Cambodia SME loans at USD 37.4bn; application value −5.1% q/q, 90+ DPD up to 7.7%

Facts

According to Q1 2026 small-business lending data released by Credit Bureau Cambodia (CBC) on 7 May 2026 and reported by the state news agency AKP, outstanding SME loans stood at USD 37.4bn at end-March 2026, +0.9% q/q ¹. The number of loan accounts changed −1.5% q/q to about 1.74 million.

The SME 90+ DPD ratio (CBC definition: the share of loans more than ninety days past due) rose to 7.7% from 7.1% at end-December 2025, an increase of 0.6 pp ².

On the demand side, the number of applications changed +1% and application value −5.1%, both quarter on quarter (CBC data reported by Cambodia Investment Review) ³. Neither is a year-on-year figure.

By purpose, working capital accounted for 64.6% of the balance; by number of accounts, agriculture accounted for 28.2% (AKP).

Analysis

The balance edged up while account numbers and application value declined. This is consistent with thinner new origination and balances concentrating among existing borrowers. When the denominator barely grows, any increase in arrears lifts the ratio quickly.

Over time, the CBC all-borrower 90+ DPD ratio rose from 6.03% at end-2024 to 6.46% at end-2025 ⁴; the SME ratio of 7.7% sits above both. The NBC NPL ratio for banks and financial institutions also rose, from 8.9% at end-2025 to 9.6% in June 2026 ⁵, so SME deterioration is moving in the same direction as the system. The definitions differ; see the KPI definition table.

Implications

Counterpoints and uncertainties

This is a single-quarter change. Year-on-year figures were not available, so seasonality cannot be ruled out. CBC 90+ DPD and NBC NPL ratios cover different institutions and use different definitions, so they are not directly comparable. Restructured loans are less likely to show up as arrears, so the reported ratio may understate stress. Application counts and values rely on Cambodia Investment Review's reporting; the CBC release itself could not be checked.