Automobile loans posted the highest growth
On Monday, the Bangko Sentral ng Pilipinas (BSP) said Automobile loans posted the highest growth among consumer loans rising by 5.6-percent to P124.2 billion as of end-March in the first quarter of 2011. Total residential real estate loans (RREL) during the period stood at a 2-percent jump from the previous quarter’s P188.3 billion or P192.1 billion, the BSP also noted in a statement.
Universal and commercial banks accounted for about P120.2 billion of the total auto loans in the quarter or 96.6 percent by industry group. on the other hand, Thrift banks made up the remaining 3.4 percent. It is representing 0.6 percent of the total quarter-on-quarter increase. The ratio of non-performing auto loans eased to 4.4 percent during the period. The BSP explained due to declining total NPLs that accompanied the increase posted by non-performing auto loans during the period, the non-performing auto loans to non-performing loans (NPL) ratio increased slightly to 4.1 percent.
In the first quarter, RRELs of universal and commercial banks climbed by 5.1-percent increase P96.9 billion in loans. By industry, commercial and universal banks and thrift banks held almost equal share in the total RRELs, which 49.6-percent and 50.4-percent shares. The non-performing RRELs to total RRELs ratio improved to 5.1 percent, The BSP noted.