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Cambodia's loan-quality gauges: NPL ratios, credit-bureau arrears and restructured loans measure different risks

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Key points

Implications for lenders

Lenders in Cambodia may need to track restructured loans, which were 7.5% of the portfolio in June 2026, as a separate risk bucket rather than as performing loans, while the NBC ratio has risen to 9.6% and relief is being phased out. Underwriting that uses credit-bureau data can check both current days past due and past restructuring, and funding discussions can benefit from presenting gross, net and restructured figures together.

Implications

ExecutivesBoard risk reporting in Cambodia is clearer when NPLs, ninety-day arrears and restructured loans are shown side by side with their definitions.
InvestorsComparing Cambodian lenders on one NPL figure can mislead; ask for the restructured book and its re-default rate alongside the NPL ratio.
OperatorsAccounts coming off relief deserve their own monitoring and collection workflow, since their repayment behaviour after relief ends is not visible in the published ratios.

Facts

NPL ratio: the National Bank of Cambodia (NBC) reported a non-performing loan ratio for banks and financial institutions of 9.6% 1 at end-June 2026, up from 8.4% at end-June 2025. Its Annual Report 2025 gave 8.9% 2 at end-2025, up from 7.4% at end-2024.

By lender type: the NBC Financial Stability Review 2025 puts the gross NPL ratio of deposit-taking institutions (commercial banks and microfinance deposit-taking institutions) at 8.3% 3, up from 7.1% in 2024, and their NPL ratio net of specific provisions at 2.7% 4. For non-deposit-taking institutions (MFIs, specialised banks and leasing companies) the gross ratio was 13.5% 5, down from 14.3% in 2024.

Arrears: Credit Bureau Cambodia (CBC) data put the share of loans more than ninety days past due at 6.46% 6 at end-2025, up from 6.03% at end-2024; for small-business loans the share was 7.7% 7 in March 2026, up from 7.1% at end-2025 (previous quarter).

Restructuring: restructured loans were 8.3% 8 of banking-system loans at end-2025, up from 3% in 2024, and 7.5% 9 at end-June 2026, down from 8.3% at end-2025. The NBC said relief measures are being phased out gradually.

Analysis

Time series: the NBC ratio rose from 8.9% at end-2025 to 9.6% in June 2026 (chart), while the restructured share fell from 8.3% to 7.5% over the same period. That pattern is consistent with some restructured loans being reclassified as non-performing as forbearance ends, although the published data do not show the flows between categories.

Definitions: the three gauges count different things. The NBC NPL ratio follows prudential classification by supervised institutions; the CBC figure measures days past due across loans reported by bureau members, and the CBC does not state whether it is balance- or count-based; restructured loans are loans on modified terms, which are generally not counted as non-performing or past due while borrowers keep to the new schedule. Read alongside the restructured share, the headline NPL ratio alone understates the part of the book where borrowers have needed relief.

By lender type: the gap between deposit-taking (8.3%) and non-deposit-taking institutions (13.5%) at end-2025 means portfolio comparisons across Cambodian lenders need to be made within a peer group.

NPL ratio reported by NBC (%)
02.557.5107.42024-128.42025-068.92025-129.62026-06
NPL ratio reported by NBC (%)
2024-127.4
2025-068.4
2025-128.9
2026-069.6

NPL ratio of banks and financial institutions as published by NBC. End-2024 and end-2025 from annual reports; June 2025 and June 2026 from semi-annual reports (June 2025 is the prior-year comparison in the H1 2026 report). Values taken from media reports of the NBC publications. Each point confirmed on 2026-09-28 against the cited reports (TheBetterCambodia/gbmfi for end-2024 and end-2025; Xinhua for June 2025 and June 2026). · Source: NBC Annual Report 2025 (end-2024 and 2025 values); NBC semi-annual report H1 2026 as reported by Xinhua (June 2025 and June 2026 values)

Counterpoints and uncertainties

The figures come from different compilers, coverage and dates (end-2025 or March 2026 for the bureau and lender-type ratios, June 2026 for the NBC ratio), so they cannot be added or netted exactly. The restructured share may keep falling because loans recover rather than default, and the CBC ratio's basis (balance or count) is not stated. The NBC's next semi-annual figures, expected in early 2027, will show whether the rise in NPLs continued after June 2026.

