore with the greatest pleasure that I record my most sincere gratitude to all our customers, the board of directors, my colleagues the management and staff, and our professional advisors and last but not least for the support of the Royal Government Authorities and the National Bank of Cambodia.

Note:

• You may find the detail audited financial reports in our annual reports.
• These financial statements are audited by KPMG Cambodia Ltd.