Singapore banks' July 2013 DBU loan growth driven by business loans

DBU consumer loans growth held steady.

According to OSK DMG, DBU loans still driven by loans to businesses. The July 2013 DBU loan growth was driven by rising business loans (July 2013: +1.6% m-om/+20.8% y-o-y vs June 2013: +0.7% m-o-m/+20.4% y-o-y). 

Here's more from OSK DMG:

The growth drivers for this business segment were the agriculture, mining and quarrying (+44% m-o-m), building and construction (+1% m-o-m) and others (+7% m-o-m) sectors.

Meanwhile, DBU consumer loans growth held steady at +0.7% m-o-m but y-o-y growth was slower due to the base effect (+13.2% y-o-y vs June 2013: +13.8% y-o-y).

Similarly, growth in housing loans was stable at +0.8% m-o-m (+14.1% y-o-y vs June 2013: +14.5% y-o-y) but we expect growth to moderate in 2H2013 as the earlier property market cooling measures start to filter through the system.