Chairman’s Message
Cambodia’s economic growth remained remarkable despite there is less global demand and slowdown of real estate. Cambodia’s economic growth in 2023 will be slightly lower than earlier forecast, down to 5.3% from 5.5%, mainly due to slower-than-expected industry growth in the first half of the year, according to an update in the Asian Development Bank’s (ADB) flagship economic report. The National Bank of Cambodia, has raised its forecast to 5.5% in 2023, driven by a return of foreign tourists, agriculture, construction and garment sector.
The loan quality become deteriorate resulted from global economic downturn. Some of the clients lost the jobs, and also lose income due to the economics situation, and some clients have difficulty in loan repayment. Throughout this time, we remained committed to the responsible finance, and client protection while continue our social mission. We have provided our clients with the repayment option that would have helped them to go through the difficult time.
By December 2023, we are able to serve 11,285 clients. Our staff remain committed in providing innovative, responsible, and friendly financial services to our clients especially those in rural area and the low-income household, and always adhere to the client protection principles.
The global economy is likely to slow down and remain uncertain throughout 2024. Maxima’s management team will further strengthen internal control activities to maintain the quality of Maxima’s loan portfolio and at the same time, setting an enhanced strategy to improve its products, delivery channels, pricing, and related services such as initiatives under corporate social responsibility and financial literacy. We set as priority the capacity development of our staff to enhance and attract talented human resources, and further improving the systems and processes. The Board of Directors remains very supportive but prudent in providing guidance to ensure a wholistic, proper and fully functioning governance.
I would like to take this opportunity to express my utmost appreciation to all members of the Board for continuing to provide guidance in alignment to Maxima’s mission and vision. I thank our institutional partners and shareholders for relentless confidence and trust in MAXIMA; to the management team for the solid dedication and diligent mobilization of Maxima’s strategy to achieve our long-term goals; and to all the employees for their effort and contribution whilst upholding MAXIMA’s core values. As the Chairman of the Board of Directors, I will continue to put my commitment to fulfill the strategy, steering Maxima to achieve its vision and mission to be the leading microfinance institution in Cambodia.
DR. AN BUNHAK
Chairman