Chart of the Day: Demand for new business loans shrank to $1.5b in June

But new mortgages rose to $1.8b.

According to CIMB, loan growth moderated in Jun as new DBU business loans shrank while mortgages remained the main driver for loans. DBU LDR and S$ LDR reached record highs of 99.5% and 77.7%, respectively. Credit quality remained sound as credit card charge-off rates fell 18bp mom.

System loan growth moderated in June (+0.4% mom, +9.6% YTD) as DBU business loans growth slowed after a strong performance in May.

Here's more from CIMB:

DBU loan (+0.7% mom, +8.5% YTD) growth came mostly from mortgage as business loan growth was flat and car loans shrank.

Slowing business loans reflect the uncertain growth environment while slowing consumer loans reflect the impact of various restrictive measures earlier in the year.

System loans lookon track to end 2013 at +10% to +12%. Sure, growth is slowing but we are not too concerned about asset quality. Credit quality looks sound as credit card charge-off rates (proxy for household indebtedness) eased off this month. We do not view NPLs as a problem for this year.

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