Singapore banks' loan growth hit 6.4%

Thanks to the strong business loans.

According to Nomura, YTD loan growth of 6.4% was driven by business loans at 8.7%YTD while consumer loans registered a 3.3% YTD growth. 

Business loan growth was boosted by general commerce (1.3%m-m, 12.4%YTD), building and construction loans (2.5%m-m, 8.3%YTD) and manufacturing (-0.2%m-m, 27%YTD,).

Here's more from Nomura:

Overall, loans to businesses grew by 1% m-m and 24% y-y (March: 1.9% m-m, 23% y-y) in April.

Consumer loan growth was 0.7% mm,15% y-y in April (March: 15.4% y-y, 0.9% m-m), mainly on account of housing and bridging loans at 0.8% m-m and +16% y-y.

However, auto loans registered their 9th monthly decline (-0.9% m-m, -3.1%y-y).

Loan limit utilization levels moderated slightly to 56%, while the net NPL ratio for the system was 0.54% for 1Q13.