Declining auto loans plague Singapore banks' February results

Loans diped by 1.1%.

According to Nomura, Feb loan growth improved to 1.2% m-m, 15.1% y-y (from 15% y-y in Jan), aided by the improvement in building & construction loans (3.2% m-m vs 1.5% in Jan), manufacturing loans (2.3% m-m vs 4.7% in Jan) and general commerce loans (1.3% m-m vs 5.1% m-m in Jan). 

Overall, loans to businesses grew by 1.5% m-m, 14.9% y-y (Jan: 14.9% y-y, 3.6% m-m).

Here's more from Nomura:

Consumer loan growth remained stable at 15.6% y-y, 0.6%m-m (Jan: 15.5% y-y, 1.4% m-m), mainly on account of housing and bridging loans at +15.3% y-y, 0.6% m-m.

However, auto loans registered their 7th monthly decline (-0.5% m-m, -1.1%y-y). Loan limit utilization levels rose to 57% (56% in Jan), while the net NPL ratio for the system was 0.53% for 4Q12.