- April 2025 MAS statistical data reflect total loan growth decelerating to +3.4% y-o-y, with total loans coming in at S$1,316bn. This is the lowest loan growth for 2025 thus far, after peaking at +4.2% y-o-y in March.
- In our view, this low single-digit trend should continue throughout 2025E, despite some Fed rate cuts expected to be in the mix. With this in mind, we expect the three local banks’ loan growth forecast to remain in-line with this low single-digit trend.
- - Read this at SGinvestors.io -
Non-residential and residential loans slip
- Non-residential loans experienced a surprise contraction in April 2025, with loans contracting by -1.4% m-o-m after reaching its second highest growth since September 2022 of +3.7% m-o-m in March 2025.
- In contrast, residential loans growth displayed greater resilience, contracting slightly by -0.5% m-o-m in April (vs +0.6% m-o-m, March).
- - Read this at SGinvestors.io -
- Notably, non-residential business loan growth contracted by -1.6% m-o-m, after reaching its 5-year record growth of +4.0% m-o-m in March 2025. Residential business loans contracted by -1.1% m-o-m in April 2025 following six straight months of expansion.
Consumer loans take the lead
- Read more at SGinvestors.io.
