Chart of the Day: Housing loans up a measly 1% in February

Othe retail loans outpaced this growth.

According to Barclays Research, February monetary statistics from the Monetary Authority of Singapore (MAS) showed that deposits contracted by 0.9% m/m while loans grew 1.2% m/m.

Other retail loans (ex housing) continued to grow at a reasonably strong pace, at 2.4% m/m (22% y/y) despite the MAS’s concern over the rise in consumer debt, while housing loans rose by 1% m/m.

Here's more:

We believe foreign banks are driving up the system LDR while local banks are increasingly preparing for the risk of potential outflows in future caused by tapering and tightening. DBS (OW), which is most positively leveraged to a rise in interest rates, is our top pick.

System deposits contracted by 0.9% m/m, across both DBU (-0.4%) and ACU (-0.7% in US$ terms and -1.4% in SG$ terms). System loans rose 1.2% m/m, again led by ACU + 2.1% m/m in USD terms, while DBU loans rose 0.4% m/m.

Loan growth was driven by corporates, mainly in agricultural, mining and quarrying (3.3% m/m), and manufacturing (2.6% m/m), similar to the trends in January. After the strong 36% y/y growth in general commerce loans in FY13, growth slowed to 1.6% m/m in February.

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