Key figures

  1. NBC NPL ratio (semi-annual, latest): 9.6% (up from 8.4% at end-June 2025)
    NBC primary document not located on nbc.gov.kh; figure as reported by Xinhua from the NBC semi-annual report released 28 July 2026.
    . Non-performing loans as a share of total loans, banking system. Banks and financial institutions supervised by NBC. Basis date: 30 Jun 2026. Source: NBC semi-annual report H1 2026 (via Xinhua, 2026-07-28)
  2. NBC NPL ratio (annual): 8.9% (up from 7.4% at end-2024)
    NBC Annual Report 2025, p. 45 (net NPL ratio 2.9%, provision coverage 67.5%). NBC labels its 2025 figures estimates based on actual data up to November 2025.
    . Non-performing loans as a share of total loans, banking system. Banks and financial institutions supervised by NBC. Basis date: 31 Dec 2025. Source: NBC Annual Report 2025 (published 2026-01-23)
  3. NPL ratio, deposit-taking institutions (DTIs): 8.3% (up from 7.1% in 2024)
    FSR 2025, p. 17 and Figure 2.10; 2024 value from the figure's data label.
    . Gross NPL ratio. Deposit-taking institutions: commercial banks and microfinance deposit-taking institutions (MDIs). Basis date: 31 Dec 2025. Source: NBC Financial Stability Review 2025 (2026-03-28)
  4. Net NPL ratio after provisions, DTIs: 2.7% (down from 3.0% in 2024)
    FSR 2025, p. 17, footnote 6 and Figure 2.10; 2024 value from the figure's data label.
    . (NPLs − specific provisions) ÷ (gross loans − specific provisions). Deposit-taking institutions: commercial banks and microfinance deposit-taking institutions (MDIs). Basis date: 31 Dec 2025. Source: NBC Financial Stability Review 2025 (2026-03-28)
  5. NPL ratio, non-deposit-taking institutions (NDTIs): 13.5% (down from 14.3% in 2024)
    FSR 2025, p. 22 and Figure 2.24.
    . Gross NPL ratio. Non-deposit-taking institutions: MFIs, specialised banks and financial leasing institutions. Basis date: 31 Dec 2025. Source: NBC Financial Stability Review 2025 (2026-03-28)
  6. CBC 90+ DPD ratio: 6.46% (up from 6.03% at end-2024)
    CBC definition; balance- or count-based not confirmed.
    . Share of loans more than ninety days past due. All borrowers reported by CBC member institutions. Basis date: 31 Dec 2025. Source: Cambodianess: Cambodia's $62 billion debt surge (CBC data), 2026-03-30
  7. CBC SME 90+ DPD ratio: 7.7% (up from 7.1% at end-2025 (previous quarter))
    CBC definition; balance- or count-based not confirmed.
    . Share of loans more than ninety days past due. Small-business loans reported to CBC. Basis date: 31 Mar 2026. Source: AKP: Cambodia small business loans rise to over US$37 billion in Q1 (CBC data), 2026-05-07
  8. NBC restructured loans ratio: 8.3% (up from 3% in 2024)
    NBC Annual Report 2025, p. 45: KHR 21.1 trillion (USD 5.3 billion), about 8.3% of total loans, 252,868 customers, restructured under NBC forbearance measures for customers facing temporary financial difficulties; the report does not separate restructurings linked to the 2025 border conflict. 2024 value from the Graph 69 data label. NBC labels its 2025 figures estimates based on actual data up to November 2025.
    . Restructured loans as a share of total banking-system loans. Banks and financial institutions supervised by NBC. Basis date: 31 Dec 2025. Source: NBC Annual Report 2025 (published 2026-01-23)
  9. NBC restructured loans ratio (semi-annual): 7.5% (down from 8.3% at end-2025)
    Stated by the NBC Governor at the 27 July 2026 first-half review; the NBC said these measures are being phased out gradually. Both this value and the end-2025 8.3% are restructured loans as a share of total loans; the end-2025 figure comes from the NBC Annual Report 2025 (estimates based on data to November 2025, 252,868 customers), while the H1 2026 count is in loan accounts.
    . Value of restructured loan accounts as a share of the total loan portfolio, per the NBC Governor. Banks and financial institutions supervised by NBC. Basis date: 30 Jun 2026. Source: AKP: Cambodia’s Banking System Remains Healthy Despite External Risks (NBC H1 2026 review, 2026-07-28)

Sources

  1. NBC Annual Report 2025primary
  2. NBC Financial Stability Review 2025primary
  3. AKP: Cambodia's Banking System Remains Healthy Despite External Risks (NBC H1 2026 review, 2026-07-28)primary
  4. Xinhua: NBC semi-annual report H1 2026 (2026-07-28)
  5. Cambodianess: Cambodia's $62 billion debt surge (CBC data, 2026-03-30)
  6. AKP: Cambodia small business loans rise in Q1 (CBC data, 2026-05-07)primary
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A Japanese version of this article is available: 日本語版

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