Chart of the Day: Singapore banks' loan growth impressively rose to 15.3%

Loans to businesses grew 2.2%.

According to Nomura, March loan growth improved to 1.8% m-m and 15.3% y-y (from 15.1% y-y in February), aided by the improvement in manufacturing loans (9% m-m vs 2.3% in February) and general commerce loans (5.2% m-m vs 1.3% m-m in February). 

Nomura also said that overall, loans to businesses grew by 2.2% m-m and 15.4% y-y (February: 14.9% y-y, 1.5% m-m). Consumer loan growth was 15.1% y-y and 1% m-m (February: 15.6% y-y, 0.6% m-m), mainly on account of housing and bridging loans at +15.5% y-y and 0.9% m-m.

"However, auto loans registered their 8th monthly decline (-0.9% m-m, - 2.2%y-y). Loan limit utilization levels remained stable at 57%, while the net NPL ratio for the system was 0.54% for 1Q13," Nomura said.