Chart of the Day: Singapore banks' system loan growth pegged at 3.5%-4%

This is despite sluggish domestic credit growth.

According to CIMB, on the lending business, 2Q system loan growth is likely to be in the 3.5-4.0% qoq range. DBU loan growth (May) is +7.7% YTD while ACU loan growth (May) is +11.1% YTD.

CIMB said that despite slower domestic credit growth (as mortgage growth tapers off), data suggests that Singapore is growing as a hub for non-S$ trade finance loans.

"DBS and OCBC are the two banks that have seen a growing proportion of US$ loans, vs. overall loan book. This is all the more impressive when one puts these trends against the macro backdrop of falling global trade finance volumes," CIMB said.

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