Local banks delivered healthy quarterly profit gains for the January-to-March 2023 period.
Going forward, household spending may be more guarded due to inflation and this may skew the banking system loan growth towards business accounts, according to Kenanga Research.
On a month-on-month level, it noted that total system loans were flat as a result of slight increments in household lending, which was offset by a small decline in business loans. Gross impaired loans saw a slight increase to 1.78% in April but Kenanga Research said this level is manageable with banks continuing to keep hefty provisions and overlays, even after some selective writebacks as long-term concerns wane.
The research firm said while the recent month’s numbers indicate moderation, it believed the extent could be less severe on a full-year basis in view of seasonal factors.
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