UOB, OCBC bent on aggressive growth of Malaysian mortgage portfolio

As housing loan growth will moderate in Singapore.

According to DBS, based on the latest MAS stats for banks as at end May 2013, housing loan growth continued to soften to 15.2% y-o-y vs 16.0% in Apr 2013 compared to a 12-month peak of 16.1% recorded in Nov 2012.

Monthly loan momentum also moderated to 0.5% m-o-m vs a peak of 2.0% m-o-m in Nov 2012. As at end 1Q13, UOB had the highest exposure to mortgages at 29% of total loans, OCBC at 27% and DBS at 20%.

Here's more from DBS:

From our previous conversations with the banks, we gather that housing loan momentum would remain fairly robust due to prior approvals granted but the momentum should taper off.

We understand that housing loan applications have declined by 20-30% since the stricter LTV rules were introduced earlier this year.

While we believe mortgage loan growth will likely moderate in Singapore, both UOB and OCBC would likely continue to remain fairly aggressive in growing its Malaysian mortgage portfolio.

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