Hong Kong bank loans up 1.1% in March

Loans for use inside Hong Kong rose by 1.2%.

Total loans and advances at banks in Hong Kong rose 1.1% in March, according to data from the Hong Kong Monetary Authority (HKMA).

Also read: Hong Kong banks' 2019 loan growth cut to 2% as trade and mortgage loans take hit

Loans for use in Hong Kong, including trade finance, rose by 1.2% MoM in March. In Q1, loans for use in Hong Kong picked up at a faster pace at 2.2% from 1.3% in Q4 2018 as trade finance, buliding, construction and property development loans boosted borrowing activities.

Approved mortgage loans rose by 43% MoM to $4.75b (HK$37.3b) in March amidst strong growth from mortgages financing secondary market transactions (57.5%). The outstanding value of mortgage loans also expanded by 0.3% MoM to $169.78b (HK$1,332.2b).

On the other hand, loans for use outside Hong Kong inched up by just 0.9% over the same period.

The Hong Kong-dollar loan-to-deposit ratio picked up to 87.8% at the end of March from 87.3% in February, as Hong Kong-dollar loans grew at a faster pace than Hong Kong-dollar deposits.

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